<SEC-DOCUMENT>0001292814-24-000396.txt : 20240209
<SEC-HEADER>0001292814-24-000396.hdr.sgml : 20240209
<ACCEPTANCE-DATETIME>20240209164233
ACCESSION NUMBER:		0001292814-24-000396
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240209
DATE AS OF CHANGE:		20240209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TIM S.A.
		CENTRAL INDEX KEY:			0001826168
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39570
		FILM NUMBER:		24615684

	BUSINESS ADDRESS:	
		STREET 1:		JOAO CABRAL DE MELO NETO AVENUE
		STREET 2:		850 - NORTH TOWER - 12TH FLOOR
		CITY:			RIO DE JANEIRO, RJ
		STATE:			D5
		ZIP:			22775-057
		BUSINESS PHONE:		(55) 21-4109-4167

	MAIL ADDRESS:	
		STREET 1:		JOAO CABRAL DE MELO NETO AVENUE
		STREET 2:		850 - NORTH TOWER - 12TH FLOOR
		CITY:			RIO DE JANEIRO, RJ
		STATE:			D5
		ZIP:			22775-057
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>timbfs4q23_6ka.htm
<DESCRIPTION>6-K/A
<TEXT>
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<TITLE></TITLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B><FONT STYLE="font-size: 10.5pt">WASHINGTON, D.C. 20549</FONT></B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 376px; width: 225.5pt; color: black">

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><B>FORM 6-K/A</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><B>Date of Report: February 9, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><B>Commission File Number: 001-39570</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>TIM S.A.<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">(Exact name of Registrant as specified in its Charter)</FONT></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Jo&atilde;o
Cabral de Melo Neto Avenue, 850 &ndash; North Tower &ndash; 12<SUP>th</SUP>&nbsp;floor<BR>
22775-057 Rio de Janeiro, RJ, Brazil<BR>
</B></FONT><B><FONT STYLE="font-size: 8pt">(Address of principal executive office)</FONT></B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 376px; width: 225.5pt; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form
40-F&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;No&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).</P>

<P STYLE="font: 10pt/11.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;No&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt TIM Sans; margin: 0 0 0 184.3pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 177.2pt; text-indent: 246pt">&nbsp;</P>

<P STYLE="font: 18pt TIM Sans; margin: 0 0 0 184.3pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 18pt TIM Sans; margin: 0 0 0 99.25pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 18pt TIM Sans; margin: 0 0 0 99.25pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 18pt TIM Sans; margin: 0 0 0 99.25pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 18pt TIM Sans; margin: 0 0 0 99.25pt; color: #1F497D; text-indent: 1in"><B><I>TIM&nbsp;S.A. and SUBSIDIARY </I></B></P>

<P STYLE="font: 18pt TIM Sans; margin: 0 0 0 99.25pt; color: #1F497D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 13pt TIM Sans; margin: 0 0 0 99.25pt; color: #1F497D"><B>&nbsp;</B></P>

<P STYLE="font: 13pt TIM Sans; margin: 0 0 0 99.25pt; color: #1F497D"><B>&nbsp;</B></P>

<P STYLE="font: 13pt TIM Sans; margin: 0 0 0 99.25pt; color: #1F497D"><B><I>INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS </I></B><I>on
December 31, 2023</I></P>

<P STYLE="font: 12pt TIM Sans; margin: 0 0 0 99.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>Contents</B></P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Independent auditors&#8217; report on the financial statements</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Individual and consolidated financial statements</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Balance sheets&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Statements of income</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Statements of comprehensive income</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Statements of changes in shareholders' equity</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Statements of cash flows</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Statements of value added</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Management Report</FONT><FONT STYLE="font-family: TIM Sans; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Notes to the individual and consolidated financial statements</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Tax Council Opinion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">139</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Annual Report from Statutory Committee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">140</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Statement of the executive officers on the financial statements</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">149</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Statement of the Executive Officers on the Independent auditors' report</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">150</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>


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<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Independent auditor's report on the Financial statements</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">To the shareholders, board members and directors of</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>TIM S/A</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Rio de Janeiro &#8211; RJ</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.25pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.25pt"><B>Opinion</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">We have audited the individual and consolidated financial statements of
Tim S/A (the &ldquo;Company&rdquo;), identified as Individual and Consolidated, respectively, which comprise the balance sheets as at
December 31, 2023, and the statements of income, of comprehensive income, of changes in shareholder&rsquo;s equity and cash flows for
the year then ended, and notes to the financial statements, including a summary of material accounting policy information.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">In our opinion, the accompanying financial statements present fairly, in
all material respects, the individual and consolidated financial position of TIM S/A as at December 31, 2023, and its individual and consolidated
financial performance and cash flows for the year then ended in accordance with the accounting practices adopted in Brazil and with the
International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Basis for opinion </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">We conducted our audit in accordance with Brazilian and International Standards
on Auditing. Our responsibilities under those standards are further described in the Auditor&#8217;s responsibilities for the audit of
the individual and consolidated financial statements section of our report. We are independent of the Company and its subsidiaries in
accordance with the relevant ethical principles set forth in the Code of Professional Ethics for Accountants, the professional standards
issued by the Brazil&#8217;s National Association of State Boards of Accountancy (CFC) and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: -0.15pt"><B>Emphasis of matter on
the restatement of corresponding figures</B></FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: -0.15pt">As mentioned in the note
2(h) to the financial statements, as a result of the changes in specifics cash flows, the corresponding figures referring to the prior
year of the individual and consolidated statements of cash flows, presented for comparison purposes, have been adjusted and are being
restated as provided for by CPC 23 (IAS 8) &ndash; Accounting Policies, Changes in Accounting Estimates and Errors. Our opinion has not
been modified with respect to this matter.</FONT></P>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: -0.15pt"><B></B></FONT></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Independent auditor's report on the Financial statements</B></P>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><B>Key audit matters</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context
of our audit of the individual and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter, including any commentary
on the findings or outcome of our procedures, is provided in that context.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">We have fulfilled the responsibilities described in the Auditor&#8217;s
responsibilities for the audit of the individual and consolidated financial statements section of our report, including in relation to
these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters
below, provide the basis for our audit opinion on the accompanying financial statements.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B><U>Provision for tax related contingencies</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">As disclosed in the note 24 to the financial statements, the Company is
a party to numerous tax claims and proceedings at different jurisdictional levels, which amounted to R$19,903 million, as of December
31, 2023, for which a provision amounting to R$666 million was recorded in the financial statements, while the remaining R$19,236 million
was disclosed as possible losses, in accordance with CPC 25 (IAS 37) Provisions, Contingent Liabilities and Contingent Assets. The determination
of the provision and disclosures related to the tax contingencies involves significant judgment from management, including their analysis
of the matters in dispute, the opinion of internal and external legal counsel and the estimation surrounding their ultimate resolution.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, in view of the magnitude of the amounts involved, any changes
in estimates or assumptions that impact the determination of the loss prognosis may have significant impacts on the Company&#8217;s financial
statements. Accordingly, this was considered a key audit matter.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><I>How our audit conducted this matter</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Our audit procedures included, among others: (a) obtaining an understanding
and evaluation of the design of controls over the identification and evaluation of tax claims, including management&#8217;s process to
determine whether the technical merits are more-likely-than-not to be sustained in court; (b) involving our tax professionals to assess
the Company&#8217;s technical merits regarding certain matters in dispute, obtaining and analyzing external legal opinions, obtaining
internal and external legal counsel confirmation letters, meeting with internal legal counsel to discuss certain tax disputes, and obtaining
a representation letter from the Company&#8217;s internal legal counsel; and (c) assessing the adequacy of the disclosures made by the
Company in note the 24 in respect of provision for tax related contingencies.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Independent auditor's report on the Financial statements</B></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Based on the result of audit procedures performed in the provision
for tax contingencies and related disclosures, which is consistent with management&#8217;s assessment, we understand that the measurement
of tax claims assessed as probable and possible loss, as well as the respective disclosures in the note 24 are acceptable in the context
of the financial statements taken as a whole.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other matters </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Statements of value added</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">The individual and consolidated statements of value added (SVA) for year
ended December 31, 2023, prepared under the responsibility of Company management, and presented as supplementary information for purposes
of IFRS, were submitted to audit procedures conducted together with the audit of the Company&#8217;s financial statements. To form our
opinion, we evaluated if these statements are reconciled to the financial statements and accounting records, as applicable, and if their
form and content comply with the criteria defined by NBC TG 09 &#8211; Statement of Value Added. In our opinion, these statements of value
added were prepared fairly, in all material respects, in accordance with the criteria defined in abovementioned accounting pronouncement
and are consistent in relation to the overall individual and consolidated financial statements.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other information accompanying the financial statements and the auditor&#8217;s
report</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Management is responsible for such other information, which comprise the
Management Report.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Our opinion on the individual and consolidated financial statements does
not cover the Management Report and we do not express any form of assurance conclusion thereon.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">In connection with our audit of the individual and consolidated financial
statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially inconsistent
with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of the Management Report, we are required to report that fact.
We have nothing to report in this regard.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Responsibilities of management and those charged with governance for
the financial statements</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Management is responsible for the preparation and fair presentation of the
individual and consolidated financial statements in accordance with the accounting practices adopted in Brazil and with the International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free of material misstatement, whether due to fraud
or error.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">In preparing the individual and consolidated financial statements, management
is responsible for assessing the Company&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Those charged with governance are responsible for overseeing the Company&#8217;s
and its subsidiaries&#8217; financial reporting process.</P>


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<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Independent auditor's report on the Financial statements</B></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Auditor&#8217;s responsibilities for the audit of the financial
statements</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Our objectives are to obtain reasonable assurance about whether the individual
and consolidated financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor&#8217;s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with Brazilian and International standards on Auditing will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">As part of an audit in accordance with Brazilian and International Standards
on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Identified and assessed the
risks of material misstatement of the individual and consolidated financial statements, whether due to fraud or error, designed and performed
audit procedures responsive to those risks, and obtained audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Obtained an understanding of
internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company&#8217;s and its subsidiaries&#8217; internal control.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Evaluated the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Concluded on the appropriateness
of management&#8217;s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company&#8217;s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor&#8217;s report to the related disclosures
in the individual and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor&#8217;s report. However, future events or conditions may cause
the Company to cease to continue as a going concern.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Evaluated the overall presentation,
structure and content of the individual and consolidated financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>


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<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Independent auditor's report on the Financial statements</B></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">We communicate with those charged with governance regarding, among other
matters, the scope and timing of the planned audit procedures and significant audit findings, including potential significant deficiencies
in internal control that we may have identified during our audit.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">We also provided those charged with governance with a statement that we
have complied with relevant ethical requirements, including applicable independence requirements, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">From the matters communicated with those charged with governance, we determined
those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor&#8217;s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Rio de Janeiro, February 6, 2024.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">ERNST &amp; YOUNG</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Auditores Independentes S/S Ltda.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">CRC SP-015199/F</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Fernando Alberto S. Magalh&atilde;es</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Contador CRC SP-133169/O</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">TIM S.A.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">BALANCE SHEETS</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">December 31, 2023 and December 31, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-bottom: #4472C4 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt">(In thousands of reais)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 9pt">Parent Company</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: bottom; font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><B>Note</B></TD>
    <TD STYLE="font: 8pt TIM Sans; text-align: right"><B>2023</B></TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><B>2022</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: bottom; font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt">Assets</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">55,260,156</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">52,925,205</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">56,408,367</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; color: white">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 10pt">Current assets</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,404,293</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,828,112</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,364,415</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Cash and cash equivalents</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">4</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,077,931</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,785,100</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,548,713</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Marketable securities</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">5</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,958,490</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,190,635</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,190,635</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Trade accounts receivable</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">6</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,709,766</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,739,452</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,421,094</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Inventories</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">7</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">331,783</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">236,117</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">236,117</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-size: 8pt; font-weight: normal">&nbsp;Recoverable income tax and social contribution </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">8.a</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">494,382</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">361,349</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">361,349</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; background-color: #DAE3F3; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-size: 8pt; font-weight: normal">&nbsp;Recoverable taxes, fees and contributions</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">9</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">943,767</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">820,338</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">831,661</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Prepaid expenses</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">10</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">238,468</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">198,506</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">278,851</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Derivative financial instruments</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">37</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">299,539</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">239,189</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">239,189</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Leases</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">17</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">29,886</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">30,643</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">30,643</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Other amounts recoverable</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">18</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">80,963</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">26,519</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">26,519</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Other assets</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">13</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">239,318</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">200,264</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">199,644</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 10pt">Non-current assets</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">43,855,863</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">43,097,093</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">46,043,952</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Long-term receivables</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,368,195</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,579,313</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,426,136</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Marketable securities</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">5</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,949</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,929</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,929</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Trade accounts receivable</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">6</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">199,007</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">238,683</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">238,683</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-size: 8pt; font-weight: normal">&nbsp;Recoverable income tax and social contribution </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">8.a</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">218,897</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">517,878</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">517,878</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; background-color: #DAE3F3; padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-size: 8pt; font-weight: normal">Recoverable taxes, fees and contributions</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">9</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">874,539</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">889,472</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">895,408</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Deferred income tax and social contribution</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">8.c</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,257,494</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">526,700</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,367,586</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Judicial deposits</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">11</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">689,739</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,377,560</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,377,560</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Prepaid expenses</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">10</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">138,937</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">80,258</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">80,258</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Derivative financial instruments</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">37</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">507,873</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">662,433</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">662,433</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Leases</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">17</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">206,455</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">208,003</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">208,003</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Other financial assets</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">12</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">216,721</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Other assets</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">13</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">45,584</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">65,397</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">65,398</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Investment</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">14</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,450,812</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,739,739</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,540,116</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Property, plant and equipment</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">15</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">22,411,815</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">19,775,260</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">22,661,152</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 20pt">Intangible assets</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt; font-weight: normal">16</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">15,625,041</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,002,781</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">16,416,548</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>TIM S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">BALANCE SHEETS</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">December 31, 2023 and December 31, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>(In thousands of reais)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: bold 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><B>Note</B></TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><B>2022</B></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">55,260,156</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">52,925,205</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">56,408,367</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">29,244,216</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">27,527,840</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">31,011,002</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,882,966</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,057,530</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,118,009</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Suppliers</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">19</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,612,112</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,385,356</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,237,229</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Loans and financing</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">21</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,267,237</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,264,967</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,264,967</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,808,740</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,353,869</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,257,211</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">37</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">239,714</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">343,142</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">343,142</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Labor obligations</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">386,348</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">343,541</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">343,541</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8.b</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">64,407</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">78,351</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">78,351</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Taxes, fees and contributions payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">22</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,048,115</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,126,678</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,277,727</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Dividends and interest on shareholders' equity payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">26</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">647,872</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">661,494</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">661,494</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Authorizations payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">20</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">407,747</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">507,685</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">507,685</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Deferred revenues</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">23</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">279,401</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">222,829</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">265,417</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Other contractual obligations</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1.2.1</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">748,291</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">748,291</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Other liabilities and provision</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">121,273</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">21,327</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">132,954</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">16,361,250</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">15,470,310</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">17,892,993</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Loans and financing</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">21</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,503,709</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,704,858</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,704,858</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">37</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">50,230</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">50,230</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,448,035</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,595,004</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,574,654</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Taxes, fees and contributions payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">22</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,603</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,540</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,540</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Provision for legal and administrative proceedings</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">24</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,410,299</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,112,153</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,112,156</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Pension plan and other post-employment benefits</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,019</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,825</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,825</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Authorizations payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">20</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,117,416</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,150,531</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,165,705</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Deferred revenues</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">23</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">621,601</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">666,612</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">666,612</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Other liabilities and provision</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">244,568</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">171,557</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">599,413</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">26,015,940</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">25,397,365</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">25,397,365</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Share capital </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,477,891</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,477,891</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,477,891</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Capital reserves</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">384,311</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">408,602</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">408,602</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Profit reserves</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,160,035</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,514,879</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,514,879</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Equity valuation adjustments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,313)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,844)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,844)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Treasury shares</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,984)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(163)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(163)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>TIM S.A.</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">STATEMENTS OF INCOME</FONT></TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Years ended December 31, 2023 and 2022</FONT></TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="border-bottom: #32599F 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>(In thousands of reais, unless otherwise indicated)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>Notes</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Net revenue </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">23,843,006</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">20,759,080</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">23,833,893</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">21,530,801</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Costs of services provided and goods sold </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(11,739,481)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(9,934,765)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(11,496,437)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(10,655,981)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Gross income</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">12,103,525</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">10,824,315</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">12,337,456</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">10,874,820</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Operating revenues (expenses):</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(5,631,263)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(5,175,582)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(5,742,642)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(5,596,211)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">General and administrative expenses </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,757,848)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,801,836)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,759,433)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,808,735)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">64,083</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(553,752)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(89,304)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(61,587)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Other revenues (expenses), net </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(27,150)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(243,178)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(28,779)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(248,371)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(7,352,178)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(7,774,348)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(7,620,158)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(7,714,904)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Income before financial revenues and expenses</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">4,751,347</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">3,049,967</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">4,717,298</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">3,159,916</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Financial revenues (expenses):</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;Financial revenues </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,219,004</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,267,501</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,239,753</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,318,948</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;Financial expenses </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(2,858,036)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(2,466,068)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(2,765,961)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(2,762,963)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;Net foreign exchange variations </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(7,057)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">5,007</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(7,057)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">5,007</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,646,089)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,193,560)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,533,265)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(1,439,008)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Profit before income tax and social contribution</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">3,105,258</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,856,407</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">3,184,033</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,720,908</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">8.d</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(267,836)</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(185,652)</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(346,611)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(50,153)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Net profit for the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,670,755</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,670,755</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Earnings per share attributable to the Company&#8217;s shareholders (expressed in R$ per share)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Basic earnings per share </FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1.17</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">0.69</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1.17</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">0.69</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Diluted earnings per share </FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1.17</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">0.69</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1.17</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">0.69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>TIM S.A.</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">STATEMENTS OF COMPREHENSIVE INCOME</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Years ended December 31, 2023 and 2022</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="border-bottom: #32599E 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>(In thousands of reais)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>Consolidated </B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Net profit for the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,670,755</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,670,755</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Other components of the comprehensive income</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Item that will not be reclassified to income (loss):</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Pension plans and other post-employment benefits </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">806</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">668</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">806</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">668</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Deferred taxes</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(275)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(227)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(275)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">(227)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2,837,953</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,671,196</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;2,837,953</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,671,196</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="21" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">TIM S.A.</TD></TR>
  <TR>
    <TD COLSPAN="21" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY</FONT></TD></TR>
  <TR>
    <TD COLSPAN="21" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-weight: normal">Year ended December 31, 2023</FONT></TD></TR>
  <TR>
    <TD COLSPAN="21" STYLE="border-bottom: #32599E 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt">(In thousands of reais)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit reserves&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Share capital</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Capital reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt"><B>Legal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reserve</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Expansion reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Additional dividends/interest on shareholders&#8217; equity proposed</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Tax incentive reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Treasury shares</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Equity valuation adjustments</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Retained earnings</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Total</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 6pt">Balances on January 01, 2023</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">13,477,891</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">408,602</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">1,250,448</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">7,540,020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">600,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">2,124,411</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(163)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,844)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">25,397,365</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net profit for the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">2,837,422</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">2,837,422</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Post-employment benefit amount recorded directly in shareholders' equity </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">531</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">531</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 6pt; font-weight: normal">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">531</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">2,837,422</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">2,837,953</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Total contribution from shareholders and distribution to shareholders</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term incentive plan</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(24,291)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(24,291)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury shares, net of disposals</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(2,821)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(2,821)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Allocation of net profit for the year:</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal reserve (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">129,979</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(129,979)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on Shareholders&#8217; Equity (note 26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(1,600,000)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(1,600,000)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation to tax benefit reserve (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">237,828</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(237,828)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends/additional interest on shareholders&#8217; equity distributed (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(1,910,000)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">1,310,000</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(600,000)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of reserve for expansion (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">1,469,615</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(600,000)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(869,615)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Unclaimed dividends (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">7,734</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">7,734</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Total contribution from shareholders and distribution to shareholders</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(24,291)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">129,979</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(432,651)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">710,000</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">237,828</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(2,821)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(2,837,422)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(2,219,378)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 6pt">Balances at December 31, 2023</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">13,477,891</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">384,311</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">1,380,427</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">7,107,369</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">1,310,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">2,362,239</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,984)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,313)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">26,015,940</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="22" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 10pt TIM Sans; margin: 0">TIM&nbsp;S.A. and TIM&nbsp;S.A. and SUBSIDIARY</P>
    <P STYLE="font: bold 10pt TIM Sans; margin: 0">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="22" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</FONT></TD></TR>
  <TR>
    <TD COLSPAN="14" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">Year ended December 31, 2022</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt">(In thousands of reais)</FONT></TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #32589D 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit reserves&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Share capital</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Capital reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt"><B>Legal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reserve</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Expansion reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Additional dividends/interest on shareholders&#8217; equity proposed</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Tax incentive reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Treasury shares</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Equity valuation adjustments</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Retained earnings</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 6pt">Total</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 6pt">Balances at January 01, 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">13,477,891</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">401,806</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">1,175,215</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">8,103,035</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">1,958,301</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(4,857)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(4,285)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">25,107,106</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net profit for the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">1,670,755</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">1,670,755</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Post-employment benefit amount recorded directly in shareholders' equity</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">441</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">441</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 6pt; font-weight: normal">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">441</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">1,670,755</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">1,671,196</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Total contribution from shareholders and distribution to shareholders</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term incentive plan</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">6,796</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">6,796</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury shares, net of disposals</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">4,694</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">4,694</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Allocation of net profit for the year:</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal reserve (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">75,233</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(75,233)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on Shareholders&#8217; Equity (note 26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(1,400,000)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(1,400,000)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation to tax benefit reserve (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">166,110</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(166,110)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional dividends/interest on shareholders&#8217; equity proposed</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(570,588)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">600,000</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(29,412)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Unclaimed dividends (Note&nbsp;26)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">7,573</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">7,573</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 6pt; font-weight: normal">Total contribution from shareholders and distribution to shareholders</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">6,796</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">75,233</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(563,015)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">600,000</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">166,110</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">4,694</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(1,670,755)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 6pt; font-weight: normal">(1,380,937)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 6pt">Balances at December 31, 2022</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">13,477,891</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">408,602</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">1,250,448</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">7,540,020</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">600,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">2,124,411</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(163)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,844)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">25,397,365</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="10" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">TIM&nbsp;S.A. and TIM&nbsp;S.A. and SUBSIDIARY</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">STATEMENT OF CASH FLOWS </FONT></TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">Years ended December 31, 2023 and 2022</FONT></TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="border-bottom: #32599E 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt">(In thousands of reais)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Parent Company</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Note</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">2023</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">2022</P>
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">(Restated)</P></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">2023</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">2022</P>
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">(Restated)</P></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 7pt; font-weight: normal">Operating activities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Profit before income tax and social contribution</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;3,105,258</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,856,407</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;3,184,033</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,720,909</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">&nbsp;Adjustments to reconcile income to net cash generated by operating activities:</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Depreciation and amortization</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;6,897,402</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;5,865,706</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;7,117,028</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;6,827,175</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Equity in earnings </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal">14</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(64,083)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;553,752</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;89,304</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;61,587</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Residual value of written-off property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;16,230</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(128,103)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;93,304</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(136,713)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Interest on asset retirement obligation</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;33,180</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;718</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;38,355</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;23,212</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Provision for legal and administrative proceedings</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal">25</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;323,018</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;247,227</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;323,015</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;247,227</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Inflation adjustment on judicial deposits and legal and administrative proceedings</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;257,058</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;91,681</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;257,057</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;91,681</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Interest, monetary and exchange rate variations on loans and other financial adjustments</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;741,382</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;745,836</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;668,360</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;759,989</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Yield from marketable securities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(83,204)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(266,816)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(83,204)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(266,816)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Interest on lease liabilities </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal">32</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,163,824</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,075,603</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,062,251</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,333,007</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Lease interest</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal">31</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(28,041)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(28,101)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(28,041)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(28,101)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Gain from acquisition of Cozani (via price adjustment)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(303,435)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(303,435)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Provision for expected credit losses</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal">29</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;620,667</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;585,699</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;639,692</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;626,218</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Long-term incentive plans </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(24,291)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;6,796</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(24,291)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;6,796</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;12,654,965</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;10,606,405</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;13,033,428</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;11,266,171</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Decrease (increase) in operating assets</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Trade accounts receivable</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(826,773)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(1,269,979)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(867,369)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(628,272)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Recoverable taxes, fees and contributions</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;91,412</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;916,029</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;85,982</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">912,306</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Inventories</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(95,666)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(33,565)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(95,666)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(33,565)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Prepaid expenses</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,467)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;79,523</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(18,295)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">164,288</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Judicial deposits</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;749,336</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(603,825)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;749,336</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(603,825)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Other assets</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(76,756)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(32,696)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(70,677)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(30,709)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Increase (decrease) in operating liabilities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Labor obligations</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;42,807</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;40,302</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">42,807</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">40,302</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Suppliers</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">736,417</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,088,993</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">353,319</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">757,628</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Taxes, fees and contributions payable</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;647,239</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;122,922</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">617,975</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">102,948</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Authorizations payable</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(246,836)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,378,796)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(246,836)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(2,378,796)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Payments for legal and administrative proceedings&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal">24</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(343,440)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(242,597)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(343,444)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(242,598)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Deferred revenues</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,235)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;3,100</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(31,028)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(49,446)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Other liabilities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(526,266)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(25,262)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(560,692)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(114,173)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 7pt">Cash generated by operations</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;12,801,737</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">8,270,554</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">12,648,840</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">9,162,259</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 7pt; font-weight: normal">Income tax and social contribution paid</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(228,184)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(228,184)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Net cash generated by operating activities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;12,573,553</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">8,270,554</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">12,420,656</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">9,162,259</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="10" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">TIM&nbsp;S.A. and TIM&nbsp;S.A. and SUBSIDIARY</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">STATEMENT OF CASH FLOWS </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-weight: normal">Years ended December 31, 2023 and 2022</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt">(In thousands of reais)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Parent Company</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Note</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">2023</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">2022</P>
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">(Restated)</P></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">2023</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">2022</P>
    <P STYLE="font: bold 7pt TIM Sans; margin: 0; text-align: right">(Restated)</P></TD></TR>
  <TR>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="width: 46%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt; font: bold 10pt TIM Sans; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 7pt; font-weight: normal">Investment activities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Redemptions of marketable securities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;3,313,983</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;8,891,947</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">3,313,983</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">8,891,947</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Investments on marketable securities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,998,654)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(6,249,167)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(2,998,654)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(6,249,167)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Other financial assets </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal">12</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(53,763)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(53,763)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&#45;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-size: 7pt; font-weight: normal">Capital increase in subsidiary Cozani</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: bold 10pt TIM Sans; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(250,722)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Cash from the acquisition of Cozani (Note&nbsp;1)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;421,835</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Consideration for the acquisition of Cozani, net from cash</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(443,096)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(6,463,333)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(443,096)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(6,269,951)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Additions to property, plant and equipment and intangible assets </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(4,504,314)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(4,730,433)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(4,504,314)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(4,730,433)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Other</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;2,306</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;4,475</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">2,306</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">4,475</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Net cash used in investment activities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1.5pt double; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(4,261,703)</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1.5pt double; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(8,797,233)</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1.5pt double; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">(4,683,538)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1.5pt double; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">(8,353,129)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Financing activities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">New loans</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;1,568,343</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&#45;</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">1,568,343</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Amortization of loans</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(1,197,950)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(565,303)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(1,197,950)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(565,303)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Interest paid- Loans </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(205,507)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(157,831)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(205,507)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(157,831)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Payment of lease liability</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(1,696,314)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(1,251,552)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(1,812,508)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(1,566,344)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Interest paid on lease liabilities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(1,347,870)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(1,046,549)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(1,420,557)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(1,303,953)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Derivative financial instruments</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(393,628)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(269,437)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(393,628)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(269,437)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Purchase of treasury shares, net of disposals</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,821)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;4,694</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(2,821)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">4,694</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt; font-weight: normal">Dividends and interest on shareholders&#8217; equity </FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(2,174,929)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt; font-weight: normal">(1,199,201)</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,174,929)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(1,199,201)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Net cash used in financing activities</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(7,019,019)</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(2,916,836)</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(7,207,900)</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(3,489,032)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;1,292,831</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(3,443,515)</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">529,218</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,679,902)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Cash and cash equivalents at the beginning of the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;1,785,100</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;5,228,615</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">2,548,713</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">5,228,615</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Cash and cash equivalents at the end of the year</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;3,077,931</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;1,785,100</B></FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">3,077,931</FONT></TD>
    <TD STYLE="font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: bold 10pt TIM Sans; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 7pt">2,548,713</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="8" STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">TIM S.A.</TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-weight: normal">STATEMENT OF VALUE ADDED</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-weight: normal">Years ended December 31, 2023 and 2022</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="border-bottom: #32599F 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 8pt">(In thousands of reais)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Parent Company</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 52%; padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Revenues</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Gross operating revenue</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">33,491,945</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">28,650,398</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">33,530,346</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">29,713,383</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Losses on doubtful accounts</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(620,667)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(585,699)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(639,692)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(626,218)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Discounts granted, returns and others</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(6,038,568)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,701,149)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(6,039,172)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,711,240)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">26,832,710</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">24,363,550</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">26,851,482</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">25,375,925</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Inputs acquired from third parties</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Cost of services rendered and goods sold</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(4,431,498)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,726,974)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,968,083)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,482,166)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Materials, energy, outsourced services and other</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,525,465)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,572,677)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,596,819)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(3,810,770)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(7,956,963)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(7,299,651)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(7,564,902)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(7,292,936)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Retentions</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(6,897,402)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(5,865,706)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(7,117,029)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(6,827,175)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Net added value produced</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">11,978,345</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">11,198,193</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">12,169,551</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">11,255,814</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Value added received in transfer</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Equity in earnings</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">64,083</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(553,752)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(89,304)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">(61,587)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Financial revenues</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,413,039</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,408,569</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,433,788</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,460,016</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,477,122</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">854,817</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,344,484</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,398,429</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Total added value payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">13,455,467</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">12,053,010</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">13,514,035</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">12,654,243</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Distribution of added value</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Personnel and charges</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct remuneration</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">788,411</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">741,769</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">788,411</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">741,769</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">241,951</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">208,513</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">241,951</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">208,513</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.G.T.S</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">76,718</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">69,252</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">76,718</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">69,252</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">38,653</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">40,268</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">38,653</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">40,268</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,145,733</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,059,802</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,145,733</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,059,802</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Taxes, fees and contributions</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,529,923</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,258,722</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,675,491</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,358,409</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,660,723</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">3,217,298</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,665,423</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">3,416,745</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,665</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">96,950</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,345</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">97,683</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,196,311</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,572,970</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,346,259</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,872,837</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Third-party capital remuneration</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Interest</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">3,054,465</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,598,942</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,962,390</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,895,837</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Rents</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,213,380</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,144,754</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,214,075</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,149,225</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">4,267,845</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">3,743,696</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">4,176,465</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">4,045,062</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Other</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Social investment</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">8,156</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,787</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">8,156</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,787</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">8,156</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,787</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">8,156</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">5,787</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Shareholders&#8217; Equity Remuneration</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Dividends and interest on shareholders&#8217; equity</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,600,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,400,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,600,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,400,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-weight: bold"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,237,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">270,755</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,237,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">270,755</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,670,755</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">1,670,755</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">See the accompanying notes to the individual and consolidated financial
statements.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #4F81BD"><B>COMMENTS TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Dear Shareholders,</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Management of TIM S.A. (&#8220;TIM S.A.&#8221;,
&#8220;Company&#8221; or &#8220;TIM&#8221;) hereby presents its Management Report and 2023 Earnings Analysis, along with the Individual
and Consolidated Financial Statements accompanied by the Independent Auditors&#8217; Report for the fiscal year ended December&nbsp;31,&nbsp;2023.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The financial statements were prepared in accordance
with accounting practices adopted in Brazil, which include the Brazilian Corporate Law, the rules of the Brazilian Securities and Exchange
Commission (CVM) and the pronouncements of the Accounting Pronouncement Committee (CPC) and International Financial Reporting Standards
(IFRS) issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The operating and financial information for the
year ended in December 31, 2023, unless otherwise stated, is presented in Brazilian reais (R$), based on consolidated amounts and pursuant
to the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt; color: #4F81BD"><B>Company&#8217;s
Profile</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM S.A. is a publicly held company, with shares
listed on the S&atilde;o Paulo Stock Exchange (B3), and American Depositary Receipts (ADRs) listed on the New York Stock Exchange (NYSE).
In 2023, TIM confirmed that, for the 16<SUP>th</SUP> year in a row, has maintained its status as one of a select group of companies that
comprise the ISE portfolio (B3&#8217;s Corporate Sustainability Index), reinforcing its commitment with the continuous management of social,
environmental and governance aspects, creating value for its shareholders and other stakeholders. Additionally, since 2011 TIM has been
listed on B3&#8217;s <I>Novo Mercado</I>, a segment recognized for maintaining the highest level of corporate governance. Starting in
2021, it became part of the following indexes: S&amp;P-B3 Brasil ESG, Refinitiv Diversity &amp; Inclusion, and Bloomberg Gender Equality.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM S.A. is controlled by TIM Brasil Servi&ccedil;os
e Participa&ccedil;&otilde;es S.A., a subsidiary of the Telecom Italia group. TIM operates in the mobile, landline, long-distance, and
data transmission markets throughout Brazil, as well as in the ultra-broadband market covering several Brazilian states.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; color: #4F81BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Message from Management</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are very pleased that 2023 was an outstanding
year with great achievements and record-high results. Such outcome was a consequence of navigating well in the new environment of the
Brazilian mobile market, our core business segment, and exploring opportunities that are emerging.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Our Core - The Mobile Market</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During our Investor Day in November, we explained
that the Brazilian mobile market is healthier than ever before, supporting a more-for-more strategy. New market dynamics following the
consolidation and favorable demand are driving a better environment to operate.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This new environment is characterized by: (i)
a new, more rational, market dynamic with customers focused on value and quality, (ii) essentiality of the service mobile, (iii) opportunity
to increase usage with increased demand for data, and (iv) price accessibility.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Our Strategy &#8211; Next Generation
TIM</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have a clear strategy to craft the Next Generation
TIM. Under this framework, we defined four pillars, Mobile, B2B, Broadband and Efficiency, which are developed integrating our people,
society, and the environment into our business strategy.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This integration propels our ESG practices to
be recognized as one of the most developed in the country. TIM ranked 12th among the best companies to work for in Brazil in the Great
Place to Work selection. Sustainalytics also awarded us as ESG industry top-rated. S&amp;P listed TIM among the most sustainable telecom
companies in the world. And we are the most diverse and inclusive company in LatAm and the number one telco in the world ranked by Refinitiv.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our strategic pillars are summarized as follows.</P>

<P STYLE="font: 12pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile: where TIM generates most of its results
and where we aim to be the preferred operator for customers by developing the Best Service, Best Network and Best Offer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B2B: the Company is shaping a new IoT<FONT STYLE="font-size: 12pt"><SUP>[1]</SUP></FONT>
-based market with services and connectivity to address an exponential growth opportunity.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Broadband: where TIM wants to grow profitably
using a selective approach while keeping future options open;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Efficiency: the Company has this pillar as inherent
to its operation and carries out all its actions with strict discipline in the allocation of capital resources.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Segoe UI, Helvetica, Sans-Serif; margin: 0; background-color: #FDFDFD">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT>
Internet of Things</P>
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    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Our Achievements<FONT STYLE="font-size: 12pt"><SUP>[2]</SUP></FONT>
&#8211; A Historical Year</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our service revenues grew, in 2023, 10.7% year-on-year,
totaling more than 23 billion Reais, a record high number in our history. With costs under control, our EBITDA grew more than 14% to reach
another record in our history, 11.7 billion Reais.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In this context, our 2023 EBITDA margin expanded
to almost 49%&#8212;the highest among the large telcos in Brazil and LatAm. Another metric that measures our efficiency in allocating
resources is the Capex-to-Sales ratio. We closed 2023 with the best result ever, just below 19%, contributing to our operating free cash
flow<SUP>[3]</SUP> growing more than 58% year-on-year, summing to 4.2 billion Reais. Additionally, our Net Income rose to 2.7 billion
Reais after expanding more than 50% year-over-year. These results explain why we were confident in raising our shareholder remuneration
target to 2.91 billion reais, from 2.3 billion.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During 2023, we worked extensively to deliver
improvements in customer experience. We seek the <B>Best Service</B> by digitalizing the interactions to accelerate and improve demand
resolution. And we were best in class in all resolution rankings of Brazil. At the same time, if a human attendant services a client,
the satisfaction with this interaction must be very high. And we delivered that &#8211; call center NPS improved more than 40% in the
fourth quarter.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Meanwhile, we consolidated our leadership in network
coverage and quality in Brazil, confirming that we have the <B>Best Network</B>. We developed the largest 4G and 5G coverage, being the
only operator to cover all the cities of Brazil. Our network was also the most awarded among the Brazilian operators, and we ranked number
one in Consistency Quality, the most relevant KPI to measure a customer's actual experience.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To complete, we are innovating to create the <B>Best
Offer</B>, leveraging new concepts and partnerships to generate novelty and distinctiveness. We&#8217;ve launched the first trial offer
in LatAm to encourage customers to test our services. We expect this tool to be relevant in changing clients' perceptions of our quality.
We just launched commercially our partnership with Ambev. We are expanding the benefits, using the cashback in the Z&eacute; Delivery
app as a loyalty tool.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These mobile developments are driving us to post
the highest blended (prepaid + postpaid) ARPU in the industry, close to 30 reais and growing nearly 13% year-over-year. At the same time,
we are improving churn in postpaid, increasing upsell results with upward migrations, and seeing a rise in prepaid spending.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Those notable achievements have been made possible
by the contribution of every TIM employee. And we are proud to lead a team of committed and hard-working people with an engagement level
of above 90%.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Conclusion and Perspectives</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When we started the year, we set challenging but
achievable targets. As we executed our plan, results began to come faster, which led to the best performance of TIM&#8217;s history in
many KPIs.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[2]</SUP></FONT>
All financial figures are normalized to non-recurring items to better represent business dynamics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[3]</SUP></FONT>
Represented as EBITDA After Leases minus Capex.</P>
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    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We completed a quarter of a century of existence
over-delivering on every front.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%"><B>Projections x Results 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 34%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%"><B>Indicator</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%"><B>Short Term Projection</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%"><B>Result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/115% TIM Sans; margin: 0; text-align: center">Service Revenue</P>
    <P STYLE="font: 10pt/115% TIM Sans; margin: 0; text-align: center">Growth</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">High single-digit<SUP>[4]</SUP> Y/Y</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">+10.7% Y/Y</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">EBITDA growth</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">Low double-digit<SUP>2</SUP> Y/Y</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">+14.2% Y/Y</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">Investments</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">CAPEX on net revenues Ratio: &lt;20%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">18.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">EBITDA-AL growth minus CAPEX</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">Double-digit<SUP>2</SUP> A/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">+58.2% Y/Y</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">Dividends announced to shareholders</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">&gt; R$ 2.9 Bln</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 115%">R$ 2.91 Bln (R$ 1.6 bln in IOC and R$ 1.31 bln in dividends<SUP>[5]</SUP>)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In this scenario we project for the coming years
a sustainable growth in Service Revenue above inflation and an expansion of EBITDA with positive evolution in the margin. This dynamic
combined with maintaining the level of investments that benefit from the efficiency of new technologies, such as 5G, should promote an
improvement in our operating free cash flow. All of this will enable us to continue evolving our shareholder remuneration strategy and
reinvest in growth avenues such as B2B and Broadband.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are on a long journey to become the most preferred
telco, so we must keep focused on executing our strategy, adjusting to the environment, when necessary, but never losing sight of our
end goals.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>2. Economic and Industrial
Overview</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>2.1. Macroeconomic Environment</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The year 2023 overall was positive for Brazil.
After a 2022 with the most polarized presidential election in history, the country needed to advance important reforms and also carry
out a fiscal adjustment of a specific magnitude. At the end of the year, the approval of a tax reform was achieved, even if only a part
of it, which had been discussed for 30 years, in addition to projecting the zeroing of the primary deficit by 2024. The movement of the
The Central Bank, which from August began a process of gradual reduction of the SELIC, closing the year at 11.75% per year.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Another favorable fact was the decrease in the
unemployment rate 7.8%<SUP>[6]</SUP> in 2023, lowest number since 2014 and 7.4% in the fourth quarter continuing a series of declines
over the last quarters, impacted by the process of immunization against COVID-19 started in 2022. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">With
this quarter's results, the absolute number of unemployed people decreased marginally compared to the previous quarter, to 8.1 million
people. </FONT></P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[4]</FONT>
<FONT STYLE="font-size: 8pt">Reference scales: High single-digit= &gt;6.66% and &lt;10%; Low double-digit = &#8805;10% and &#8804;13.33%;
Double-digit = &#8805;10% and &lt;100%</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">[5]</FONT> Subject
to approval on shareholders General Meeting</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">[6]</FONT> Source
Brazilian Institute of Geography and Statistics (IBGE).</P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Inflation, measured by the Extended Consumer Price
Index (IPCA), ended 2023 at 4.62%<SUP>[7]</SUP>, above of the target the estimated target for the year (3.25%), but inside of the margin
of the target of 1.5%. Despite having the second largest nominal increase (7.14%), the Transport group had the greatest weight in the
general inflation index, with 1.46 percentage points. Gasoline, which is part of the group, was the sub-item with the greatest weight
among the 377 that make up the IPCA. In the year, the increase was 12.09%, with an impact of 0.56 p.p. Also in the group are two other
sub-items that make up the podium of the most relevant price increases for the IPCA. Registration and licenses increased by 21.22% in
the year and weighed 0.53 p.p. in the IPCA. Air tickets come in third place in the ranking, as they rose 47.24% in the year and contributed
0.32 p.p. to the index. In the Health and personal care group, the biggest contribution came from the health plan (11.52% increase and
0.43 p.p. in the index). In Housing, the main positive contribution came from residential electricity (9.52% and 0.37 p.p.).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, the exchange rate recorded a considerable
volatility, with the Real appreciating against the US dollar in relation to the end of the previous year. At the last closing period,
the American currency ended quoted at R$&nbsp;4.85, accounting for a decrease of 8.06%. Uncertainties regarding American inflation and
external factors such as the War between Russia and Ukraine in addition to the confrontation that began in October 2023 between Israel
and Hamas, contributed to the oscillation scenario presented by the currency. In relation to the Brazilian Real, the American currency
recorded a high of R$&nbsp;5.45 against a low of R$&nbsp;4.72 during the year, accounting for a change of 15.5% in a scenario of domestic
uncertainties, fiscal risks and many discussions about, for example, the Tax Reform Proposal, in addition to the new expenditure framework.
Both measures would be approved months later and helped reduce market uncertainty, The trade balance ended the year with a surplus of
US$ 98 billion, accounting for an increase of 60.6% compared to the end of 2022. Exports closed the year at US$&nbsp;339.7 billion and
recorded a positive change of 1.7% compared to 2022. Imports recorded US$&nbsp;240.9 billion, accounting for a decrease of 11.7% in the
annual comparison. The super&aacute;vit value represent the highest record of the entire historical series.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The international scenario was, for one more year,
marked by many uncertainties and volatility with high inflation rates with resistance to be reduced, led by commodity, food, and logistical
and production bottleneck, as well as a reduction in GDP growth rates in most countries. The United States showed a slowdown in the inflation
rate to 3.4%, and GDP growth of 2.5% compared to an expansion of 2.1% in 2022. The economy in Europe shows a low pace of growth, greatly
impacted by the effects of the war between Russia and Ukraine and more recently the conflict between Israel and Hamas, affected the pace
of the resumption of the post-pandemic economy. The GDP of the Organization for Economic Co-operation and Development (OECD) member countries
increased 0.7% in the third quarter. The International Monetary Fund (IMF) points to a forecast of 3.0% <SUP>[8]</SUP>growth for the global
economy in 203.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">[7]</FONT> Source:
Brazilian Institute of Geography and Statistics (IBGE).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>[8]</SUP></FONT> Source: International
Monetary Fund</P>
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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>2.2. Particularities of the
Telecommunications Sector</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The telecommunications sector in Brazil is marked
by the high degree of competition and by the effective regulation of the National Telecommunications Agency (ANATEL), which has the mission
of &#8220;promoting the development of telecommunications in Brazil, in order to provide it with a modern and efficient telecommunications
infrastructure, capable of offering society appropriate and diversified services at fair prices nationwide&#8221;.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Throughout its trajectory, the sector has always
been impacted by fierce competition on the Brazilian market, which can be seen by the presence of very aggressive offers from the viewpoint
of the content available to customers and the reduced level of prices charged by operators in general. However, in recent years, this
competition has moved more towards issues related to quality and service, becoming more rational from the point of view of prices. In
the last year, it is possible to say that we had a process of continuity of this transition to a new model of competition.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, the acquisition process of the mobile
operation assets of Oi M&oacute;vel S.A. was fully completed by TIM, Telef&ocirc;nica Brasil S.A. and Claro S.A., after all the precedent
conditions provided for by the National Telecommunications Agency (ANATEL) and by the Administrative Council for Economic Defense (CADE)
were fulfilled, with the approval by the Arbitration Chamber Court of the agreement regarding the closing price, concluded between the
buyers, TIM, Telef&ocirc;nica Brasil S.A. and Claro S.A and the seller, Oi S.A..</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, the year 2023 was marked by the continuity
of the implementation and expansion of 5G technology in Brazil, which seeks to meet the demand for higher connection speeds. In this context,
TIM ended 2023 having implemented 5G technology in 137 cities, includingall 27 capital cities of the country, with a much higher number
of antennas than required by ANATEL, thus providing a better experience for the user.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>3. TIM Services</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>3.1. Business</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM is recognized for its strong brand and its
reputation as an innovative and disruptive company, capable of meeting new consumption patterns on the market. With a proactive approach
the Company is always in a leading position in the transformation of the telecommunications business model. The profiles of customer usage
are based on the consumption of data, content, and digital services.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM&#8217;s pioneering spirit and innovative offerings
are hallmarks registered of the Company, which has a complete portfolio both for individual customers and corporate solutions for small,
medium, and large enterprises. In addition to the traditional mobile voice and data services, TIM offers the fixed ultra-broadband service,
and continues to pursue new sources of revenue, with pioneering initiatives in new business fronts, such as financial services and monetization
of the client base, mobile advertising and IoT.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Also in its portfolio, the Company offers several
services and digital content in its packages, increasing the functionality of mobile devices in its customers&#8217; daily lives. Positioning
itself in a unique way with the objective of becoming the most preferred operator for Brazilians, having the best value proposition in
a market that is leveraged by value. Whether with a better service, offering a better customer experience, or with a better network,
what was once a structural obstacle is now a competitive advantage, in other words, a better offer, counting on partnerships and innovative
offers.</P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Demonstrating this differential, in 2023, TIM
started several partnerships on the most varied fronts, with emphasis on the Content and Security segments (partnership with Deezer and
HBOMAX, for example), Education (Descomplica), Retail (Z&eacute; Delivery) and Health (Cart&atilde;o de Todos). This simultaneously generates
social impact and solid revenue growth, which allows the Company to accumulate Free Operating Cash Flow.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>3.2. Strategy</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With the update of the Company&#8217;s strategic
plan, TIM reinforces the search for sustainable business growth considering all stakeholders and aiming to create value for each of them.
In this context, the plan designed by the Company is centered on strategies for the evolution of the existing business with incremental
innovations and initiatives that improve TIM's relative position. At the same time, new fronts are opened seeking business transformation
with more disruptive changes, entry into new markets and capture opportunities that go beyond TIM's core business. Among the levers to
achieve our aspiration, we can mention the following:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidate the best value proposition in a market
focused on value, with better service, better network and better offer. With better service we continue our best journey towards excellence
in customer experience, with the best network we consolidate our position as leader in network quality in Brazil and with the best offer,
we leverage our DNA of innovation and partnerships to offer the best offer.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expansion of our presence in the B2B/IoT technology
area, leveraging TIM&#8217;s pioneering spirit with strategic moves aimed at capturing the expected market growth and seeking opportunities,
especially in 5G; </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Search for high-growth opportunities, leveraging
TIM's strengths in mobile: rapid growth in IoT, with pioneering in several sectors, from Agro and Logistics to Industry, reaching Public
Services</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expansion of the portfolio of our strategic partnerships
to accelerate our value generation, a line in which TIM already has partnerships with sector leaders and maintains the search for business
opportunities;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Selective approach to grow profitably in the broadband
market. There is room to accelerate in this market and the Company is ready to do so.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is developing its next generation,
with a very well-defined strategy: to be the preferred operator in the mobile segment, shape a new B2B market, profitable growth in broadband,
culminating in efficiency inherent to the business.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>4. Human Resources</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Human Resources Executive Board, which has
been renamed People, Culture and Organization Executive Board as of July 2022, is structured with the purpose of ensuring the best practices
related to people management to support the evolution of the Company, aligned with technological transformations and business challenges,
the commitment to sustainability and the appreciation of diversity and inclusion. In addition to always seeking the evolution of the work
model, the construction of ecosystems for the continuous development of skills, the promotion of care and well-being for our employees
in all dimensions.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Having an engaged team is essential to overcoming
challenges and achieving better results. At TIM, the relationship of transparency and respect with all levels of the company strengthens
our pride and sense of belonging, as well as a clarity as to the direction we are heading. These factors are differentiators in the development
of our employer brand and employee experience.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, we had a 98%(+2pp) participation in the
Climate and Engagement Survey, confirming the consistency of this process as one of the most important means of listening to people and
providing the opportunity to contribute toward the evolution of our company.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We maintained the result as the previous year,
with favorability of 86% (0pp), placing TIM 14pp. above the Global Telecom Market and 10p.p. above General Market Brazil from Mercer,
a consultancy partner for the methodology and application of the research.</P>

<P STYLE="font: 9pt/115% Segoe UI, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, we recorded growth of 1pp in 3 research
dimensions, Culture of Integrity (-1pp x P90), Engagement (-1pp x P90) and Healthy Environment (+1pp x P90), thus being above or close
to the classification of Best Practices according to with the favorability achieved.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Among the issues with the greatest growth, those
related to trust in the Ethics Channel (+2pp) and Appropriate conditions for each work model (+2pp) stand out.</P>

<P STYLE="font: 9pt/115% Segoe UI, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The integrity culture remains the most recognized
dimension, reaching a 92% favorability, with +1pp growth and needing a further 1pp to rank in the Best Practices market (P90). Emphasis
on the promotion of an inclusive environment with favorability of 96% (0pp) and +7pp x P90 and an environment free from harassment and
discrimination with favorability of 94% (0pp) and +2pp x P90, corroborating TIM's focus on the topic of Diversity &amp; Inclusion.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2024, we will continue implementing structured
actions for the well-being of employees and readiness for change, through actions that favor organizational agility, aiming to maintain
care for people and the search for innovation.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>4.1. People</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM ended the year 2023 with 9,275 employees across
Brazil. These employees &#8211; with their histories and knowledge &#8211; represent the Company&#8217;s intellectual capital and act
as engines for business development.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Around 70% of our employees have a college degree
or are currently attending college, and 9.4% have postgraduate degrees.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023 we also achieved the ESG goals established
with the market in the areas of social representation. We have 41% of self-declared black employees in our workforce and 36% of leadership
positions are held by women. The numbers and results show that TIM has a diverse and highly qualified team of employees to meet the challenges
of the Company's future.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The workforce is rounded out by 179 interns and
176 young apprentices.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>4.2. Development and Training</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, we have once again evolved people development
practices, connected to the new Cultural Values &#8203;&#8203;and the needs of the organization, with transversal and customized actions
for different audiences, to support the achievement of the objectives of the strategic plan.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Once again, we evolved the performance management
process through feedback from TIMe itself, to add even more value to eligible employees. In addition to including new elements of Cultural
Values in the TIM Competency Model, we also enhanced the role of Leadership in project evaluation.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Throughout 2023, the following were contemplated:
the closing of the 2022 Performance cycle and the launch of the 2023 Performance cycles.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At the end of cycle 22, we achieved 94.9% participation
in the Assessment stage and 93.8% adherence to the Feedforward registry.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In July, the first assessment of leadership and
peers/clients by projects took place, opening the 2023 cycle with improvements in the experience of our internal clients, reaching 97%
adherence.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At the end of 2023, the main novelty was the inclusion
of the Store and Call Center attendants, as newly eligible for the process, who will be evaluated on Attitudes expected from our new cultural
identity.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With these results, we continue the challenge
of evolving the development and feedforward culture, with a 100% customized, agile and inclusive process.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In our people development strategy, we continue
to use the same premises: customization and added value.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For leadership development, for example, we continued
the E-Coaching program for first management and the Intercompany Mentoring program for women. At the end of the year, we modeled and implemented
a pilot Leader Coach class, a program that will begin its roll-out in 2024 for the entire company leadership.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the E-Coaching program, 4 new classes were
launched, totaling 17 classes since its launch. 78 leaders - most of whom were promoted to their first management - experienced the digital
journey that was remodeled, with individual and collective short-coaching sessions with a coach certified by the ICF (International Coaching
Federation). To date, 383 people have completed their journey since the program was launched in 2020.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At Intercompany Mentoring, in partnership with
the &#8220;Positive Women&#8221; initiative, we concluded the 3rd wave of the program with 193 women from 23 different companies participating
in a 6-month journey with mentoring sessions, lectures and peer-to-peer meetings.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Up to date, 389 women have been impacted by the
program, which aims to promote reflection, awakening empowerment and accelerating the development of women's careers.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In September, society was informed, during TIM
Talks, about the continued development of mentees participating in all previous waves, in a Hub that will be launched in 2024.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Two other initiatives launched in 2023 that contributed
to people's development were the Mentoring classes for Interns and Culture Ambassadors, involving 81 interns and 45 ambassadors respectively.
In mentoring for interns, we trained and invested in 58 internal mentors. When mentoring ambassadors, we count on renowned professionals
in the market, with experience in cultural transformations to support them in their work.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For Talent Management, in 2023 we invested in
a Talent Analytics study and implemented a Talent Committee involving executives from the company's operations area (Chief Revenue Officer)
to not only map the talents of the board, but also refine the methodology designed internally for roll-out with other areas of the company.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For senior leadership, we continue to map the
executives who will guarantee the long-term continuity of the business. Another wave of a Top Executive Assessment in partnership with
an external Leadership Advisory consultancy helped us map and accelerate the development of senior executives who will feed the company's
succession plan.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM also continued personalized learning journeys
for the different areas based on the different needs related to the activity.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To support and evolve with the learning process,
we prioritize cultural education, upskilling and reskilling programs and actions, as part of our TIM <I>Mais</I> Knowledge Learning Hub,
which consolidates individual and collective journeys for employee learning on strategic business topics, such as digital mindset and
skills, innovation, governance, customer experience, change management, among others.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM + Knowledge is made up of three fronts: <B>You
+ TIM</B>, which brings together everything an employee needs to know about our TIM: information about the organization, strategy and
evolution of our business, ESG commitments, values and guidelines; <B>You at the Front</B>, which brings together everything an employee
needs to be the professional of the future and boost the development of their career; <B>Voc&ecirc; + Tech</B>, which brings together
everything an employee needs to develop the necessary skills and act with technical excellence in their area, promoting digital acceleration.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">From the perspective of education and learning
initiatives, in 2023, TIM's strategy and focus was to support the evolution and transformation of the business through the development
of new digital skills through the Onda Digital Learning Program (soft and hard skills)</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In total, there were 8 skills <B>that included
learning initiatives, totaling the</B> participation of more than 3,000 <B>people impacted</B> in different business areas.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For professionals mapped in JAS, more than 700
people were prioritized in upskilling and reskilling journeys and certifications in new capabilities.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Furthermore, we strengthened <B>Plural</B>, an
internal multiplication program that aims to support the process of developing essential technical and behavioral skills for the business.
The program provides multiplier collaborators with a <B>leading role</B> in the <B>creation of content</B> and connects people in a learning
network where knowledge sharing happens in a strategic, democratic, customized and flexible way on topics such as Excel, Power BI, Storytelling
in Data, Cloud, Agile, among others. Through a recognition program, multipliers can score and exchange their points for educational actions
and benefits, thus valuing their contribution to the business in sharing their knowledge and supporting the retention of these specialists
in the company.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM also offered transversal initiatives such as:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Conecta</B>: Onboarding program, to integrate
new employees and instill pride in being part of the company. With a dynamic and structured journey, it offers welcoming, collaborative
and learning activities, with topics such as ethical conduct, combating corruption, the company's sectoral context and competitive scenario,
among others.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TIM Talks</B>: TIM&#8217;s annual Training,
Development and Communication Program, available to employees and society as a whole. In 2023, we will address how we enable technology
and innovation in a sustainable way in favor of ESG and how we use our purpose and culture as a lever to enhance our deliveries and create
value for employees, customers and society. Therefore, our central theme was &#8220;Purpose that Transforms Futures&#8221;. The event
took place from 10/17/2023 to 11/01/2023, with a hybrid opening ceremony, which addressed how ESG permeates an organization's strategy
and practice. Subsequently, 27 actions were carried out, in different formats (online and hybrid), with the participation of partners
from the Positive Women Ecosystem and TIM commercials. The panels were broadcast on TIM's YouTube channel, open to all of society, reinforcing
our commitment to the democratization of knowledge and inclusion. with 3551 live appearances and over 240,000 post-event views.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Bem + Estar Week</B>: In September 2023, Bem
+ Estar Week had a reflective and innovative approach, through the theme <B>&#8220;What is important to you?&#8221;</B>. We promote the
union of the pillars of Environment, Health, Safety and Diversity and Inclusion, in order to provoke reflections on individual well-being,
based on self-care, collective well-being, by awakening social awareness and the well-being of the our planet, that is, the legacy that
will be left for future generations. Following the approach, we opted for leaner actions and directly connected to the themes in order
to not overload our collaborators. We carried out a campaign to publicize the initiatives, which ranged from lives with experts on the
topics to reinforcement on the importance of collecting electronic
waste in offices and stores, in order to engage our collaborators to dispose of their equipment at collection points. available at our
facilities. The Wellbeing Week also addressed topics such as Harassment Prevention, reinforcing the company's Reporting Channel, and Suicide
Prevention, reinforcing the Continuous Care Program that the company offers to its employees.</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity Actions:</B> Throughout 2023,
we promoted a series of actions that support the company's acculturation to the importance of cybersecurity practices, in order to disseminate
them. We continued the Security Champions Program, which aims to support the dissemination of the topic at TIM by training employees in
the Technology and Business areas in the main security concepts to increase the company's level of maturity. We launched the mandatory
Phishing Prevention course for all employees, in order to support the identification of messages and emails with risks associated with
personal and corporate security. Furthermore, to strengthen the topic throughout the organization, we promoted CyberDay with the aim of
disseminating information to generate engagement and knowledge on topics involving CyberSecurity. The event had the participation of 20
speakers, 1,871 participants, reaching over 6,000 online participations.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>4.3. Talent Attraction and
Acquisition </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on the strategic plan and on the innovation
targets, TIM reinforced the employer brand positioning and launched initiatives to promote the development of digital and technological
skills to people in society, improve talent attraction and increase the effectiveness in professional acquisition.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, we continued to hire professionals who
adhere to the new capabilities to fill 71% of the vacancies worked on in recruitment, reinforcing our commitment to acquiring new skills
to ensure continued business evolution.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We also work to evolve in hiring professionals
in accordance with the company's Diversity and Inclusion corporate strategy and goals. For the leadership vacancies worked on in recruitment,
we hired 44% of women to occupy these positions, contributing on this front to achieving the corporate target of women in leadership at
36.2% in 2023. On the People with disabilities front, we hired in 2023 around 200 professionals in different areas of the company to reach
the level of 85% of the hiring target for this group.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Furthermore, we designed our talent attraction
strategy for entry programs, always focused on attracting and developing people, based on requirements related to soft skills and with
a focus on meeting the diversity pillars established by TIM:</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Internship Program</B>: In august 2023, we
announced the most recent wave of the TIM Internship Program, offering 122 vacancies, distributed across 7 Brazilian states and strategically
aimed at acquiring talent in various areas, with a predominant focus on skills related to digital innovation and business evolution.
We implemented promotional strategies on social media that, in collaborations with influencers, generated more than 99 thousand views,
in addition to live streams with more than 2 thousand simultaneous viewers. We also held in-person and online events at universities,
exceeding 25,000 interactions with university students and we also had internal communication actions so that all employees could publicize
the Internship Program opportunities. All these practices resulted in 13,301 applications, a 10% increase compared to the 2022 program
and a record number of applications for TIM Internship Programs.</P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The selection process included an initial stage
of gamified assessment, incorporating engagement, cultural fit and logical reasoning modules, deepening the understanding of TIM&#8217;s
organizational culture, its curiosities and innovations. In line with digital skills, the next phase involved an interactive group experience,
through a virtual Escape Room, providing candidates with an immersion in TIM&#8217;s various environments, such as the Concept Store,
the People, Culture &amp; Organization area and the Technology Laboratory. This phase allowed participants to demonstrate skills such
as logical reasoning, team collaboration, decision making, communication and leadership.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Internship Program continues to play a vital
role in strengthening TIM's culture of diversity and inclusion. This year, we overcame the challenge of attracting a diverse audience,
reflecting a representation of more than 80% of interns identified in at least one of the diversity pillars. With regard to commitment
to the racial pillar, we reached a milestone, with 57% of hires being self-declared black and brown people. Of the people hired, 47% are
women, and when segmenting black and brown women, this rate rises to 56%. Within the scope of the LGBT+ pillar, we achieved a notable
achievement, with 27% of interns hired, reaffirming the diversity awards received by TIM throughout the year.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Furthermore, the program not only attracts young
talent, but also welcomes 6.6% of interns aged 30 and over. During the program, interns participate in a diverse and personalized development
journey, consisting of online courses, mentoring and business challenges, providing the opportunity to improve and develop essential skills
to achieve new results. The Internship Program solidifies TIM's ongoing commitment to excellence, diversity and innovation.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Young Apprentice Program</B>: in 2023, we started
a talent pool at Gupy that has already accumulated more than 5k applicants for TIM's Young Apprentice opportunities. An additional challenge
was the internalization of the selection process for these vacancies, which generated savings of more than 80 thousand reais for the company,
in addition to ensuring a selection process that was more aligned with the company's culture. We hired 180 people between 18 and 24 years
old across the country, who started their professional careers at TIM. Of this number, 64% are women and 46% declared themselves black
or mixed race. The program has a strong social impact and is aimed mainly at people in socially vulnerable situations. We form partnerships
with third sector institutions that reinforce this premise, such as PROA and the consolidation of the Employability Pact Between Heaven
and Favela. This group's journey involves theory and practice, with vacancies available in administrative areas and stores.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During the development journey, apprentices have
the opportunity to learn basic skills that will help them launch their professional career and prepare for future challenges. This year,
19 young people had the opportunity to take on other positions in different areas.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In recruitment practices, in 2023 we completed
the implementation of the new ATS (Applicant Tracking System) for Store and Call Center vacancies, which brought more intelligent resources
based on data and artificial intelligence to increase agility and assertiveness in recruitment processes, in addition to better usability
and more positive experience for candidates and managers during the Recruitment and Selection journey. We had more than 1.1 MM views on
talent attraction platforms (LinkedIn, Vagas.com; Gupy and Success Factors).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>4.4. Diversity and Inclusive
Culture </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2019, a management team dedicated to the topic
of Diversity and Inclusion was established, as part of the People, Culture &amp; Organization board. The area, recently renamed Cultural
Education &amp; Inclusion Management, has the mission of ensuring the evolution of the company's inclusive culture, through the construction,
implementation and management of specific policies, projects and programs, as well as promoting initiatives that contribute to the appreciation
of diversity and promoting inclusion, at TIM and in society.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since its creation, the area has implemented a
consistent governance program on the topic in the company, which includes continuous communication and training actions, based on an annual
diversity and inclusion calendar (with reference to UN international dates and national dates), creation and/or review of policies and
processes aimed at inclusive culture, monitoring of indicators, and the creation and implementation of specific projects and initiatives
to promote inclusion in the pillars of diversity. At the executive level, in 2020, a Diversity and Inclusion Committee was created led
by the CEO of TIM, and with the participation of all his direct reports, which monitors the evolution of processes and opportunities to
advance the company's agenda. Understanding that people's involvement is fundamental to the evolution of culture, in 2020 we launched
5 Affinity Groups, one for each pillar detailed on the next page, which today have approximately more than 500 employees.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM believes in the diversity of its workforce
as a fundamental pillar in promoting a positive experience for people. The Company maintains efforts to disseminate a culture of respect
and inclusion among employees and in Brazilian society and reinforces its commitment through its ESG Plan goals. In line with these strategies,
in 2023, TIM maintained its focus on the D&amp;I pillars it works on:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226; Gender: We work towards gender equity
by empowering women, increasing female representation in leadership positions and in technology areas and promoting policies and initiatives
in favor of employability, development and career evolution. Furthermore, in 2023, we had a strong presence in the fight against violence
against women, through partnerships and strategic programs on the topic.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226; People with disabilities: We combat ableism
through employability, accessibility and inclusion programs and actions for this public.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226; LGBTI+ people: We promote a safe environment
that combats LGBTphobia through employability programs and awareness initiatives that guarantee equal treatment for people regardless
of their affective-sexual orientation, gender identity and expression.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226; Race/Ethnicity: We guarantee equity of
opportunities through employability and career development initiatives, thus increasing the representation and retention of black people
at TIM.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226; Generations: We value an intergenerational
culture, which combats ageism through an environment of mutual exchange, which qualifies, integrates and includes young and senior people.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226; Social Inclusion: This is not a specific
pillar of the Diversity and Inclusion Department, however, TIM has a strong commitment to social inclusion. With this in mind, in 2022,
we began a partnership with the NGO <I>Gerando Falc&otilde;es</I> in favor of the social and economic transformation of peripheral communities
spread across the country, with initiatives to promote productive inclusion, bringing more technology to communities, employability, training
and donating resources to social projects carried out by the NGO. Two classes were held during the months of August and September 2023,
in the cities of Rio de Janeiro and S&atilde;o Paulo, training 30 people, of which 8 were hired to work in our own stores. In August,
a Pact for the Employability of Pedra Lisa, located in the <I>Morro da Provid&ecirc;ncia</I> region of Rio de Janeiro, was signed with
<I>Gerando Falc&otilde;es</I>, which is served by <I>Gerando Falc&otilde;es</I> through the Favela 3D Program. In the document, TIM made
a commitment to building a fairer and more inclusive society, by combating unemployment in the locality.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Furthermore, the &#8220;Respect generates respect&#8221;
program, launched in November 2021, had its actions intensified. Created with the aim of preventing and curbing moral and sexual harassment
and bullying, the program-maintained communication activities and continuous training for TIM leadership and professionals throughout
the year, in order to promote a safer and freer culture and work environment. of any type of discrimination. As part of support and reception,
a specific social assistance service on the topic was made available to employees.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To support the process of acculturation and learning
about topics related to Diversity and Inclusion, TIM carries out initiatives to combat unconscious biases through training for the professional
public and leadership. In addition, it has the Conscious Keyboard, which works to eliminate expressions and words from everyday life that
carry racist, sexist, ageist, ableist and LGBTphobic connotations. The application alerts users about the use of discriminatory words,
explains the origin of the terms and proposes replacements. In addition, TIM also has diversity guides on the company's website that cover
topics such as inclusive leadership, inclusive and respectful attitudes on the pillars of LGBTI+, PWD, ethnicity, gender and generations.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Throughout 2022 and 2023, TIM developed initiatives
such as educational and communication campaigns, in alignment with the annual Diversity &amp; Inclusion calendar, which includes the main
global dates according to the UN calendar and highly representative national dates. In addition to topics related to the 5 representative
pillars, we work on other topics of great relevance, such as fatphobia, HIV/AIDS and religious intolerance. Another action was <I>TIM
Convida</I>, a series of digital events, open to the whole of society, with the aim of discussing current issues related to D&amp;I, with
speakers recognized for their work on the topic. In addition, the <I>&#8220;Chama pro TIMe&#8221;</I> Project was continued in all pillars
worked at TIM Brasil, in which collaborators are invited to nominate candidates from minority groups for opportunities at TIM. We carry
out specific training for leaders on the pillars and themes of D&amp;I, in addition to having mandatory training on Diversity and Inclusion
in our onboarding.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During the year, we also continued with our LGBTI+,
People with Disabilities, Black People, People 45+, Tech Women and Women Leaders talent banks, available to the whole of society, publicized
through our campaigns throughout the year and on the external website.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On the ecosystems and strategic partnerships front,
TIM continues to participate in some of the most important movements in the D&amp;I ecosystem: UN Women; Business Coalition to End Violence
Against Women; Business Coalition for Racial and Gender Equity, focusing on the black population; Business and LGBTI+ Rights Forum, focusing
on the LGBTI+ community, Generations Forum, focusing on people aged 45 and over, and Business Network for Social Inclusion (REIS), focusing
on people with disabilities.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a result of our continuous effort, in 2023
TIM was recognized with several diversity awards and rankings:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate ESG Awards 2023: We won the silver medal
in the Best Company in Diversity, Equity and Inclusion and Best Company in Sustainability Report categories at the Corporate ESG Awards
2023, which brings together the publicly traded companies with the best performance in ESG areas in the world</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Top Employers: In the 2023 edition of the award,
we were recognized as one of the best employers in Brazil, highlighting our purposes and values, talent acquisition, encouraging the sharing
of knowledge, encouraging connection within our work environment, our diversity and inclusion programs and our ethics and integrity policies</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Refinitiv: For the third consecutive year, we
appear in the Refinitiv ranking, an LSEG business Diversity &amp; Inclusion Index, this time with an expressive result: number 1 globally
in the telecommunications sector and among companies in Brazil and number 4 in the general list worldwide that evaluates the performance
of more than 15 thousand publicly traded companies on topics of diversity, inclusion and career development</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IDiversa B3: TIM is the only telco listed in the
new B3 index, the first in Latin America to consider gender and race criteria and recognizes companies that promote greater representation
of groups such as women, black and indigenous people in the market</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BR Equity Seal: TIM was recognized by the Human
Rights Campaign Foundation for ensuring an inclusive work experience for LGBTQIA+ employees. The company was the only one in the telecommunications
sector named among the best environments for LGBTQIA+ people to work, receiving the Equity BR seal, promoted in Brazil by the +Diversity
Institute and the Business and LGBTI+ Rights Forum</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bloomberg (GEI): 1st place in Latin America in
the Bloomberg Gender Equality Index and 7th place among the 484 recognized companies</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226; Ethos/&Eacute;poca Diversity and Inclusion
Survey: TIM is among the companies recognized by the Ethos Institute Diversity Survey in partnership with &Eacute;poca Neg&oacute;cios
Magazine as one of the 72 companies with the best performance in D&amp;I. In addition, it is highlighted in the silver category in the
Telecommunications sector</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GPTW B3 Index: becomes part of the index of companies
with the best working environment and whose shares are traded on the Brazilian stock exchange</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>4.5. Long-Term Incentive Plan</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Long-Term Incentive Plan aims to grant TIM
S.A. shares or stock options to employees of the Company and its subsidiaries, thereby seeking to promote the expansion, achievement and
success of corporate goals and ensuring the alignment of interests of shareholders and TIM Management.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On April 19, 2018, and March 30, 2021, the General
Meeting of Shareholders of TIM S.A. (TIM Participa&ccedil;&otilde;es S.A. before the merger by TIM S.A. on August 31, 2020) approved the
long-term incentive plans, &quot;2018-2020 Plan&quot; and &quot;2021-2023 Plan&quot;, respectively, granted to senior management and those
who hold key positions in the Company.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The 2018-2020 and 2021-2023 Plans provide for
the granting of shares (performance shares and/or restricted shares). These propose to grant shares to the Company&#8217;s shareholders,
subject to the participant&#8217;s permanence in the Company and performance (achievement of specific targets). The number of shares may
vary, more or less, as a result of the performance and eventually the granting of dividends, considering the criteria set forth in each
Grant. In general, performance objectives are linked to economic/financial indicators, shareholder performance metrics (e.g., EBITDA After
Lease (-) CAPEX and Total Shareholder Return) and ESG indicators &#8211; Environmental, Social &amp; Governance (e.g., % of women in leadership
positions, % of blacks in leadership positions, eco-efficiency and solid waste recycling), always in line with the objectives presented
to shareholders for the Three-Year Plan.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The term of validity of the 2018-2020 and 2021-2023
plans, have the same periodicity of 3 years related to its vesting. In turn, in addition to considering the transfer of shares, also provides
for the possibility of making payment to participants of the equivalent amount in cash.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As approved by the Company&#8217;s General Meeting
of Shareholders, the Plans are managed under the responsibility of the Board of Directors, subject to the Company&#8217;s Articles of
Organization.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Current Plans are subject to Clawback policy which
considers the return of payment, in whole or in part, obtained as a result of fraudulent behavior, attributable misconduct and/or error,
without which the objective would not have been achieved or would have been achieved at a lower level.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This policy may be activated in the three years
following the calculation or disbursement of the award object of this action or fiscal year, whichever is older. The Clawback policy
may be triggered even if the respective Participant has, on the date of the activation decision, interrupted - for any reason, including
retirement - the employment relationship with the Company.</P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The activation of the Clawback policy does not
exclude the Company's right to compensation for any additional damages, nor does it in any way exclude the possibility of further initiatives,
such as disciplinary measures, termination and/or any other legal action that is permitted and provided for in accordance with the legislation
in force. In this sense, the possibility of its activation is an additional element and not a substitute for other actions that may be
taken by the Company.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For further clarification on the Company's Long-Term
incentive plans for the fiscal year ending December 31, 2023, see Explanatory Note 27, contained in the Company's Financial Statements.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>5. Network</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Infrastructure is one of the Company's strategic
pillars, and throughout 2023, TIM reaffirmed its commitment to invest in seeking to constantly improve its services and continually improve
quality, always seeking to offer a better user experience for its users.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In terms of spectrum use, TIM continues its successful
refarming project, expanding to the 2.1 GHz frequency, aimed at better and more efficiency performance. Regarding fiber optics, the Company
continues the network expansion project, to support the convergent ultra-broadband network, increasing the availability of FTTH and FTTS.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM maintained the Biosites expansion project,
reaching 1,858 active biosites at the end of 2023. Biosites are sustainable structures of lower cost, easier to install, and do not cause
visual impact in cities, to increase site density. In the context of Big Data, the Company continues to evolve its analytics tools based
on more complete bases and a proactive approach, aimed at a more efficient targeting of investments.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Regarding corporate culture, new technologies
and customer expectations cause a rupture in the traditional model of telecommunications operators. In this scenario, TIM aims to develop,
motivate, and engage its employees to work in a dynamic, innovative and collaborative environment, based on a streamlined and flexible
operating model.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>5.1. National Coverage</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM's infrastructure has a national reach, becoming
the first operator to cover 100% of the Brazilian urban population, with 4G technology in 5,570 cities, making us the first and only private
service company to be present in all cities in the world. Brazil. In Brazil, 4G connectivity continues to prevail throughout the country.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During 2023, TIM continued to concentrate the
majority of its investments in network and information technology, in line with what was practiced in previous years and with the objective
of meeting the growing evolution of data consumption. In this sense, we expanded 5G coverage across the country, reaching 209 cities
in Brazil, allowing traffic growth through a new, faster and more efficient access network. For the main cities (Bras&iacute;lia, Curitiba,
Fortaleza, Recife, Rio de Janeiro, Salvador and S&atilde;o Paulo), the 5G service is present in 100% of neighborhoods. In addition to
the access layer, we increased optical backhaul (FTTS &#8211; Fiber To The Site) through new deployments or strategic partnerships with
Neutral Operators, increasing more than 2,000 sites connected to fiber</P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Regarding the main ongoing projects focused on
the modernization and ongoing improvement of our infrastructure, we highlight the following:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Commitment to expand the 4G coverage to all Brazilian
municipalities until 2023;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expansion of 4.5G coverage to 2,069 cities in
20223;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expansion of the use of 4G in the 700&nbsp;MHz
frequency, present in 4,646 municipalities at the end of 2023;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expansion of VoLTE, available in 5,470 cities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expansion of network capacity through the Massive
MIMO solution;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additionally, the use of the 700&nbsp;MHz frequency
in the development of the LTE network continues to evolve, providing significant improvement in customers&#8217; usage experience, both
in terms of performance &#8211; with higher download and upload speeds and lower latency &#8211; as well as in indoor coverage &#8211;
with greater penetration.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_007.jpg" ALT=""></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>5.2. Quality </B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For another year, TIM reinforced its commitment
to the enhancement of its services and continuous quality improvement to ensure the best user experience for its clients. The focus on
the expansion and improvement of its network infrastructure remains a pivotal pillar in our business plan.</P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thanks to a substantial increase in terms of 5G
reach and availability, <B>TIM won five awards from Opensignal,</B> an independent global seal for analyzing consumers' mobile experience,
having been awarded in the categories: Video Experience and live Video Experience, 5G Video Experience and 5G Live Video Experience, in
addition to Availability, 5G Availability and Consistent Quality.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>6. Operating Performance</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>6.1. Mobile Segment</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.45pt; text-align: justify">At the end of 2023, <B>TIM recorded
61.2 million mobile lines</B>, declining by 2.0% YoY. This reduction reflects a combination of a growth in the <B>Postpaid base, reaching
27.6 million lines</B> (+1.4% YoY), representing 45% of the total mobile base, and a decline in the <B>Prepaid base, reaching 33.6 million
lines</B> (-4.6% YoY). Human Postpaid (ex-M2M) reached 22.6 million lines (-1.5% YoY), reaching a M2M (&#8220;Machine-to-Machine&#8221;)
base of 5.0 million lines (+16.4% YoY).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.45pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>6.2. Fixed segment</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>TIM UltraFibra's customer base reached 802k
lines in 2023</B>, accelerating its annual growth pace (+12.1%). In the year, the number of net additions to TIM's ultra broadband service
totaled 86.4k new customers, surpassing the number recorded in the previous year by approximately 3x (+176.6% YoY). The transition of
customers to fiber has been maintaining a consistent growth pace: <B>at the end of the year, the FTTH base expanded by 31.0% YoY.</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2023 MANAGEMENT REPORT AND EARNINGS ANALYSIS</B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>7. Financial Performance </B></P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>7.1. Operating Revenue</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_008.jpg" ALT=""></P>

<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">*The Customer Platform includes revenues from new
initiatives such as Financial and Educational Services and Mobile Advertising.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At the end of 2023, the <B>Total Net Revenue reached
R$23,834 million, compared to R$21,531 million in 2022, a growth of 10.7% YoY</B>, driven by the positive performance in all lines: (i)
Mobile Service Revenue expanding by 11.2'%, resulting from a combination of ARPU growth, migration of customers to plans with higher value,
improvement in customer experience and revenue coming from customers that arrived from Oi Mobile, which was incorporated in May 2022;
(ii) TIM UltraFibra Revenue sustaining its growth pace, up by 9.7% YoY; and (iii) Product Revenue increasing by 8.7% YoY, as part of the
prioritization of higher value devices.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Breakdown of Mobile Segment
(net of taxes and deductions):</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Mobile Service Revenue (RSM) grew by 11.2%,
YoY reaching R$ 21,780 million</B> in the fiscal year ended December 31, 2023. ARPU reached R$ 29.5 in 2023, representing an increase
of 13.1%. This result once again reinforces TIM's focus on seeking greater monetization of its customer base in line with its strategy.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below is a performance breakdown of each mobile
customer profile in 2023:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Prepaid Revenue accelerated its growth to 10.5%
YoY in 2023,</B> driven by a more rational environment and the arrival of revenue from Oi Mobile customers. <B>In this context, annual
ARPU expanded 12.5% YoY.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Postpaid Revenue increased by 11.8% YoY and
ARPU grew by 13.6% YoY in 2023</B>. This performance is explained by the following: (i) changes in offers and tariff adjustments
on a relevant portion of the Postpaid customer base, impacting the Control plan as of April and other plans as of May; (ii) a positive
performance from customers migrating to plans with higher value; and (iii) an improvement in the management of the Company&#8217;s customer
base, offering better services and controlling and reducing churn rates.</FONT></TD></TR></TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-align: justify"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Interconnection Revenue (ITX) decreased by
5.5% YoY, as a result of lower incoming traffic during the period.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Customer Platform Revenue totaled 162 million
in 2023, which had an expected slowdown as a result of the review of the business model of this line, whose strategy continues to be the
implementation of new partnerships with exclusive offers &#8211; such as the agreement with <I>&#8220;Cart&atilde;o de Todos&#8221;</I>,
during the second half of the year.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">The Other Revenues line recorded an annual
growth of 1.0% YoY, resulting from higher revenues related to network sharing contracts and IoT services.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Breakdown of Fixed Segment
(net of taxes and deductions): </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, Fixed Service Revenue grew by 4.6% YoY.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM UltraFibra, the main line for the fixed segment,
sustained its growth pace of 9.7% YoY in 2023 and ARPU reached R$94.0.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company continues to selectively expand its
coverage area as a way of ensuring greater profitability focused on fiber.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>7.2. Operating Costs and Expenses</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_009.jpg" ALT=""></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operating Costs and Expenses</B> reached R$&nbsp;12,214
million in 2023, a 6.5% increase YoY, reflects an increase in expenses with interconnection lines, mainly driven by international roaming
services, and by higher costs with products sold and other factors, such as: (i) higher personnel costs from salary and benefits adjustments
and employee profit sharing; and (ii) higher expenses related to civil and tax contingencies.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Breakdown of Costs and Expenses
Performance:</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Personnel line reached R$&nbsp;1,380 million
in 2023, accounting for an increase of 7.9% in the annual comparison.</B> This is explained by: (i) the impact from adjustments on salary,
benefits and social charges in the year and (ii) the provisions for expenses related to employee profit sharing in the Company's results.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, the Commercialization and Advertising
line remained stable (+0.1% YoY) when compared to 2022, impacted by TSA expenses from January to April, but benefited with the recognition
of Fistel credits in 2Q23.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, growth in the <B>Network and Interconnection
line reached +10.2% YoY</B>. This result indicates a worsening in the Interconnection line, which continues to be affected by: (i) higher
expenses with international roaming services with the inclusion of new packages in postpaid offers (reflecting the increase in traffic
volume); and (ii) higher expenses with VAS content providers (reflecting the improvement in offers), as well as higher network maintenance
costs, and infrastructure sharing contracts.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>General and Administrative Expenses (G&amp;A)
recorded a drop of 1.2%, compared to 2022, totaling R$896 million.</B> This reduction is mainly explained by: (i) lower expenses related
to specialized services; and (ii) a reduction in fine line. These effects were counterbalanced by an increase in Maintenance Services
line.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>The Cost of Goods Sold (COGS) totaled R$ 1,034 million, an increase
of 18.7% YoY,</B> due to TIM&#8217;s efforts in retaining its customers and improving their loyalty, in addition to the Company&#8217;s
strategy to focus on higher-value handsets. This growth was with the growth recorded for Product Revenues during the year.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>Provisions for Doubtful Debts (PDD) ended 2023 reaching R$ 640 million,
an increase of 2.2% in the annual comparison</B>, due to a larger post-payment base because of the addition of customers from Oi, in addition
to the replacement of one of the collection operators.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Other Operating Expenses (Income) totaled R$
332 million</B> in expenses, increasing the balance of this line when compared to the year 2022. This movement is explained by the non-recurring
effect from the accounting for the closing price adjustment agreement for Oi's mobile assets.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>7.3. From EBITDA to Net Profit</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_010.jpg" ALT=""></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Adjusted EBITDA (Earnings Before
Interest, Taxes, Depreciation, Amortization and Equity in Earnings)</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Adjusted EBITDA at the end of 2023 totaled
R$&nbsp;11,620 million, a 15.4% increase YoY</B> with the performance of Mobile Services Revenue as the main lever. <B>The Adjusted EBITDA
Margin ended 2023 at 48.8%, increasing the result obtained in 2022 by 2.0 p.p.</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_011.jpg" ALT=""></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Depreciation and amortization
(D&amp;A) / EBIT</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The D&amp;A line accumulated R$ 7,117 million,
an increase of 4.2% compared to 2022</B>, It is worth noting that this line was affected in part of the year by the impact of the acquisition
of Oi's mobile assets.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>EBIT closed the year 2023 with a total of R$&nbsp;4,717
million</B>, a 49.3% increase compared to the end of 2022, reflecting the consistent evolution of the EBITDA.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Net Financial Result</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>The Net Financial Result reached a 6.6%
increase YoY, totaling a negative result of R$&nbsp;1,533 million</B>, This performance is mainly explained by: (i) a higher monetary
update on interest related to the 5G auction with the payment of a new installment in December; (ii) the end of interest capitalization
on the 3.5GHz license; and (iii) negative impact since in 4Q23 we did not have a new tranche of the C6 subscription bonus, in addition
to a negative effect of greater monetary restatement on provisions for contingencies in the civil and tax spheres, in parallel with a
lower receipt interest on financial investments with the reduction of the basic interest rate in the country.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Income tax and social contribution</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Income Tax and Social Contribution</B> totaled
-R$ 347 million in 2023, compared to -R$ 50 million in 2022. This increase was primarily due to the positive impact on net income resulting
from the effect on the result generated from the accounting for the closing price adjustment agreement for Oi's mobile assets.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Net Income</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>Net Income totaled R$2,837 million in 2023, compared to R$1,671
million in 2022. This result represented an expansion of 69.8% YoY, </B>maintaining the excellent growth pace recorded during the year.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>7.4. Cash flow, Debt and CAPEX</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_012.jpg" ALT=""></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2023, OFCF totaled R$4,490 million,
an improvement by R$3,181 million in relation to the previous year. This result is a consequence of strong growth in Normalized EBITDA
(-) Capex, together with a more positive variation in Working Capital and Income Tax. This variation is explained by: (i) write-off of
the judicial deposit that represents the end of the dispute over the adjustment of the closing price of Oi M&oacute;vel with other possible
impacts being adjusted in the consideration for the acquisition of Cozani and adjustment relating to the installment received and (ii)
due to an effect on the supplier line due to the natural seasonality of the fourth quarter. Furthermore, a lower cash disbursement with
the obligations of the 5G auction contributed to this result.</P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Net cash generated by operational activities</B>
was positive at R$12,421 million, representing an increase of 35.6% compared to the 2022 financial year. Result of a good operational
performance represented by Revenue and EBITDA. The improvement in the annual comparison is due to the high disbursement made in 2022,
referring to frequency auctions.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Net cash invested in investment activities</B>
was negative at R$4,684 million, a reduction of 43.9% in the annual comparison, whose comparative basis reflects the payment for the assets
acquired from Oi M&oacute;vel in the previous year.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Net cash invested in financing activities</B>
in 2023 recorded a negative R$7,208 million, representing a worsening of 106.6% compared to the previous year. Impacted by a greater distribution
of earnings throughout the year, including a payment of additional dividends for the year 2022, which was deliberated and carried out
in the year 2023.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>CAPEX</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_013.jpg" ALT=""></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, Capex totaled R$ 4,504 million decreasing
by 4.8% YoY, already showing the first benefits arising from the efficiency brought by 5G technology.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>DEBT AND CASH </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Debt Profile </B></P>


<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_014.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">* Weighted average interest
rate on leasing contracts</P>

<P STYLE="font: 5pt Tahoma, Helvetica, Sans-Serif; margin: 0; color: gray"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; color: gray"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #004691"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #4F81BD"><B>Net
Debt</B></FONT><FONT STYLE="color: #004691">&#9;<FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">&#9; </FONT></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_015.jpg" ALT=""></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Debt by Maturity</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;<IMG SRC="image_016.jpg" ALT=""></B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Total Debt (post-hedge) amounted to R$16,679
million at the end of 2023</B>, reducing by R$1,896 million over 2022. This reduction reflects: (i) payment of a portion of the short-term
financial debt; and (ii) reduction in total leasing, partly due to the sites decommissioning process.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financing (post-hedge) totaled R$3,705 million
in the year. <B>The average cost of debt, excluding leases and licenses related to the 5G auction, was 12.7% p.a. (104.2% of the CDI)
in the quarter</B>, lower than the cost of 14.2% p.a. (103.7% of the CDI) in the previous year, reflecting the reduction in the CDI rate
in the period.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Cash and Securities balance totaled R$5,036
million in 2023</B>, corresponding to an increase of R$297 million against 2022. This increase in explained by the strong operating cash
generation in the period, with the expansion of Normalized EBITDA (-) Capex during the year, even though it was impacted by the following
disbursements: (ii) payments of financial debt; (ii) payments of installments related to the acquisition of 5G frequencies (two EACE installments
were paid &#8211; in April and October 2023 &#8211; and the 5G license for the current year was paid in December 2023); and (iii) payments
on accrued leases.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The average financial yield reached 12.5% p.a.
(103.2% of the CDI) in 2023</B>, declining by 14.2 p.p. from 2022 due to a lower Selic rate in the annual comparison.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>8. Environmental, Social &amp;
Governance</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="color: #4F81BD; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Solid ESG
Path</B></P>

<P STYLE="color: #4F81BD; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM is a pioneer in ESG (Environmental, Social
&amp; Governance) topics in the Telecommunications sector in Brazil. The Company has been part of the B3 Sustainability Index Portfolio
(ISE-B3) for 16 years, being the company in the sector that has been part of the Index for the longest time. In February 2023, TIM was
once again recognized as one of the most sustainable companies in the world by S&amp;P Global ESG, the organization responsible for the
Dow Jones Sustainability Index (DJSI) and was included in the Sustainability Yearbook.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since 2011, TIM has voluntarily been part of the
Novo Mercado, the highest level of corporate governance on the Brazilian Stock Exchange, in addition to being the first and only telecommunications
operator named as a Pro-Ethics company by the General Comptroller of the Federal Government (CGU) for three editions consecutive.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a signatory of the UN Global Compact since
2008 and UN Women since 2021, TIM develops projects connected to the Sustainable Development Goals (SDGs) and recognizes the rights to
data privacy, secure internet, access to information and freedom of speech as essential and non-negotiable.</P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM has become a reference in promoting diversity
and inclusion at national and international level, with goals, commitments and implementation of various initiatives on the topics of
gender, race, LGBTI+ people, generations, people with disabilities, among others. In 2021, the Company became the first Brazilian operator
to be included in the Refinitiv Diversity &amp; Inclusion Index, occupying the 1<SUP>st</SUP> position in Telecom globally, a highlight
that it also maintained in 2022 and 2023. TIM was also the first operator to win the GSMA&#8217;s Diversity in Tech international award,
which recognizes organizations worldwide with practices in favor of equality, diversity and human rights in the technology sector. In
2023, TIM was selected as the only operator to be part of B3&#8217;s IDIVERSA portfolio, a new index that assesses racial and gender representation
at the various hierarchical levels of companies. Furthermore, it continued to be included in the Bloomberg Gender Equality Index, which
brings together 600 companies from 45 countries, only 16 of which are from Brazil.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Recognized with the Top Employers certification
seal for the second consecutive year, TIM is also consolidated as one of the companies with the best HR practices. The certification is
the result of an independent audit by the Top Employer Institute, an international institute with 30 years of experience in 120 countries.
In January 2023, the Company also joined B3&#8217;s GPTW Index, which considers companies certified by the Great Place to Work (GPTW)
as the best work environments in Brazil.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM responds to the Carbon Disclosure Project
(CDP) &#8211; the world&#8217;s largest database on Greenhouse Gases related to Climate Change &#8211; since 2010 and records its emissions
in the Public Emissions Registry of the Brazilian GHG Protocol Program.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For further information on TIM's actions to mitigate
and adapt to climate change issues, see our Task Force on Climate-Related Financial Disclosures (TCFD) report, published in 2022 and updated
in 2023.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since 2004, TIM has been presenting its performance
through sustainability indicators and since 2018 it has been publishing reports in accordance with the guidelines of the Global Reporting
Initiative (GRI).. As of 2021, the Company started calling this publication the ESG Report and continues with its commitment to transparency
and accountability to its stakeholders, organizing the report in the three pillars: Environmental, Social and Governance. The Report is
also assured by an independent third party.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our Policies on Social Responsibility, Human Rights,
Diversity, Environment, Climate Change Management, Corporate Risk Management, Anti-Corruption, Relationship with Suppliers, Occupational
Health and Safety, Privacy, among others, are publicly available for free consultation by our stakeholders.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In compliance with the General Data Protection
Law, in force in Brazil since 2020, TIM works to ensure customer privacy, protect their personal data and maintain an increasingly transparent
relationship. For further information, please consult the Privacy Center on the TIM website.</P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2013, TIM founded the TIM Institute with the
mission of democratizing access to science, technology, and innovation to foster human development in Brazil. Over 700,000 people from
all states and the Federal District have already benefited from the Institute&#8217;s education and inclusion projects, including internationally
awarded prizes (Governorte Award &#8211; IDB 2015).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Due to its solid performance in ESG, TIM is included
in national and international indices and ratings, such as the Corporate Sustainability Index (ISE B3), Efficient Carbon Index (ICO2 B3),
Brasil ESG Index (S&amp;P/B3), S&amp;P Global LargeMidCap ESG Indices , B3 GPTW Index (IGPTW B3), B3 Diversity Index (IDIVERSA B3), CDP
Brazil Climate Resilience Index (ICDPR-70), Refinitiv Diversity &amp; Inclusion, Bloomberg Gender Equality Index (GEI), FTSE4GOOD Emerging
Markets, FTSE4GOOD Latin America, MSCI ACWI ESG Leaders, MSCI Emerging Markets ESG Leaders, Teva Women in Leadership Index, Women on Board
seal, among others, in addition to being certified by ISO 9001 (since 2000), ISO 14001 (since 2010), ISO 37001 (since 2021) and ISO 27001
(since 2022).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Material
Topics</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2022, TIM renewed its materiality matrix based
on the new trends, which consider impacts on the financial and socio-environmental perspectives, the so-called double materiality. The
construction of the new head office included the phases of definition, identification, prioritization, analysis and validation, with 1,040
consultations being carried out with various stakeholders of the Company. At the end of the process, eight material topics for TIM were
identified, as shown in the table below:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><B>Material topic</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><B>ODS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Innovation and technology</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">8, 9, 11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Digital inclusion and connectivity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">1, 5, 9.10, 11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Data privacy and security</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Energy efficiency</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">7, 12, 13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Quality of services</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Health, wellness and safety</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">3, 5, 8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Ethics, integrity and compliance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">Transparency and relationship with priority audiences</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">12, 16</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9. Corporate Governance</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>9.1. Company listed on the
Novo Mercado (New Market) for 13 years and has been part of the ISE portfolio for 16 consecutive years</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On August 3, 2011, TIM joined the &#8220;Novo
Mercado&#8221;, a segment that concentrates companies committed to the best corporate governance practices.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The migration to the Novo Mercado resulted in
benefits for all shareholders. The required rules, in line with the best corporate governance practices in markets such as the United
States and Europe, leverage greater liquidity and share appreciation, thus allowing broader access to international markets, in addition
to further strengthen the institutional image and increase confidence in the Company.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Moreover, TIM belongs to the select group of companies
that make up the portfolios of the Corporate Governance Index (IGC), the B3 Differentiated Tag Along Stock Index (ITAG) and, for 16 years,
the Corporate Sustainability Index (ISE), made up of companies that are committed to managing the risks arising from economic, environmental
and social developments, in addition to being the first and only telecommunications operator named as a Pro-Ethics company by the Brazilian
Office of the Comptroller General (CGU).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>9.2. Corporate Governance at
TIM</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM is a publicly-held company, managed by a Board
of Directors and a Statutory Executive Board, and supervised by a Fiscal Council. The Board of Directors is assisted by advisory committees,
namely, the Statutory Audit Committee, the Control and Risk Committee, the Remuneration Committee and the Environmental, Social &amp;
Governance Committee.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The duties and responsibilities of the members
of the Board of Directors, the Statutory Executive Board, the Fiscal Council and the advisory committees to the Board of Directors are
provided for in the Brazilian legislation, in the Company&#8217;s Bylaws, in the Novo Mercado Listing Regulation, in the Board of Directors
Internal Regulations, in the Statutory Executive Board Internal Regulations, in the Tax Council Internal Regulations and in the Internal
Regulations of the advisory committees to the Board of Directors.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As active and responsible members of the community
in which they operate, the Company and its management must base their actions on legality and ethics, based on three fundamental principles:
transparency, honesty and loyalty.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In conducting its business based, in addition
to ethics and loyalty, in good faith, the Company seeks to: (i) act with transparency in its business, (ii) promote fair competition;
(iii) excellence in market competitiveness; (iv) serve the well-being and growth of the community in which it operates; (v) improve its
human resources; and (vi) promote sustainable development.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9.3. Board of Directors</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors (BoD) is composed of a
minimum of 5 (five) and a maximum of 19 (nineteen) members, with a term of office of two years, with reelection being permitted. As of
December 31, 2023, the BoD consisted of 10 (ten) members, 4 (four) of them independent. In 2023, the BoD met 13 (thirteen) times in the
exercise of its functions.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All decisions taken by the BoD are registered
in minutes, published and recorded in the minutes book of the BoD, filed at the Company&#8217;s headquarters.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The BoD meets ordinarily at least 6 (six) times
a year and 12 (twelve) times at most, and, extraordinarily, upon call made by its Chairman, or by any two Board Members, or by the Company&#8217;s
Chief Executive Officer. The Chairman of the BoD may invite any member of the Statutory Executive Board, other executives of the Company,
as well as third parties who may contribute with opinions or recommendations related to the matters to be addressed, to participate in
the meetings of the body. Those invited to attend BoD meetings do not have the right to vote.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors has 4 (four) advisory committees,
all directly linked to it: the Statutory Audit Committee, with rules provided for in the Company&#8217;s Bylaws, the Remuneration Committee,
the Control and Risk Committee and the Environmental, Social &amp; Governance Committee, with one or more members being able to participate
in the Committees simultaneously.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9.4. Statutory Board of Officers</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Statutory Board of Officers (Board of Officers)
is the Company&#8217;s representative and executive management body, comprising a minimum of 3 (three) and a maximum of 12 (twelve) directors,
elected by the Board of Directors for a two-year term, with reelection permitted, and may be removed by the same body at any time. As
of December 31, 2023, the Company&#8217;s Board of Officers was composed by 6 (six) board members. In 2023, the Board of Officers met
39 (thirty-nine) times in the exercise of its functions.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>9.5. Fiscal Council</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fiscal Council (CF) is the body that oversights
the acts of the Company&#8217;s management and provides information to shareholders and must operate permanently. The Fiscal Council is
composed of a minimum of 3 (three) and a maximum of 5 (five) effective members, each with a respective alternate, shareholders or not,
elected by the General Meeting. All independent professionals recognized by the market, who do not maintain any other relationship with
the Company. As of December 31, 2023, the Company&#8217;s Fiscal Council was composed of 3 (three) effective members and an equal number
of alternate members. In 2023, the CF met 12 (twelve) times in the exercise of its functions.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9.6. Statutory Audit Committee </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Statutory Audit Committee (CAE) is a collegiate
advisory body, directly linked to the Board of Directors, composed of at least 3 (three) and at most 5 (five) members, all of whom are
independent. Currently, the Statutory Audit Committee is composed of 3 (three) members.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The purpose of the Statutory Audit Committee is
to supervise the quality and integrity of financial reports, compliance with legal, regulatory and statutory standards, the adequacy of
processes related to risk management and the activities of auditors, both internal and independent, as well as to supervise and evaluate
the signing of contracts of any nature between the Company or its subsidiaries, on the one hand, and the controlling shareholder or its
subsidiaries, affiliates, subject to common control or controlling companies of the latter, or that otherwise constitute related parties
to the Company, on the other hand. In addition to its ordinary duties, the Statutory Audit Committee also serves as the Company&#8217;s
Audit Committee, in accordance with the provisions of the Sarbanes-Oxley Act, to which the Company is subject, as it is a company registered
with the US Securities and Exchange Commission &#8211; SEC. In 2022, the Statutory Audit Committee met 18 (eighteen) times in the exercise
of its functions.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The members of the Statutory Audit Committee analyzed
the Financial Statements, accompanied by the Independent Auditor&#8217;s Report and the Annual Management Report, for the year ended December
31, 2023 (&#8220;2023 Annual Financial Statements&#8221;). Considering the information provided by the Company&#8217;s Statutory Executive
Board and by the external audit firm Ernst &amp; Young Auditores Independentes S/S. (&#8220;EY&#8221;), as well as the proposed allocation
of income for the year 2023, the Statutory Audit Committee assessed that this information and documents adequately reflect, in all material
respects, the financial positions of the Company and its subsidiaries. For this reason, they unanimously recommended the approval of the
aforementioned documents by the Company&#8217;s Board of Directors, for submission to the Annual Shareholders&#8217; Meeting, pursuant
to the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9.7. Control and Risk Committee</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Control and Risk Committee (CCR) is a collegiate
advisory body, directly linked to the Board of Directors, and must be composed of at least 3 (three) and at most 5 (five) members of the
Company&#8217;s Board of Directors, and, among other duties, must advise the Board of Directors in the evaluation of internal control
and risk management measures, and compliance with governance rules. As of December 31, 2023, the CCR was composed of 5 (five) members,
2 (two) of which are independent. Throughout 2023, the CCR met 9(nine) (9) times in the exercise of its functions.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9.8. Remuneration Committee</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Remuneration Committee (CR) is a collegiate
advisory body, directly linked to the Board of Directors, and must be composed of at least 3 (three) and at most 5 (five) members of the
Company&#8217;s Board of Directors, and, among other duties, must advise the Board of Directors in the evaluation of proposals for apportioning
the global remuneration approved by the General Meeting, and the criterion for the remuneration of Statutory Directors and senior executives
of the Company. As of December 31, 2023, the CR was composed of 3 (three) members, 1 (one) of which is independent. Throughout 2023, the
CR met 6 (six) times in the exercise of its functions.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9.9. Environmental, Social &amp; Governance Committee</B></P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Environmental, Social &amp; Governance Committee
(CESG) is a collegiate advisory body, directly linked to the Board of Directors, and must be composed of at least 3 (three) and at most
5 (five) members of the Company&#8217;s Board of Directors, and, among other duties, must advise the Board of Directors in development
and implementation of the Environmental, Social &amp; Governance strategy and principles, including, among other activities, the recommendation
of the Company's guidelines and strategy applicable to the management of environmental, social and governance issues. As of December 31,
2023, the CESG was composed of 5 (five) members, 2 (two) of which are independent. Throughout 2023, the CESG met 3 (three) times in the
exercise of its functions.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; color: #4F81BD"><B>9.10. Shareholding structure</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&#8217;s share capital ended the year
2023 in the amount of R$&nbsp;13,477,890,507.55, represented by 2,420,804,398 common shares. TIM Brasil Servi&ccedil;os e Participa&ccedil;&otilde;es
S.A. holds a controlling interest in TIM with approximately 67% of its shares.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="A diagram of a company&#10;&#10;Description automatically generated" STYLE="height: 488px; width: 525px"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>9.11.
Dividend policy</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the Bylaws and Policy on allocation
of income, approved on July 26, 2021, by the Board of Directors, the Company must distribute as a mandatory dividend each year ending
December 31, provided that there are amounts available for distribution, an amount equivalent to 25% of Adjusted Net Profit.</P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2023 MANAGEMENT REPORT AND EARNINGS ANALYSIS</B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is mandatory to maintain a legal reserve, to
which the Company must allocate 5% of net profit for each fiscal year, until the amount of this reserve is equivalent to 20% of capital.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The distribution of annual dividends is decided
by the Annual Shareholders&#8217; Meeting.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The table below summarizes all payments, in the
form of Dividends and Interest on Equity (&#8220;JSCP&#8221;) made by TIM S.A. throughout 2023:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #002060">
    <TD STYLE="white-space: nowrap; width: 12%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Approval Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Payment Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B><I>Ex-Direito</I> Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Nature</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Unit Amount (R$)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Total Amount (R$)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; border-left: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">04/19/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">05/09/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">04/25/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest on Own Capital (&#8220;IOC&#8221;)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 0.095010222</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 230,000,000</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; border-left: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/12/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">07/25/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/22/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest on Own Capital (&#8220;IOC&#8221;)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 0.119795497</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 290,000,000</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; border-left: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09/18/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/23/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09/21/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest on Own Capital (&#8220;IOC&#8221;)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 0.175576373</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 425,000,000</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; border-left: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/06/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">01/23/2024</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/21/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest on Own Capital (&#8220;IOC&#8221;)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 0.270594175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$ 655,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>R$ 1,600,000,000</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accordingly, TIM declared a total amount of R$&nbsp;1,600
million of interest on own capital in 2023. Additionally, complementary dividends will be proposed for the 2023 financial year, in the
amount of R$1.31 billion, to be approved at the Company's Annual General Meeting.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>9.12. Events for the Year and
Subsequent Events</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F80BD"><B>AGREEMENT REGARDING THE ADJUSTED
CLOSING PRICE FOR THE ACQUISITION OF OI&#8217;S MOBILE ASSETS</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On October 4, 2023, TIM S.A. communicated to the
market that the Arbitration Chamber Court approved an agreement regarding the post-closing adjustment (as defined in the contract), concluded,
on the one hand, between the Company, Telef&ocirc;nica Brasil S.A. and Claro S.A., and on the other, Oi S.A. &#8211; In Judicial Recovery,
as a way of putting an end to the controversy and the arbitration procedure related to the post-closing adjustment. The final price of
the portion of UPI Ativos M&oacute;veis attributed to the Company, considering the post-closing adjustment negotiated in the agreement,
was R$6.68 billion, taking the closing date as reference.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Taking into account TIM's adjusted final price,
the Company redeemed a portion corresponding to half of the amount that had been deposited in court and subsequently transferred to the
Arbitration Chamber (equivalent to approximately R$317 million on the closing date, updated by the 100% variation from the CDI until the
deposit in court, plus interest and/or monetary correction, applicable until the date of the respective redemption), and the remaining
amount was redeemed by Oi S.A. &#8211; In Judicial Recovery as part of the purchase price of the UPI Movable Assets attributed to the
Company.</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F80BD"><B>TERMINATION OF SHARE PURCHASE
PROGRAM AND APPROVAL OF A NEW PROGRAM</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F80BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On June 12, 2023, TIM S.A. informed that its Board
of Directors became aware of the termination of the Share Buyback Program, previously approved at a meeting of the Company's Board of
Directors on May 5, 2021 (&#8220;Program 5&#8221;). During the period of Program 5, 3,104,417 common shares of the Company were acquired
at an average price of R$13.81, to meet the obligations arising from the Long-Term Incentive Plan based on shares and aimed at the Company's
executives. On the same date, the Company's Board of Directors approved a new program to buy back its own shares (&#8220;Program 6&#8221;).
For more details about the conditions of Program 6.</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F80BD"><B>NEW CFO AND INTERIM IRO</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #00129B"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In February 2023, TIM announced that the Company's
Board of Directors elected Mrs. Andrea Palma Viegas Marques to the position of Chief Financial Officer (&#8220;CFO&#8221;) of the Company.
Mrs. Viegas has more than 20 years in the telecommunications sector, 17 years at Grupo TIM, performing different roles in the financial,
marketing and technology areas. On the same date, TIM reiterated that Mr. Alberto Mario Griselli would continue to hold the position of
Chief Executive Officer (&#8220;CEO&#8221;) and, on an interim basis, the position of Investor Relations Officer (&#8220;IRO&#8221;).</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4F80BD"><B>TIM LEVERAGES INVESTMENT IN ADTECH MADE BY THE UPLOAD
VENTURES GROWTH FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In February 2023, TIM S.A. informed in a Notice
to the Market about the implementation of a partnership with Upload Ventures Growth, LP (&#8220;Upload&#8221;) &#8211; independent venture
capital manager &#8211; for the creation of an investment fund (&#8220;5G Fund&#8221;) with a focus on solutions based on 5G technology.
And, following this, in January 2024, TIM announced that Topsort, an Adtech based in California (USA), received the first contribution
from this fund, anchored by the operator. Topsort provides infrastructure software to marketplaces, enabling the development of their
advertising businesses based on primary data, generating complementary revenue to the core business.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The first contribution, since the announcement
in 2023, confirms the 5G Fund's objective of investing in growth-stage startups, which have great potential to transform local markets
through technology. The funding round was led by Upload, with participation from Pear VC and Quiet Capital.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The 5G Fund directs its investments to founders
who are developing technologies capable of significantly impacting the Latin American market, offering products that have global reach.
And, with this, Topsort plays a complementary role to TIM's B2B strategy, driving revenue growth in new businesses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -28.35pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2023 MANAGEMENT REPORT AND EARNINGS ANALYSIS</B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>10. Independent Audit Firm
</B></P>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2023, Ernst &amp; Young Auditores Independentes
Ltda. provided audit services of our financial statements and other non-audit services, which are related to the review of the Company&#8217;s
Sustainability Report.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Such services did not exceed the level of 5% of
the total fees related to the external audit service.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In line with the external auditors&#8217; understanding,
the provision of other professional services not related to the external audit, as described above, does not affect the independence or
objectivity in conducting the audit exams carried out. The independent auditors have internal processes to ensure that these other services
are assessed internally, as well as pre-approved before submitting any proposal to TIM.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company also highlights that it is subject
to a policy, approved by the Board of Directors as of September 24, 2021, which regulates the process of hiring external auditors, as
well as any services not related to the audit of the financial statements, establishing, among other aspects, that the contracting must
be submitted to the prior analysis of the Statutory Audit Committee of the Parent Company. This document also defines an illustrative
list of services not related to audit whose contracting is prohibited.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>11. Capital Market</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM S.A.&#8217;s common shares are traded on the
S&atilde;o Paulo Stock Exchange (B3) under the ticker TIMS3 and the ADRs, American Depositary Receipts, on the New York Stock Exchange
(NYSE), under the ticker TIMB.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The S&atilde;o Paulo Stock Exchange Index (Ibovespa)
ended 2023 at 134,185 points, accumulating an increase of 22.28% when compared to the previous year, with a market value of R$&nbsp;4.1
trillion.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company ended 2023 with its common shares
quoted at R$&nbsp;17.93 on the B3, accounting for an increase of 44.6% YoY, while the ADRs on the NYSE closed at US$&nbsp;18.47, accounting
for an increase of 57.5% YoY. In terms of market value, TIM ended the year valued at R$&nbsp;43.4 billion or US$&nbsp;8.9 billion.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #4F81BD"><B>Final Considerations</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -28.35pt; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM S.A., with the permanent objective of maintaining
continuous, balanced and sustainable growth, would like to thank its customers for their loyalty and reiterates its commitment to tirelessly
seek mechanisms to reciprocate the preference through quality and differentiated service. We would also like to thank our commercial partners,
suppliers and financial institutions for their support and trust and, particularly, our employees, without whom the objectives would not
have been achieved and, finally, the shareholders for their support and trust in the company&#8217;s management.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Management</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">1.</TD><TD>Operations</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>1.1. Corporate Structure</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM S.A. (&#8220;TIM&#8221; or &#8220;Company&#8221;) is a public limited
company with Registered office in the city of Rio de Janeiro, RJ, and a subsidiary of TIM Brasil Servi&ccedil;os e Participa&ccedil;&otilde;es
S.A. (&#8220;TIM Brasil&#8221;). TIM Brasil is a subsidiary of the Telecom Italia Group that holds 66.59% of the share capital of TIM
S.A. on December 31, 2023 (66.59% on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The TIM group (&#8220;Group&#8221;) comprises TIM and its associated company
I-Systems.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company holds an authorization for Landline Switched Telephone Service
(&#8220;STFC&#8221;) in Local, National Long-Distance and International Long-Distance modes, as well as Personal Mobile Service (&#8220;SMP&#8221;)
and Multimedia Communication Service (&#8220;SCM&#8221;), in all Brazilian states and in the Federal District.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company&#8217;s shares are traded on B3 &#8211; Brasil, Bolsa, Balc&atilde;o
(&#8220;B3&#8221;). Additionally, TIM has American Depositary Receipts (<I>ADRs</I>), Level II, traded on the New York Stock Exchange
(NYSE) &#8211; USA. As a result, the company is subject to the rules of the Brazilian Securities and Exchange Commission (&#8220;CVM&#8221;)
and the Brazilian <I>Securities and Exchange Commission</I> (&#8220;SEC&#8221;). In order to comply with good market practices, the company
adopts as a principle the simultaneous disclosure of its financial information in both markets, in reais, in Portuguese and English.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December&nbsp;31, 2023, TIM holds a 49% equity interest (49% on December
31, 2022) in the company I-Systems (associate) and held 100% on December 31, 2022 in the company Cozani RJ Infraestrutura e Rede de Telecomunica&ccedil;&otilde;es
S.A. (&#8220;Cozani&#8221;) - subsidiary. Considering that the <FONT STYLE="color: #202124">merger by TIM, through Act&nbsp;3535/2023,
which transferred the SMP grants associated with it, and its consequent extinction, for all purposes and effects, on April 1, 2023, consequently,
TIM S.A., does not have equity interests in Cozani on December&nbsp;31, 2023.</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 2pt 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 2pt 0"><B>1.2. Corporate Reorganization</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 2pt 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 2pt 0"><I><U>1.2.1. Business combination - Cozani</U></I></P>

<P STYLE="font: 10pt TIM Sans; margin: 2pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On April 14, 2022, TIM, Telef&ocirc;nica Brasil S.A. and Claro S.A. (&#8220;Buyers&#8221;)
delivered to Oi M&oacute;vel S.A. &#8211; Under court-ordered reorganization (&#8220;Seller&#8221;, &#8220;Assignor&#8221; or &#8220;Oi
M&oacute;vel&#8221;) the closing notification regarding the process of acquisition of the Seller&#8217;s mobile assets, based on the approvals
by the Administrative Council for Economic Defense (CADE), upon signature of an Agreement on Control of Concentrations, whose decision
has already become final and unappealable, and by the National Telecommunications Agency (ANATEL), particularly with the publication of
Acts 4.949/2022, 4.950/2022 and 4.951/2022, in addition to meeting or waived by the Buyers, as the case may be, all precedent contractual
conditions.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On April 20, 2022, TIM S.A., together with the Buyer companies, after complying
with the previous conditions established by CADE and ANATEL, concluded the acquisition transaction, with TIM, which currently holds 100%
of the share capital of Cozani, a company that corresponds to the part of the unit of assets, rights and obligations of Oi M&oacute;vel
acquired by Company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">It is worth mentioning that, among them, on April 19, 2022, TIM made the
Product Reference Offer available in the ROAMING wholesale market (&#8220;ORPA &#8211; National Roaming&#8221;), which after the adjustments
determined by the Technical Area of Anatel, was submitted to the Wholesale Offer Negotiation System &#8211; SNOA, and such submission
was approved on September 21, 2022.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Some aspects of the Roaming ORPA were subject to Appeals, which have already
been considered by Anatel&#8217;s Board of Directors. Thus, TIM made the necessary adjustments, so that there was a statement of conditioning
corresponding to the submission of said Offer on November 22, 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Also, on April 19, 2022, TIM made the Reference Offer for Mobile Virtual
Network Operators (&#8220;Reference Offer &#8211; MVNO&#8221;) available, which was approved by Anatel on September 26, 2022. Some of
the terms of this Offer equally were subject to Appeals, which have already been judged by Anatel&#8217;s Board of Directors. Likewise,
after making the determined adjustments, the Agency certified compliance with the conditions corresponding to the submission of said Offer
on November 9, 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On July 4, 2022, TIM independently made public offers for the disposal
of up to 50% of Radio Base Stations (&#8220;RBDs&#8221;) acquired from Oi M&oacute;vel (&#8220;Public Offerings of RBSs&#8221;). Considering
that the Offer should be available for up to six (6) months from its publication for potential interested parties to manifest themselves,
and should be extended for an additional two (2) months in case of no interested parties, the term in question for the obligation of its
availability ended on February 23, 2023, without any acquisition by interested parties. Thus, the Offer was withdrawn from TIM&#8217;s
website.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On July 5, 2022, TIM and Oi M&oacute;vel signed a Letter of Intent to guarantee
the maintenance and continuity of the mobile services provided at the Comandante Ferraz Antarctic Station (EACF) until the end of the
term on February 21, 2024 of Cooperation Agreement&nbsp;12.000/2019-001/00, signed on February 21, 2019 by the Federal Government, through
the Navy Command, and by Telemar Norte Leste and Oi M&oacute;vel at the time. The signing arrangements for the First Amendment to said
Cooperation Agreement, which formalizes the result of said negotiations, were concluded on December 9, 2022. On June 6, 2023, through
Order 115/2023/COGE/SCO, Anatel certified the fulfillment of said determination. On October 18, 2023, the Second Addendum to the aforementioned
Cooperation Agreement was signed, since the merger of Cozani by TIM S/A. has regulatory and contractual obligations only until February
21, 2024, and the parties may negotiate the postponement of the contract if there is mutual interest.&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On August 15, 2022, TIM signed the Radiofrequency Availability Agreement
with Oi to allow Oi to meet the targets for the implementation of fixed wireless access systems provided for in the General Plan of Universalization
Targets for the Universalization of the Switched Fixed Telephone Service Provided in the Public Regime (PGMU-IV), approved by Decree&nbsp;9619/2018.
The purpose of such agreement, as provided for by ANATEL, is to enable the continuity of the targets already achieved, and the fulfillment
of non-complied and enforceable targets. The agreement is effective until the end of Oi&#8217;s STFC concession on December 31, 2025.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On October 20, 2022, TIM published Offers aimed at enabling the execution
of an Industrial Network Exploration Agreement (&#8220;Offer &#8211; Industrial Network Exploration&#8221;) and Temporary and Onerous
Assignment of Rights of Use of Radiofrequency (&#8220;Offer &#8211; Radiofrequency&#8221;), under the terms defined by the ACC (Agreement
on Control of Concentrations) signed with CADE. The offers in question were published on TIM&#8217;s website and presented to CADE on
the same date, within the period established by the ACC (up to 6 months from Closing), and should be available for 36 months.</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; color: #4472C4">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 20, 2022, TIM published offers intended to enable the signing
of a Contract for the Temporary and Onerous Assignment of Rights of Use of the 900 MHz Radiofrequency, having as its object the radio
frequencies acquired from Oi M&oacute;vel in said frequency band (&#8220;Offer &#8211; 900 MHz Radiofrequency&#8221;) under the terms
set forth by the ACC entered into with CADE. The offers in question were published on TIM&#8217;s website and presented to CADE on the
same date, within the period established by the ACC (up to 8 months from Closing), and should be available for 36 months.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The ACC is waiting a certificate of compliance from CADE.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The total consideration recorded for the acquisition of Cozani was R$&nbsp;7,211.6
million.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM also paid, on April&nbsp;20, 2022, on behalf of SPE Cozani, the amount
of R$&nbsp;250.7 million to the Seller, as remuneration, for up to 12 months of service provision in the transition phase, recorded under
&#8220;Prepaid expenses&#8221; and signed an annual contract term for the use of transport infrastructure capacity with Brasil Telecom
Comunica&ccedil;&atilde;o Multim&iacute;dia S.A., involving the payment of decreasing amounts which, at present value, total approximately
R$&nbsp;476 million.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Considering the agreed purchase amounts, we had the following balances
recorded as contractual obligations on December 31, 2022:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">The amount of R$&nbsp;634.3 million reais was withheld
by TIM, as provided for in the purchase agreement, mainly to meet the possible need for additional price adjustments to be made, which
could be identified in the 120 days after the acquisition date. According to the material fact disclosed on September 19, 2022, as a result
of the differences found in the assumptions for calculating the topics: (i) Working Capital and Net Debt, (ii) Capex and (iii) Net Additions,
the amount of R$&nbsp;634.3 million remained fully retained by the Company until the date of October 4, 2022, that the preliminary decision
was handed down by the 7<SUP>th</SUP> Business Court of the Judicial District of Rio de Janeiro determining the deposit in court by the
Buyers, with TIM being responsible for depositing the updated amount up to that date of R$&nbsp;670 million in an account linked to the
court-ordered reorganization process of Oi M&oacute;vel S.A. Said deposit remained in an account linked to the Court until the agreement
reached between the parties in October 2023. For further details, see Note&nbsp;11; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">The amount of R$&nbsp;77 million recognized as contingent
consideration, until there was an agreement between the parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On October 4, 2023, TIM S.A., through a Material Fact, communicated to
its shareholders and the market in general that the Arbitration Chamber Court approved an agreement related to the Post-Closing Adjustment,
celebrated, on the one hand, between TIM S.A., Telef&ocirc;nica Brasil S.A. and Claro S.A. and, on the other hand, Oi S.A. &#8211; Under
Court-Ordered Reorganization, as a way of putting an end to the controversy and the arbitration procedure related to the Post-Closing
Adjustment. The final price of the portion of UPI Ativos M&oacute;veis assigned to the Company, considering the Post-Closing Adjustment
negotiated in the Agreement (except for the contract targets), was R$&nbsp;6.6 billion.</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Considering the TIM Adjusted Final Price, the Company recovered a portion
corresponding to half of the amount that had been deposited in court and subsequently transferred it to the Arbitration Chamber (equivalent
to approximately R$&nbsp;317 million on the closing date, updated by the 100% of the CDI change until the deposit in court, plus interest
and/or inflation adjustment, applicable until the date of the respective redemption), and the remaining amount was redeemed by the Seller
as part of the purchase price of the UPI Ativos M&oacute;veis assigned to the Company. Mainly due to the fact that it is still a contractual
debt at the date of completion of the allocation of the purchase price of the Cozani acquisition, the reduction in the consideration was
recorded in the profit for the year on the date of approval of the agreement, under &#8220;other operating revenues (expenses)&#8221;,
as disclosed in Note&nbsp;30.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The amount corresponding to half the amount deposited in court was recorded
under &#8220;other operating revenues (expenses)&#8221;, as disclosed in Note&nbsp;30.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2023, considering the agreement signed with Oi S.A., the
Company was free from any obligations mentioned in items (i) and (ii). On December 31, 2022, the amount of such obligations was R$&nbsp;748
million.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0.2pt 0 0; text-align: justify"><U>Identifiable assets acquired and liabilities assumed</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify">The fair value of the identifiable assets acquired and liabilities
assumed from Cozani on the date of acquisition by TIM&nbsp;S.A. is finalized, according to the purchase price allocation report (&#8220;Price
purchase allocation&#8221;). On this date, the analysis indicates assets and liabilities presented below:</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-top: 0.05pt; font: 12pt Trebuchet MS, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Fair value recognized on acquisition</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 8pt/8pt TIM Sans; margin: 0 0 0 2.5pt"><B>Assets</B></P>
    <P STYLE="font: 8pt/8pt TIM Sans; margin: 0 0 0 2.5pt"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.05pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.05pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Cash and cash equivalents </FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 50.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">193,382</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Trade accounts receivable </FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 50.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">362,379</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.15pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Prepaid expenses </FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 50.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">165,111</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.15pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 50.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,535</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt/7.8pt Trebuchet MS, Times, Serif; padding-top: 1.15pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Deferred income tax and social contribution </FONT></TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 44pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">705,388</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/7.8pt Trebuchet MS, Times, Serif; padding-top: 1.15pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Property, plant and equipment (Note&nbsp;15)</FONT></TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 44pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,518,477</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt/7.8pt Trebuchet MS, Times, Serif; padding-top: 1.15pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Intangible assets (Note&nbsp;16)</FONT></TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 44pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,599,811</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/7.8pt Trebuchet MS, Times, Serif; padding-top: 1.15pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 44pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>8,558,083</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 8pt/7.8pt TIM Sans; margin: 1.15pt 0 0 2.5pt"><FONT STYLE="letter-spacing: -0.25pt">&nbsp;</FONT></P>
    <P STYLE="font: 8pt/7.8pt TIM Sans; margin: 1.15pt 0 0 2.5pt"><FONT STYLE="letter-spacing: -0.25pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 44pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/7.9pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 44pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 8pt TIM Sans; margin: 0.35pt 0 0">&nbsp;</P>
    <P STYLE="font: 8pt/8.1pt TIM Sans; margin: 0 0 0 2.5pt"><B>Liabilities</B></P></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1pt; padding-right: -0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1pt; padding-right: -0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Suppliers </FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(183,227)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Lease liabilities (Note 17)</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,929,449)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Taxes payable </FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(157,595)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Deferred revenues</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(95,135)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(617,518)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 42.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>(3,982,924)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/102% TIM Sans; margin: 0 0 0 0.5in; text-indent: 22.65pt">&nbsp;</P>

<P STYLE="font: 8pt/102% TIM Sans; margin: 0 0 0 0.5in; text-indent: 22.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; padding-top: 1.1pt; padding-left: 2.5pt; font: 12pt Trebuchet MS, Times, Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total net identifiable assets at fair value</B></FONT></TD>
    <TD STYLE="width: 20%; padding-top: 1.1pt; padding-left: 48.55pt; font: 12pt Trebuchet MS, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>4,575,159</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Goodwill on acquisition (Note&nbsp;16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 48.55pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,636,426</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total consideration</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Trebuchet MS, Times, Serif; padding-top: 1.1pt; padding-left: 42.05pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>7,211,585</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10.5pt/102% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 22.65pt">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0 0 0 7pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0 0 0 7pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify; text-indent: 0.1pt">The assets acquired and liabilities assumed related
to Cozani (&#8220;net assets&#8221;) by TIM on the acquisition date and the impacts on the Company&#8217;s consolidated results, which
reflect the results of the Company acquired as of April 30, 2022, are summarized below:</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt/102% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt/102% TIM Sans; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt/102% TIM Sans; margin: 0; text-align: center; text-indent: 0.5in"><B>Cozani</B></P>
    <P STYLE="font: 9pt/102% TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Equity interest of the acquiree</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Shareholders&#8217; equity of Cozani at book value on 04/30/2022</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,282,579</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Shareholders&#8217; equity of Cozani at fair value on 04/30/2022</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">4,575,159</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;Surplus of radio frequencies<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">3,038,951</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;Surplus of customers&#8217; portfolio<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">253,629</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Cozani&#8217;s contribution to the Group&#8217;s net revenue since the acquisition date until 12/31/2022</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,231,518</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Cozani&#8217;s contribution to the Group&#8217;s loss since the acquisition date until 12/31/2022</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(626,258)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Net revenue of acquiree in the year 2022</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,297,351</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Loss of the acquiree in the year 2022</FONT></TD>
    <TD STYLE="font: 12pt Trebuchet MS, Times, Serif; padding-top: 0.95pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(1,910,638)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/102% TIM Sans; margin: 0 0 0 7pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0 0 0 7pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 102%">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 102%">The intangible asset value refers
to the adjustment in the authorizations item reflecting the fair value of the acquired grants and the </FONT><FONT STYLE="font-family: TIM Sans">spectrum
assessment was carried out using the market approach, with the application of a transaction multiple. The average useful life is 17.68
years;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0 0 0 25.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt; line-height: 102%">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans">The evaluation of the customer portfolio was conducted using the profitability
approach, using the MPEEM <FONT STYLE="font-size: 10pt; line-height: 102%">(Multi-period excess earning method) method based on a calculation
of cash flows from future economic benefits attributable to the customer base. </FONT>The average useful life is 7.67 years.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% TIM Sans; margin: 0 17.9pt 0 16pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/101% TIM Sans; margin: 5.25pt 0 0 7.5pt; text-align: justify; text-indent: -0.4pt">The goodwill paid of R$&nbsp;2,636,426
comprises the value of future economic benefits arising from synergies expected from the acquisition. The recognized goodwill has already
been deducted for tax purposes since the date of the corporate acquisition of the company Cozani by TIM S.A., which took place on April
1, 2023.</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 5.25pt 0 0 7.5pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 5.25pt 0 0 7.5pt; text-align: justify; text-indent: -0.4pt"><U>Merger of Cozani</U></P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 5.25pt 0 0 7.5pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; color: #202124">According to the Material Fact disclosed by the Company
on February 27, 2023, the completion of the Merger would still depend on the conclusion of the operational procedures related to the systemic
parameterization and obtaining prior consent from ANATEL, which took place when the Act&nbsp;3535/2023 was published.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; color: #202124">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; color: #202124">On March 31, 2023, the Board of Directors (&#8220;BoD&#8221;)
acknowledged the obtaining of said consent and verified compliance with the other conditions to grant full effectiveness to the Merger.
Accordingly, the BoD declared that said Merger and the consequent extinction of Cozani became effective, for all purposes and effects,
on April 1, 2023. The approved Acquisition did not give rise to a capital increase, nor issue of new shares of the Company, or changes
in the Company&#8217;s shareholding, therefore, there is no need to approach different topics related to the exchange of shares or right
to withdraw.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The purpose of this acquisition is to streamline the corporate structure
of TIM S.A., eliminate overlapping authorizations for exploring the SMP service, standardize the services provided by the Companies, and
also, as a result, concentrate activities related to the provision of personal mobile telecommunication services in a single company,
in addition to optimize operating costs and efficiently allocate investments due to the integration of acquired assets.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The changes in Cozani&#8217;s equity between the date of the report (December
31, 2022) and the merger (April 1, 2023) were incorporated into the balance sheet of TIM S.A., as set forth in the protocol of merger.
As a result of the merger, all operations of Cozani were transferred to TIM S.A., which succeeded it in all its assets, rights and obligations,
universally and for all purposes of law.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>The net assets as of December 31, 2022, is summarized below:</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 32%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Assets</FONT></TD>
    <TD STYLE="width: 14%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 38%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Liabilities </FONT></TD>
    <TD STYLE="width: 14%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,376,107</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,900,283</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">3,987,996</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,422,684</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Long-term receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">846,823</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,885,893</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">255,280</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">Net assets</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,041,136</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">Total assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">5,364,103</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-size: 9pt; font-weight: normal">Total liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">5,364,103</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">2.</TD><TD>Preparation basis and presentation of the individual and consolidated financial statements</TD></TR></TABLE>

<P STYLE="font: 11pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The individual and consolidated financial statements were prepared and
are being presented according to the accounting practices adopted in Brazil, which comprise the CVM standards and pronouncements, guidance
and interpretations issued by the Accounting Pronouncement Committee (&#8220;CPC&#8221;) and in compliance with the International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Additionally, the Company considered the guidelines provided for in Technical
Guideline OCPC 07 - Evidencing upon Disclosure of General Purpose Financial-Accounting Reports in the preparation of its financial statements.
Accordingly, relevant information of the financial statements is being evidenced and corresponds to the information used by management
when administrating.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The significant accounting policies applied in the preparation of these
financial statements are below and/or presented in its respective notes. Those policies were consistently applied in the years presented.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>General criteria for preparation and disclosure</U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The individual and consolidated financial statements were prepared considering
the historical cost as value basis, except regarding the derivative financial instruments that were measured at fair value.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Assets and liabilities are classified according to their degree of liquidity
and collectability. They are reported as current when they are likely to be realized or settled over the next 12 months. Otherwise, they
are stated as non-current. The exception to this procedure involves deferred income tax and social contribution balances (assets and liabilities)
and provision for lawsuits and administrative proceedings that are fully classified as non-current.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company had a profit of R$&nbsp;2,837,422 on December 31, 2023. The
Company&#8217;s current liabilities exceeded total current assets by R$&nbsp;1,485,561, caused by the acquisition of Cozani and payment
of obligations related to the 5G license; however, the cash flow increased by approximately R$&nbsp;1.2 billion in 2023. The Company understands
that the aforementioned investments will bring relevant benefits and operational efficiency. On December 31, 2023, the Company&#8217;s
shareholders&#8217; equity is positive by R$&nbsp;26,015,940.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In connection with the preparation of these financial statements, Company&#8217;s
Management made analyses which confirms that the operating cash flow is positive by R$&nbsp;12 billion; therefore, there is no evidence
of uncertainties about the going concern.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The presentation of the Statement of Value Added is required by Brazilian
corporate law and the accounting practices adopted in Brazil applicable to publicly-held companies. The DVA was prepared according to
the criteria set forth in CPC Technical Pronouncement No. 09 - &#8220;Statement of Value Added&#8221;. The IFRS do not require the presentation
of this statement. Accordingly, in conformity with IFRS, this statement is presented as supplementary information, without prejudice to
the financial statements as a whole.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Interests paid are classified as financing cash flow in the statement of
cash flow as it represents costs of obtaining financial resources.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Functional and presentation currency</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The currency of presentation of the financial statements is the Real (R$),
which is also the functional currency of the Company and its associated company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Transactions in foreign currency are recognized by the exchange rate on
the date of transaction. Monetary items in foreign currency are translated into Brazilian reais at the foreign exchange rate prevailing
on the balance sheet date, informed by the Central Bank of Brazil. Foreign exchange gains and losses linked to these items are recorded
in the statement of income.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Segment information</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Operating segments are components of the entity that carry out business
activities from which revenues can be obtained and expenses incurred. Its operating results are regularly reviewed by the entity's main
operations manager, who makes decisions on resource allocation and evaluates segment performance. For the segment to exist, individualized
financial information is required.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The main operational decision maker in the Company, responsible for the
allocation of resources and periodically evaluating performance, is the Executive Board, which, along with the Board of Directors, are
responsible for making the strategic decisions of the company and its management.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Group's strategy is focused on optimizing results, and all the operating
activities of the Group are concentrated in TIM. Although there are diverse activities, decision makers understand that the company represents
only one business segment and do not contemplate specific strategies focused only on one service line. All decisions regarding strategic,
financial planning, purchases, investments and investment of resources are made on a consolidated basis. The aim is to maximize the consolidated
result obtained by operating the SMP, STFC and SCM licenses.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Consolidation procedures</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Due to the merger of Cozani on April&nbsp;1, 2023 described in Note&nbsp;1,
the Company incorporated all asset and liability balances of its former parent company and presents consolidated balances for the statements
of income, statements of comprehensive income, statements of cash flows and statements of value added due to Cozani&#8217;s individual
statements of income for the period January&#8722;March&nbsp;2023 making up the consolidated balances throughout 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">e.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Business combination and goodwill</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 5.2pt 0 0; text-align: justify">Business combinations are accounted for under the acquisition
method. The cost of an acquisition is measured for the consideration amount transferred, which is valuated on fair value basis on the
acquisition date, including the value of any non-controlling interest in the acquiree, regardless of their proportion. For each business
combination the Acquirer must measure the non-controlling interest in the acquiree at the fair value or based on its interest in the net
assets identified in the acquiree. Costs directly attributable to the acquisition are accounted for as expense when incurred.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The purchase accounting method is used to record the acquisition of subsidiaries
by the Group. The acquisition cost is measured as the fair value of the assets acquired, equity instruments (i.e.: shares) and liabilities
incurred or assumed by the acquirer on the date of the change of control. Identifiable assets acquired, contingencies and liabilities
assumed in a business combination are initially measured at their fair value on the acquisition date, regardless of the proportion of
any minority interest. The portion exceeding the transferred consideration of the Company's interest in the acquired identifiable net
assets, is recorded as goodwill. Should the consideration transferred be less than the fair value of the net assets of the acquired subsidiary,
the difference is recognized directly in the statement of income as a revenue once concepts and calculations applied are reviewed.</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0 0 0 8.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify">On acquiring a business, the Group assesses the financial assets and
liabilities assumed in order to rate and to allocate them in accordance with contractual terms, economic circumstances and pertinent conditions
on the acquisition date, which includes segregation by the acquired entity of built-in derivatives existing in the acquired entity&#8217;s
host contracts.</P>

<P STYLE="font: 9.5pt TIM Sans; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify">Any contingent payments to be transferred by the acquiree will be
recognized at fair value on the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed
to be an asset or liability should be recognized in accordance with CPC&nbsp;48 in the statement of income.</P>

<P STYLE="font: 9.5pt TIM Sans; margin: 0.45pt 0 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/102% TIM Sans; margin: 0.05pt 0 0; text-align: justify">Initially, goodwill is initially measured as being the excess
of consideration transferred in relation to net assets acquired (acquired identifiable assets and assumed liabilities) measured at fair
value on acquisition date. If consideration is lower than fair value of net assets acquired, the difference must be recognized as gain
in bargain purchase in the statement of income on the acquisition date.</P>

<P STYLE="font: 9.5pt TIM Sans; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify">After initial recognition, the goodwill is carried at cost less any
accumulated impairment losses. For impairment testing purposes, goodwill acquired in a business combination is, from the acquisition date,
allocated to each cash-generating units of the Group that are expected to benefit by the synergies of combination, regardless of other
assets or liabilities of the acquiree being allocated to those units.</P>

<P STYLE="font: 9.5pt TIM Sans; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/102% TIM Sans; margin: 0; text-align: justify">When the goodwill is part of a cash generating unit and a portion
of this unit is disposed of, the premium associated with the disposed portion should be included in the cost of the operation when calculating
gains or losses in the disposal. The goodwill disposed under these circumstances of this operation is determined based on the proportional
values of the portion disposed of, in relation to the cash generating unit maintained.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TIM Sans; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">f.</TD><TD STYLE="text-align: justify"><U>Approval of financial statements</U></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">These individual and consolidated financial statements were approved by
the Board of Directors of the Company on February 6, 2024.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt TIM Sans; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">g.</TD><TD STYLE="text-align: justify"><U>New standards, amendments and interpretations of standards</U></TD></TR></TABLE>

<P STYLE="font: 12pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify">The following new standards/amendments were issued by the Accounting
Pronouncement Committee (&#8220;CPC&#8221;) and International Accounting Standards Board (IASB), are effective for the year ended December
31, 2023 that may affect the Company somehow.</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0 4.75pt 0 0"><B>IFRS 17 - Insurance Contracts</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 4.35pt 0 0; text-align: justify">IFRS&nbsp;17 (equivalent to CPC&nbsp;50 Insurance Contracts)
is a new accounting standard with scope for insurance contracts, covering recognition and measurement, presentation and disclosure. IFRS&nbsp;17
(CPC&nbsp;50) replaces IFRS&nbsp;4 - Insurance Contracts (equivalent to CPC&nbsp;11). IFRS&nbsp;17 (CPC&nbsp;50) applies to all types
of insurance contracts (such as life, non-life, direct insurance and reinsurance), regardless of the type of entities that issues them,
as well as certain guarantees and financial instruments with discretionary participation characteristics; some scope exceptions will apply.
The overall purpose of IFRS&nbsp;17 (CPC&nbsp;50) is to provide a comprehensive accounting model for insurance contracts that is more
useful and consistent for insurers, covering all relevant accounting matters. IFRS&nbsp;17 (CPC&nbsp;50) is based on a general model,
supplemented by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 8.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 44.1pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">A specific adaptation for
contracts with direct participation features (variable rate approach).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 8.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 44.1pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">A streamlined approach (premium
allocation approach) mainly for short-term contracts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 8.45pt 44.1pt 0 0; text-align: justify">The new standard did not have an impact on the consolidated
financial statements of the Group.</P>
<P STYLE="font: 10pt TIM Sans; margin: 8.45pt 44.1pt 0 0; text-align: justify"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0 4.75pt 0 0"><B>Definition of Accounting Estimates - Amendments to IAS&nbsp;8</B></P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0 4.75pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 4.35pt 8.65pt 0 0; text-align: justify">The amendments to IAS&nbsp;8 (equivalent to CPC&nbsp;23
- Accounting Policies, Changes in Accounting Estimates and Errors) clarify the distinction between changes in accounting estimates, changes
in accounting policies and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting
estimates.</P>

<P STYLE="font: 10pt TIM Sans; margin: 8.45pt 8.65pt 0 0; text-align: justify">The Company assessed that the changes in the standard did
not have a significant impact on the Group&#8217;s consolidated financial statements.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>Disclosure of Accounting Policies - Amendments to IAS&nbsp;1 and IFRS
Practice Statement&nbsp;2</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 4.4pt 7pt 0 0; text-align: justify">The amendments to IAS&nbsp;1 (equivalent to CPC&nbsp;26
(R1) &#8211; Presentation of Financial Statements) and IFRS&nbsp;Practice Statement 2 provide guidance and examples to help entities apply
materiality judgments to accounting policy disclosures. The amendments aim to assist entities in providing more useful disclosures of
accounting policies, replacing the requirement for entities to disclose their &#8220;significant&#8221; accounting policies with a requirement
to disclose their &#8220;material&#8221; accounting policies. Moreover, it adds a guidance on how entities apply the concept of materiality
when making decisions about disclosures of accounting policies.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0.15pt 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0.05pt 7pt 0 0; text-align: justify">The changes had an impact on the disclosure of the Group&#8217;s
accounting policies. The Company carried out an analysis of the financial statements, adjusting the preparation and presentation base
notes, estimates and critical judgments, as well as explanatory notes when necessary. However, there was no impact on the measurement
and recognition of items in the Group's financial statements.</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0.05pt 7pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0"><B>Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction</B></P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0"><B>- Amendments to IAS&nbsp;12</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.55pt 0 0 23.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">The amendments to IAS&nbsp;12 Income Taxes (equivalent to CPC&nbsp;32) narrow the scope of the
initial recognition exception, so that it no longer applies to transactions that generate equal taxable and deductible temporary differences,
such as leases and decommissioning liabilities.</P>

<P STYLE="font: 10pt TIM Sans; margin: 5.2pt 0 0">Changes did not affect the consolidated financial statements of the Group.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0"><B>International Tax Reform - Pillar Two Model Rules - Amendments to IAS&nbsp;12</B></P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 4.4pt 0 0; text-align: justify">The amendments to IAS&nbsp;12 (equivalent to CPC&nbsp;32 &#8211;
Income Taxes) were introduced in response to the OECD Pillar Two rules on BEPS and include the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 8.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">A mandatory temporary exception to the recognition
and disclosure of deferred taxes arising from jurisdictional implementation
of Pillar Two model rules; and</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 8.45pt 0 0 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/10.4pt Times New Roman, Times, Serif; margin-top: 8.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Disclosure requirements for affected entities to
help users of financial statements better understand an entity&#8217;s exposure to Pillar Two income taxes arising from such legislation,
especially before the effective date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0; text-align: justify">The mandatory temporary exception - the use of which must be disclosed
- takes effect immediately. The remaining disclosure requirements apply to annual reporting periods beginning on or after January 1, 2023,
but not to any interim period ending on or before December 31, 2023.</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0; text-align: justify">Changes did not affect the consolidated financial statements of the
Group.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify"><U>The following new standards were issued by the Accounting Pronouncement
Committee (&#8220;CPC&#8221;) and International Accounting Standards Board (IASB), but are not effective for the year ended December 31,
2023. </U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0 4.75pt 0 0"><B>Amendments to IFRS&nbsp;16: Lease liabilities in a Sale and Leaseback</B></P>

<P STYLE="font: 12pt/105% Times New Roman, Times, Serif; margin: 0 4.75pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 4.35pt 0 0; text-align: justify">In September 2022, the IASB issued amendments to IFRS&nbsp;16
(equivalent to CPC&nbsp;06 &#8211; Leases) to specify the requirements that a seller-lessee uses in measuring the lease liability arising
from a sale and leaseback transaction, aiming to ensure that the seller-lessee does not recognize any gain or loss that relates to the
right of use that it maintains.</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 8.4pt 0 0; text-align: justify">The amendments are effective for annual financial statement
periods beginning on or after January 1, 2024 and must be applied retrospectively to sale and leaseback transactions entered into after
the initial application date of IFRS&nbsp;16 (CPC&nbsp;06). Early adoption is allowed and this fact must be disclosed.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Group does not expect a significant impact on the financial statements.</P>

<P STYLE="font: 13.5pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0 4.75pt 0 0"><B>Amendments to IAS 1: Classification of Liabilities as Current or Non-current</B></P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 8.4pt 0 0; text-align: justify">In January 2020 and October 2022, the IASB issued amendments
to Paragraphs 69 to 76 of IAS&nbsp;1 (equivalent to CPC&nbsp;26 (R1) - Presentation of Financial Statements) to specify the requirements
for classifying liabilities as current or non-current. The amendments clarify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin-top: 8.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">What is meant by the right to postpone settlement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin-top: 8.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">That the right to postpone must exist at the end
of the financial reporting period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin-top: 8.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">That the classification is not affected by the likelihood
that an entity will exercise its right of postponement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin-top: 8.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">That only if a derivative embedded in a convertible
liability is itself an equity instrument would the terms of a liability not affect its classification.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% TIM Sans; margin: 8.4pt 0 0; text-align: justify">Moreover, a disclosure requirement was introduced when a liability
arising from a loan agreement is classified as non-current and the entity&#8217;s right to defer settlement depends on the fulfillment
of future covenants within twelve months.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% TIM Sans; margin: 8.4pt 0 0; text-align: justify">The amendments apply to annual financial statements periods
starting on or after January 1, 2024 and must be applied retrospectively.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Group has not identified changes that have a significant impact on
the financial statements.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>Supplier financing agreements - Amendments to IAS&nbsp;7 and IFRS&nbsp;7</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In May 2023, the IASB issued amendments to IAS&nbsp;7 (equivalent to CPC&nbsp;03
(R2) - Statement of Cash Flows) and IFRS&nbsp;7 (equivalent to CPC&nbsp;40 (R1) - Financial Instruments: Disclosures) to clarify the characteristics
of supplier financing arrangements and require additional disclosures of those arrangements. The disclosure requirements in the amendments
are intended to help users of financial statements understand the effects of supplier financing arrangements on an entity&#8217;s obligations,
cash flows and liquidity risk exposure.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The amendments are effective for annual financial statement periods starting
on or after January 01, 2024. Early adoption is permitted, but must be disclosed.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is assessing the impacts to ensure that all information complies
with the standard as of its effective date.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>(h)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restatement of statements
of cash flows</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">As a result of the continuous review of the cash flow and preparation of
financial information for disclosure and with the purpose of ensuring greater compliance with accounting standards, Management identified
the reclassification below applicable to the Company's statements of cash flows as of December 31, 2022 .</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">We have identified that interest received from financial investments was
fully classified as investment activities. Nevertheless, according to IAS 7/CPC 03, interest received can be classified as operating activities,
as they are considered a source of operating income</P>

<P STYLE="font: 10pt TIM Sans; margin: 15pt 0; text-align: justify">This adjustment aims to more adequately reflect the operational nature
of such interest in the presentation of the Company's statements of cash flows.</P>

<P STYLE="font: 10pt TIM Sans; margin: 15pt 0; text-align: justify">This restatement does not change the statement of income, balance
sheet position or total net cash flow for the year ended December 31, 2022. The restatement only changes the classification between the
categories of operating and investment activities, providing a more accurate view of the Company's operating cash generation and is presented
as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 15pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 15pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 15pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 15pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 15pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 15pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="12" STYLE="padding-right: 3pt; padding-left: 3pt">Year ended December 31, 2022</TD></TR>
  <TR>
    <TD STYLE="width: 39%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>(In thousands of reais)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #99A8BD 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #657D9D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Parent Company </B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #657D9D 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Consolidated </B></FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Original </B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Adjustment</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Restated</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Original </B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Adjustment</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 7pt"><B>Operating activities</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD><FONT STYLE="font-size: 7pt">Yield from marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(266,816)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(266,816)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(266,816)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(266,816)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 7pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;8,537,370</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(266,816)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;8,270,554</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;9,429,075</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(266,816)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;9,162,259</B></FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: red">&#45;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: red">&#45;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 7pt">Investment activities</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: red">&#45;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: red">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD><FONT STYLE="font-size: 7pt">Marketable securities</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;2,375,964</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,375,964)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;2,375,964</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">&nbsp;(2,375,964)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 7pt">Redemptions of marketable securities</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">8,891,947</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">8,891,947</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">8,891,947</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">8,891,947</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD><FONT STYLE="font-size: 7pt">Investments on marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(6,249,167)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(6,249,167)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(6,249,167)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">(6,249,167)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 7pt"><B>Net cash used in investment activities</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(9,064,049)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;266,816</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(8,797,233)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(8,619,945)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;266,816</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(8,353,129)</B></FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 7pt">Financing activities</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD><FONT STYLE="font-size: 7pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(2,916,836)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&#45;</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(2,916,836)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(3,489,032)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&#45;</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(3,489,032)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD><FONT STYLE="font-size: 7pt"><B>Increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(3,443,515)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&#45;</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(3,443,515)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(2,679,902)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&#45;</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;(2,679,902)</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 7pt"><B>Cash and cash equivalents at the beginning of the year</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;5,228,615</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;5,228,615</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;5,228,615</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;5,228,615</B></FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD><FONT STYLE="font-size: 7pt"><B>Cash and cash equivalents at the end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;1,785,100</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&#45;</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;1,785,100</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;2,548,713</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&#45;</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>&nbsp;2,548,713</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">3.</TD><TD>Estimates and areas where judgment is significant in the application of the Company's accounting policies</TD></TR></TABLE>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Accounting estimates and judgments are continuously assessed. They are
based on the Company's historical experience and on other factors, such as expectations of future events, considering the circumstances
present on the base date of financial statements.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">By definition, resulting accounting estimates are seldom equal to the respective
taxable income. The estimates and assumptions that present a significant risk, with the probability of causing a material adjustment to
the book values of assets and liabilities for the fiscal period, are covered below.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><I>(a)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income tax and social contribution (current
and deferred)</I></P>

<P STYLE="font: 12pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">Income tax and social contribution (current
and deferred) are calculated according to interpretations of current legislation and CPC 32 / IAS 12. This process typically involves
complex estimates to determine taxable income and temporary differences. In particular, the deferred assets on tax losses, negative basis
of social contribution and temporary differences is recognized in proportion to the probability that future taxable income is available
and can be used. The measurement of the recoverability of deferred income tax on tax losses, negative basis of social contribution and
temporary differences takes the history of taxable income into account, as well as the estimate of future taxable income (note 8.c).</FONT></P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-style: normal"></FONT></P>


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>(b)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provision for legal
and tax administrative proceedings</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The legal and tax administrative proceedings are analyzed by the Management
along with its legal advisors (internal and external). The Company considers factors in its analysis such as hierarchy of laws, precedents
available, recent court judgments, their relevance in the legal system and payment history. These assessments involve Management&#8217;s
judgment (note 24).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><I>(c)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fair value of derivatives and other financial
instruments </I></P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify">The financial instruments presented in the balance sheet at fair value
are measured using valuation techniques that consider observable data or observable data derived from market (note 37).</P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><I>(d)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unbilled revenues</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Since some cut dates for billing occur at intermediate dates within the
months of the year, as the end of each month there are revenues earned by the Company, but not actually invoiced to its customers. These
unbilled revenues are recorded based on estimate that takes into consideration historical consumption data, number of days elapsed since
the last billing date, among others (note 28).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><I>(e)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Leases</I></P>

<P STYLE="font: 10pt/105% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company has a significant number of the lease contracts in which it
acts a lessee (Note&nbsp;17), and with the adoption of the accounting standard IFRS&nbsp;16 / CPC&nbsp;06 (R2) &#8211; Leases, on January
1, 2019, certain judgments were exercised by Company&#8217;s management in measuring lease liabilities and right-of-use assets, such as:
(i) estimate of the lease term, considering non-cancellable period and the period covered by options to extend the contract term, when
the exercise depends only from the Company, and this exercise is reasonably certain; and (ii) using certain assumptions to calculate the
discount rate.</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The company is not able to readily determine the interest rate implicit
on the lease and, therefore, considers its incremental rate on loans to measure lease liabilities. Incremental rate on the lessee&#8217;s
loan is the interest rate that the lessee would have to pay when borrowing, for a similar term and with a similar guarantee, the resources
necessary to obtain the asset with a value similar to the right of use asset in a similar economic environment. The Company estimates
the incremental rate using observable data (such as market interest rates) when available and considers aspects that are specific to the
Company (such as the cost of debt) in this estimate.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">4.</TD><TD>Cash and cash equivalents</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">They are financial assets measured at amortized cost using the effective
interest rate method.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Company&#8217;s Management classifies its financial assets upon initial
recognition.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 12%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 13%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;Cash and banks</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">37,029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,679</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,959</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;Free availability financial investments:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDB&#8217;s / Repurchases</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">3,040,902</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,725,421</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,488,754</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">3,077,931</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,785,100</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,548,713</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Bank certificates of deposit (&#8220;CDBs&#8221;) and committed transactions
are nominative securities issued by banks and sold to the public as a form of fund raising. Such marketable securities may be traded during
the contracted term, at any time, without significant loss in their value and are used for the fulfillment of short-term obligations by
the company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The average remuneration of CDB investments in 2023 in the parent company
is 101.88% p.a. (100.12% on December&nbsp;31, 2022) and in the consolidated, 100.12% on December 31, 2022 of the variation of the interbank
deposit certificate &#8211; CDI.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">5.</TD><TD>Marketable securities</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Comprise financial assets measured at fair value through profit or loss.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 6.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 13%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 14%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 16%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">FUNCINE<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,949</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,929</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,929</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Fundo Soberano<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,840</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">179</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">179</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">FIC: <SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;Government bonds<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,203,968</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,323,409</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,323,409</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;CDB<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">47,464</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">20,371</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">20,371</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;Financial bills<SUP>(c)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">303,131</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">398,879</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">398,879</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;Other<SUP>(d)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">402,087</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">447,797</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">447,797</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,971,439</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,203,564</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,203,564</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Current portion</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(1,958,490)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(2,190,635) </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(2,190,635) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Non-current portion</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,949</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,929</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,929</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">At the beginning of 2023, before the scenario of severe stress observed
in the marketable securities&#8217; market, the Company opted to reduce its position in funds, migrating a large part of the funds to
fixed income operations (Bank Deposit Certificates - CDBs) with first-class banks, and returning gradually as of August.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; background-color: white">(i)</FONT><FONT STYLE="font-size: 10pt">As
of December&nbsp;2017, the Company, with the aim of using tax deductibility benefit for income tax purposes, started investing in the
National Film Industry Financing Fund (FUNCINE). The average remuneration in 2023 was 0.05% p.a. (0.09% p.a. on December 31, 2022). </FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; background-color: white">(</FONT><FONT STYLE="font-size: 8pt">ii)</FONT>
<FONT STYLE="font-size: 10pt">Fundo&nbsp;Soberano is composed only of federal government bonds. The average remuneration in 2023 was 99.37%
p.a. of the variation of the Interbank Deposit Certificate - CDI (99.94% on December&nbsp;31, 2022). </FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(iii)</FONT> <FONT STYLE="font-size: 10pt">The
Company invests in open FICs (Quota Investment Fund). Funds are mostly made up of federal government bonds and papers from financial institutions,
mostly AAA (highest quality). The average remuneration of FICs in 2023 was 102.18% p.a. of the variation of the Interbank Deposit Certificate
- CDI (107.19% p.a. on December&nbsp;31, 2022). </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(a)</FONT> <FONT STYLE="font-size: 10pt">Government
bonds are fixed income financial instruments issued by the National Treasury to finance the activities of the Federal Government.</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; background-color: white">(b)</FONT> <FONT STYLE="font-size: 10pt">The
CDB operations are emitted by the banks with the commitment of stock buyback by the bank itself and with predetermined taxes. </FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; background-color: white">(c)</FONT> <FONT STYLE="font-size: 10pt">The
Financial bills is a fix income tittle emitted by financial institutions with the objective of a long-term fund raising.</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; background-color: white">(d)</FONT> <FONT STYLE="font-size: 10pt">Is
represented by: Debentures, FIDC, commercial notes, promissory notes, bank credit note.</FONT></P>

<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">6.</TD><TD>Trade accounts receivable</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">These are financial assets measured at amortized cost, and refer to accounts
receivable from users of telecommunications services, from network use (interconnection) and from sales of handsets and accessories. Accounts
receivable are recorded at the price charged at the time of the transaction. The balances of accounts receivable also include services
provided and not billed (&#8220;unbilled&#8221;) up to the balance sheet date. Trade accounts receivable are initially recognized at fair
value and, subsequently, measured at amortized cost using the effective interest rate method less provision for expected credit losses
(&#8220;impairment&#8221;).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The provision for expected credit losses was recognized as a reduction
in accounts receivable based on the profile of the subscriber portfolio, the aging of overdue accounts receivable, the economic situation,
the risks involved in each case and the collection curve, at an amount deemed sufficient by Management, as adjusted to reflect current
and prospective information on macroeconomic factors that affect the customers&#8217; ability to settle the receivables.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The fair value of trade accounts receivable is close to the book value
recorded on December 31, 2023 and December 31, 2022.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The average rate considered in calculating the present value of accounts
receivable recorded in the long term is 0.58% p.m. (0.58% p.m. on December&nbsp;31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 72 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 61%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(68,114,196) 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">3,908,773</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">3,978,135</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">3,659,777</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Gross accounts receivable</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">4,538,512</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">4,540,225</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">4,241,515</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Billed services</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">2,237,551</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">2,055,009</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">2,149,579</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Unbilled services</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,036,339</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">909,760</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">929,669</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Network use (interconnexion)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">750,054</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">981,978</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">550,416</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Sale of goods</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">494,279</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">572,103</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">590,476</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Contractual assets (Note 23)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">19,957</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">19,828</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">19,828</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Other receivable accounts</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">332</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,547</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,547</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Provision for expected credit losses</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(629,739)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(562,090)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(581,738)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Current portion</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,709,766)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,739,452)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,421,094)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Non-current portion</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">199,007</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">238,683</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">238,683</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The movement of the provision for expected credit losses, accounted for
as an asset reduction account, was as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; width: 61%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(68,114,196) 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Opening balance</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">562,090</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">746,819</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">746,819</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Balance of merged company (Note&nbsp;1.2)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">23,737</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#45;</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Supplement to expected losses</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">620,667</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">585,699</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">626,218</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Write-offs of provision</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(576,755)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(770,428)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(791,299)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Closing balance</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">629,739</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">562,090</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">581,738</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">The aging of accounts receivable is as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 61%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><B>Total</B></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,538,512</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,540,225</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">4,241,515</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">Falling due</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,291,399</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,575,228</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">3,221,416</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">Overdue (days):</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">302,042</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">262,644</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">286,324</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;&nbsp;&#8804;30</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">118,333</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">81,939</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">82,533</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;&nbsp;&#8804;60</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">107,759</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">68,391</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">73,581</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;&nbsp;&#8804;90</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">718,979</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">552,023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">577,661</TD>
    </TR>
  </TABLE>
<P STYLE="font: 8pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">7.</TD><TD>Inventories</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Inventories are presented at the average acquisition cost. A loss is recognized
to adjust the cost of Handsets and accessories to the net realizable value (selling price), when this value is less than the average acquisition
cost.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 61%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(68,114,196) 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Total inventory</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">331,783</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">236,117</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">236,117</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">346,207</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">248,768</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">248,768</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Cell phones and tablets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">203,596</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">138,951</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">138,951</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Accessories and prepaid cards</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">113,363</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">78,330</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">78,330</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">TIM chips</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">29,248</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">31,487</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">31,487</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Losses on adjustment to realizable value</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(14,424)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,651)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,651)</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.</TD><TD>Income tax and social contribution</TD></TR></TABLE>

<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.a</TD><TD>Recoverable income tax and social contribution</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidator</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 59%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(68,114,196) 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Recoverable income tax and social contribution </FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">713,279</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">879,227</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">879,227</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Income tax&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">429,461</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">645,192</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">645,192</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans">Social contribution </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">283,818</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">234,035</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">234,035</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Current portion</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(494,382)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(361,349)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(361,349)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Non-current portion</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">218,897</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">517,878</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">517,878</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In September 2021, the Federal Supreme Court (STF), with general repercussions,
established an understanding for the non-levy of Corporate Income Tax (IRPJ) and Social Contribution (CSLL) on the monetary restatement
using the SELIC rate in cases of undue payment. At that time, TIM recorded its best estimate, in the amount of R$&nbsp;535 million (principal).
Over the years, there has been recognition of the inflation adjustment in the amounts of R$&nbsp;11 million in 2021, R$&nbsp;61 million
in 2022, and R$&nbsp;41 million in 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In the third quarter of 2023, TIM&#8217;s lawsuit received a favorable
final and unappealable decision and in September the Company obtained credit approval from the Brazilian Federal Revenue Service. At this
time, the tax credits recognized in assets were segregated, as the tax credit is made up of corporate income tax (IRPJ) and social contribution
(CSLL) amounts overpaid and subject to offset against other federal debts and deferred tax assets backed by tax loss balances and negative
basis of CSLL offset over the years considering a taxable income, increased by the SELIC update on undue debts. By reducing taxable income,
it was possible to partially recover the tax loss and CSLL negative basis that were offset, as the legislation provides for the offsetting
of up to 30% of the taxable income for the period.</P>


<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Thus, the company carried out the reclassification between asset accounts
(Recoverable income tax and social contribution x Deferred income tax and social contribution) amounting R$&nbsp;156 million, recognizing
deferred taxes on tax losses and negative CSLL basis in the amounts of R$&nbsp;114 million and R$&nbsp;42 million, respectively. The amount
of R$&nbsp;470 million that was reclassified from non-current to current remained in recoverable IRPJ and CSLL accounts. A write-off of
R$&nbsp;13 million was made in the third quarter of 2023 to adjust the amount recorded in the third quarter of 2021. During the third
quarter of 2023, the Company started using such tax credits to offset current PIS and COFINS debits and other federal taxes. Since the
3Q23, the Company used the amount of R$&nbsp;151 million.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">During the third quarter of 2023, the Company started using such tax credits
to offset current PIS and COFINS debits and other federal taxes in the amount of R$&nbsp;151 million.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.b</TD><TD>Income tax and social contribution payable</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Current income tax and social contribution charges are calculated on the
basis of the tax laws enacted, or substantially enacted, up to the balance sheet date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The legislation allows companies to opt for quarterly or monthly payment
of income tax and social contribution. In 2023 the company has chosen to make the monthly payment of income tax and social contribution.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 61%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans"><B>Income tax and social contribution payable</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">64,407</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">78,351</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">78,351</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Income tax </FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">34,207</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">34,207</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Social contribution</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">64,407</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">44,144</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">44,144</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Current portion</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">(64,407)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">(78,351)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">(78,351)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 75 -->
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    <!-- Field: /Page -->

<P STYLE="font: bold 11pt TIM Sans; text-align: left; color: #1F497D; margin-top: 12pt; margin-right: 0; margin-bottom: 0">8.c Deferred income tax and social
contribution</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Deferred income tax and social contribution are recognized on (1) tax losses
and accumulated tax loss carryforwards; and (2) temporary differences arising from differences between the tax basis of assets and liabilities
and their book values in the financial statements. Deferred income tax is determined using the tax rates (and tax laws) enacted, or substantially
enacted, up to the balance sheet date. Subsequent changes in tax rates or tax legislation may modify the deferred tax credit and debit
balances.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Deferred tax assets on income tax and social contribution are recognized
only in the event of a profitable track record and/or when the annual forecasts prepared by the Company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balances of deferred income tax assets and liabilities are presented
at net value in balance sheet when there is the legal right and the intention of offsetting them upon calculation of current taxes, in
general related to the same legal entity and the same tax authority. Accordingly, deferred tax assets and liabilities in different entities
are in general presented separately, and not at net balance.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% TIM Sans; margin: 0; text-align: justify">On December 31, 2023 and 2022, the rates in force were 25% for income
tax and 9% for social contribution. In addition, there is no statute of limitation in regard to the income tax and social contribution
carried forward losses, which it can be offset by up to 30% of the taxable profit reached at each fiscal year, according to the current
tax legislation.</P>

<P STYLE="font: 10pt/95% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% TIM Sans; margin: 0; text-align: justify">The amounts recorded are as follows:</P>

<P STYLE="font: 10pt/95% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 62%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Tax loss carryforwards and negative basis of social contribution</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">201,227</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">95,927</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">225,882</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Temporary differences:</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Provision for legal and administrative proceedings</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">499,603</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">381,865</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">381,865</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Provision for expected credit losses</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">242,160</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">198,933</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">220,911</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Rental of infrastructure - LT Amazonas</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">37,159</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">34,657</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">34,657</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Provision for employee profit sharing</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">57,890</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">49,989</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">49,989</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Taxes with enforceability suspended<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">948,808</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">642,479</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">711,897</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Amortized Goodwill-TIM Fiber</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(34,560)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(34,560)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(34,560)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(236,259)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(161,174)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(161,174)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Capitalized interest - 5G</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(281,721)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(281,468)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(281,468)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Deemed costs &#8211; TIM S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(23,356)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(32,177)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(32,177)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Adjustments to standard IFRS&nbsp;16 (ii)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">675,817</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">468,113</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">596,495</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Accelerated depreciation (iii)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(891,051)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(663,303)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(715,041)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fair value adjustment I&#8211;Systems (former FiberCo) (iv)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(249,477)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(249,477)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(249,477)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Impairment loss (v)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">378,601</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">557,932</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Amortized Goodwill &#8211; Cozani</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(231,894)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Amortization of surplus</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">60,336</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">45,592</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">45,591</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other assets </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">148,010</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">61,717</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">167,018</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other liabilities </FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(43,799)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(30,413)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(20,800)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,257,494</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">526,700</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,497,540</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Deferred income tax and social contribution on tax losses and negative bases not recognized yet</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(129,954)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,257,494</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">526,700</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,367,586</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Deferred active tax portion</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,205,814</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,979,272</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,992,237</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Portion of deferred tax liability</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,948,320)</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,452,572)</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,624,651)</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(i)</FONT> <FONT STYLE="font-size: 10pt">Mainly
represented by the Fistel fee (TFF) for the financial years 2020, 2021, 2022 and 2023 of TIM S.A. and the TFF referring to Cozani's 2022
financial year. The Operating Inspection Fee (TFF) for the years 2020, 2021, 2022 and 2023 of TIM S.A. and TFF for 2022 of Cozani had
its payments suspended by virtue of an injunction and, therefore, still do not have a specific date for payment. See Note 22 for details.</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(ii) </FONT><FONT STYLE="font-size: 10pt">Represents
the addition of new contracts. The temporary difference of the IFRS&nbsp;16 contracts is due to the difference in the timing of recognition
of the accounting and tax expense, under the terms of the current legislation.</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(iii)</FONT> <FONT STYLE="font-size: 10pt">As
of the 1Q20, TIM S.A. excludes the portion of acceleration of depreciation of movable assets belonging to property, plant and equipment
from the calculation basis of the IRPJ and CSLL, due to their uninterrupted use in three operating shifts, supported by technical expert
report, as provided for in Article 323 of the RIR/2018, or by the adequacy to the tax depreciation provided for in IN&nbsp;1700/2017.
Such tax adjustment generated a deferred liability of R$&nbsp;891 million until December 31, 2023 (R$&nbsp;663 million up to December
31, 2022) and applied on January 1, 2020.</FONT></P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(iv) </FONT><FONT STYLE="font-size: 10pt">Refers
to deferred charges on the adjustment at fair value of the non-controlling interest calculated in the sale of Fiber Co (currently I-Systems),
which took place in November 2021, from TIM S.A. to IHS Fiber Brasil - Cess&atilde;o de Infraestruturas Ltda (see Note&nbsp;14).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(v)</FONT> <FONT STYLE="font-size: 10pt">Represents
the deferred charges recorded, referring to the impairment of tangible assets acquired in the Cozani&#8217;s acquisition in April&nbsp;2022.</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Expected recovery of tax credits</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The estimates of recoverability of tax credits were calculated taking into
consideration financial and business assumptions available on December 31, 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Based on these projections, the Company has the following expectation of
recovery of credits:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0"><B>Deferred income tax and social<BR>
    contribution (active installment)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Tax losses and negative basis</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #4F81BD 1pt solid">
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0; text-align: center">Temporary expenses</P></TD>
    <TD STYLE="width: 1%; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #4F81BD 1pt solid">
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0; text-align: center">Total</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">2024</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">201,227</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">694,157</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">895,384</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">2025 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">197,399</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">197,399</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">2026 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">159,615</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">159,615</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">&gt;2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,953,416</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">1,953,416</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">201,227</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">3,004,587</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 8.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">3,205,814</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The company based on a history of profitability and based on projections
of future taxable results, constitutes deferred income tax credits and social contribution on all of its tax losses, negative social contribution
basis and temporary differences.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">The Company used credits from tax losses and the negative basis of social contribution in the
amount of R$&nbsp;105,299 throughout 2023 (R$&nbsp;123,948 in 2022).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt TIM Sans; text-align: left; color: #1F497D; margin-top: 12pt; margin-right: 0; margin-bottom: 0">8.d Expense with current and deferred
income tax and social contribution</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Parent Company</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Consolidated</TD></TR>
  <TR>
    <TD STYLE="width: 55%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Current income tax and social contribution taxes</FONT></TD>
    <TD STYLE="padding-left: 10pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 10pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Income tax for the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(248,534)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(247,492)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(248,792)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(247,492)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Social contribution for the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(67,095)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(85,452)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(67,190)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(85,452)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Tax incentive &#8211; SUDENE/SUDAM<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">235,753</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">157,254</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">235,753</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">157,254</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(79,876)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(175,690)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(80,229)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(175,690)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Deferred income tax and social contribution</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Deferred income tax</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(123,045)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(3,512)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(180,709)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">95,583</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Deferred social contribution</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(64,915)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(6,450)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(85,673)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">29,954</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(187,960)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(9,962)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(266,382)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">125,537</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(267,836)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(185,652)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(346,611)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(50,153)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The reconciliation between income tax and social contribution expense as
calculated by applying combined tax rates and amounts reflected in income (loss) is as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><B>Parent Company</B></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><B>Consolidated</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Profit before income tax and social contribution </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">3,105,258</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,856,407</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">3,184,033</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,720,908</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Combined tax rate</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">34%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">34%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">34%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">34%</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Income tax and social contribution at the combined statutory rates</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,055,788)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(631,178)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,082,571)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(585,109)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">(Additions) / exclusions:</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Equity in earnings</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">21,788</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(188,276)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(30,364)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(20,939)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>Permanent additions, exclusions:</I></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Non-taxable revenues </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">16,573</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">35,508</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">16,573</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">152,277</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Non-deductible expenses </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(25,069)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(39,236)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(25,069)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(120,682)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Tax incentive &#8211; SUDENE/SUDAM<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">235,753</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">157,254</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">235,753</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">157,254</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Tax benefit related to interest on shareholders&#8217; equity allocated</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">544,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">476,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">544,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">476,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Tax losses and temporary differences not recognized</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(129,954)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Other amounts </FONT></TD>
    <TD STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(5,093)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">4,276</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(4,933)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">21,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">787,952</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">445,526</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">735,960</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">534,956</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>Income tax and social contribution recorded in income (loss) for the year</I></FONT></TD>
    <TD STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(267,836)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(185,652)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(346,611)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #305698 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(50,153)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Effective rate</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8.63%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10.00%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10.89%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2.91%</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">As mentioned in Note&nbsp;26 c.3, in order for investment
grants not to be computed in taxable income, they must be recorded as a tax incentive reserve, which can only be used to absorb losses
or be incorporated into the share capital. The Company has tax benefits that fall under these rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 78 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">9.</TD><TD>Taxes, fees and contributions to be recovered</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; width: 61%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Taxes, fees and contributions to be recovered</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,818,306</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,709,810</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,727,069</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">ICMS<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,372,681</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">1,314,811</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">1,323,604</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">PIS/COFINS<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">164,508</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">194,449</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">194,452</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">IRRF (Withholding income tax) on interest earning bank deposits</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">81,445</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">111,962</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">120,417</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">199,672</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">88,588</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">88,596</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Current portion</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(943,767)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(820,338)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(831,661)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Non-current portion</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">874,539</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">889,472</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">895,408</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) The amounts of recoverable ICMS (state VAT) are mainly comprised by:&#9;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0.25in">(a) credits on the acquisition of property, plant
and equipment directly related to the provision of telecommunication services (credits divided over 48 months).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0.25in">(b) ICMS amounts paid under the tax substitution regime
from goods acquired for resale, mainly mobile handsets, chips, tablets and modems sold by TIM.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0pt 0 12pt; text-align: justify">(ii) The Recoverable PIS/COFINS amounts mainly refer to credits
from a legal proceeding filed by TIM Celular S.A. (ultimately merged into TIM S.A., as well as TIM S.A. itself), with a favorable final
decision in Higher Courts which discussed the exclusion of the ICMS from the PIS and COFINS calculation bases.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company, through declaration, offset credits arising from the ICMS
exclusion from the PIS and COFINS calculation basis until March 31, 2023, totaling R$&nbsp;3,517 million.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">The current balance is mostly composed of credits arising from the non-cumulative taxation regime.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">10.</TD><TD>Prepaid expenses</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 61%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Prepaid expenses</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">377,405</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">278,764</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">359,109</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Advertisements not released (i)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">13,047</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">2,361</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">2,361</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Rentals and reinsurance</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">69,759</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">64,544</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">64,544</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Incremental costs for obtaining contracts with customers (ii)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">190,663</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">178,543</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">178,543</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">IT Services (iii)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">16,053</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">21,500</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">21,500</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Prepaid contractual expenses (iv)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">77,810</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Other (v)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">87,883</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">11,816</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">14,351</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Current portion</FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(238,468)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(198,506)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(278,851)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Non-current portion</FONT></TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">138,937</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">80,258</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">80,258</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) Represent prepaid payments of advertising expenses for products and
services of the TIM brand that are recognized in the result according to the period of serving the advertisement.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) It is substantially represented by incremental costs related to sales
commissions paid to partners for obtaining contracts with customers arising from the adoption of IFRS 15/ CPC 47, which are deferred to
the result in accordance with the term of the contract and/or economic benefit, usually from 1 to 2 years.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(iii) They represent prepayments of IT services expenses for network and
migration of information to the &#8220;cloud&#8221;.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(iv) It referred to the payment in April 2022 (acquisition date of Cozani)
of TSA (Transition Service Agreement), in the amount of R$&nbsp;250,722 as remuneration, for up to 12 months of service provision in Cozani&#8217;s
transition phase.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(v) In 2023, represented mainly by neutral network installation costs deferred
by the contract, in the amount of R$&nbsp;75,464.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">11.</TD><TD>Judicial deposits</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">They are recorded at historical cost and updated according to current legislation.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; width: 61%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Judicial deposits </FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">689,739</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,377,560</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">1,377,560</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Civil</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">286,430</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">974,482</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">974,482</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Labor</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">68,202</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">117,583</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">117,583</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Tax</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">220,842</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">184,435</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">184,435</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Regulatory</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">115</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">113</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">113</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">Online attachment<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">114,150</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">100,947</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">100,947</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) Refer to legal blockages directly in the company's current accounts
and interest earning bank deposits linked to certain legal proceedings. This amount is periodically analyzed and when identified, reclassification
is made to one of the other specific accounts of the legal deposit item.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Civil</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">These are court deposits to guarantee the execution of civil proceedings
where the Company is challenging the amounts involved. Most of these proceedings refer to lawsuits filed by customers, involving issues
of consumer rights, among others.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">There are some processes with differentiated matters, for instance, in
which the value set by ANATEL for vacating certain transmission sub-bands is discussed, enabling the implementation of 4G technology.
In this case, the amount deposited updated in court under discussion is R$&nbsp;83,438 (R$&nbsp;77,854 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In a Material Fact released on October 4, 2022, TIM informed that a preliminary
decision was handed down by the 7<SUP>th</SUP> Business Court of the Judicial District of Rio de Janeiro determining the deposit in court
by the Buyers (TIM, Telef&ocirc;nica Brasil S.A. and Claro S.A.) of approximately R$&nbsp;1.53 billion &#8211; of which approximately
R$&nbsp;670 million by TIM &#8211; in an account linked to the court-ordered reorganization process of Oi M&oacute;vel S.A.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On October 19, 2022, TIM deposited the amount of R$&nbsp;670 million in
guarantee for the Judgment of the 7<SUP>th</SUP> Corporate Court of the Judicial District of Rio de Janeiro. Said deposit remained in
an account linked to the Court until the installation of the Court of Arbitration.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On October 4, 2023, TIM reported the completion of an agreement with Oi
S.A., having redeemed half of the amount originally retained on the closing date, equivalent to R$&nbsp;317 million, monetarily updated
until the closing date and the remaining amount is redeemed by the Seller as part of the purchase price of UPI Ativos M&oacute;veis attributed
to the Company</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Labor</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">These are amounts deposited in court as guarantees for
the execution and the filing of appropriate appeals, where the relevant matters or amounts involved are still being discussed. The total
amount has been allocated between the various claims filed by registered employees and third-party service providers.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Tax</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company has legal deposits in the total, restated and estimated amount
of R$&nbsp;220,842 on December&nbsp;31, 2023, relating to tax matters, made to support several ongoing legal discussions. Such deposits
mainly relate to the following discussions:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Use of credit in the acquisition of electricity directly
employed in the production process of companies, matter with positive bias in the judiciary. The current value of the deposits related
to this discussion is R$ 38,650 (R$&nbsp;36,417 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">CPMF levy on loan conversion operations into the
Company&#8217;s equity; recognition of the right not to collect the contribution allegedly levied on the simple change of ownership of
current accounts due to merger. The current value of the deposits referring to this discussion is R$&nbsp;5,668 (R$&nbsp;5,295 on December&nbsp;31,
2022). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Constitutionality of the collection of the functioning
supervision fee (TFF -<I>Taxa de Fiscaliza&ccedil;&atilde;o do Funcionamento</I>) by municipal authorities of different localities. The
current value of the deposits referring to this discussion is R$&nbsp;24,048 (R$&nbsp;22,178 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Non-homologation of compensation of federal debts
withholding income tax credits (IRRF) for the alleged insufficiency of credits, as well as the deposit made for the purposes of release
of negative Certificate of debts. The current value of the deposits referring to this discussion is R$&nbsp;12,177 (R$&nbsp;11,557 on
December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Levy of ISS on import and outsourced services; alleged
lack of collection in relation to ground cleaning and maintenance service of BRS (Base Radio Station), the ISS itself, the ISS incident
on <I>co-billing</I> services and software licensing (<I>blackberry</I>). Guarantee of the right to take advantage of the benefit of spontaneous
denunciation and search for the removal of confiscatory fines in the case of late payment. The current value of the deposits referring
to this discussion is R$&nbsp;12,191 (R$&nbsp;8,651 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Accessory services provided for in the agreement
69/98 ICMS incident on the provision of communication services of the amounts charged for ACCESS, Membership, Activation, qualification,
availability, subscription and use of the services, among others. The current value of the deposits referring to this discussion is R$&nbsp;3,775
(R$&nbsp;3,623 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Requirement by ANATEL of the public price for the
administration of numbering resources. The current value of the deposits referring to this discussion is R$&nbsp;3,960 (R$&nbsp;3,766
on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Deposit made by TIM S.A. &#8211; Unconstitutionality
and illegality of the collection of FUST (Fund for Universalisation of Telecommunications Services). The right not to collect FUST, failing
to include in its calculation base the revenues transferred by way of interconnection and EILD (Industrial Exploitation of Dedicated Line),
as well as the right not to suffer the retroactive collection of the differences determined in function of not observing sum 7/2005 of
ANATEL. The current value of the deposits referring to this discussion is R$&nbsp;67,911 (R$&nbsp;63,967 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">ICMS &#8211; Miscellaneous. Deposits made in several
processes that discuss ICMS charges, mainly related to discussions on loan, DIFAL, exempt and non-taxed services, ICAP and Covenant 39.
The current value of the deposits related to this discussion is R$&nbsp;26,213 (R$&nbsp;7,691 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Charges related to cases of <I>Jornal do Brasil</I>
that were directed to the company. The current value of the deposits referring to this discussion is R$&nbsp;15,759 (R$&nbsp;11,524 on
December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">12.</TD><TD>Other financial assets</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The initial recognition of an equity instrument in the balance sheet is
carried at its fair value as of the acquisition or issue date. Such financial assets and liabilities are subsequently measured at fair
value through profit or loss. Changes arising from the fair value measurement, where applicable, shall be recognized in the result when
incurred, under the line of financial income.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On March 26, 2020, TIM S.A. and BANCO C6 S.A. concluded the negotiations
over a strategic partnership aimed at developing combined offerings with special benefits to the customer bases of Partners.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0 0 6pt; text-align: justify">In July 2020, the first offering was launched in partnership
with Banco C6, with special conditions to TIM customers who are also C6 customers. The innovating partnership provides great potential
to generate value for both companies through user base growth and greater customer loyalty.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On February 1, 2021, TIM announced that, within the scope of this partnership,
the right to exercise Subscription Warrant equivalent to the indirect interest of approximately 1.44% of Banco C6&#8217;s share capital
Banco C6 as a result of meeting, in December 2020, the 1<SUP>st</SUP> level of the agreed targets. Subsequently, the Company exercised
its option to acquire and convert C6 shares, which represents approximately 1.44% of the Bank and totals R$&nbsp;162,958. It is worth
highlighting that once the option is exercised, TIM started holding a minority position and does not have a position of control or significant
influence in the management of C6.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Between September and December 2023, the Company invested approximately
R$&nbsp;54 million in the investment fund focused on 5G solutions called Upload Ventures Growth. On December 31, 2023, the Company does
not control the fund&#8217;s management nor has significant influence.</P>


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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">According to the requirements of IFRS&nbsp;9 / CPC&nbsp;48, the financial
instrument must be valued at its fair value and the Company must disclose the level classification of each financial instrument. See Note&nbsp;37
in the section on Financial instruments measured at fair value for details of this information.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">13.</TD><TD>Other assets</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>Parent Company </B></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 61%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt"><B>Other assets</B></TD>
    <TD STYLE="border-top: #4472C4 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">284,902</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">265,661</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">265,042</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Advances to employees </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">7,033</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">7,092</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">7,092</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Advances to suppliers</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">66,018</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,422</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,437</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Amounts receivable from TIM Brasil (Note&nbsp;35)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,803</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">22,790</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">22,790</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Amounts receivable from incentivized projects</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.9pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;43,138</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">63,034</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">63,034</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Taxes and labor contributions to offset</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">83,981</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">69,794</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">69,794</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Other (i)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">61,929</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">71,529</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">70,895</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Current portion</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(239,318)</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(200,264)</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">(199,644)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current portion</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">45,584</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">65,397</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">65,398</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Segoe UI, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">(i) A major portion related to: (a) other advances
in the amount of R$&nbsp;16,960 (R$&nbsp;7,708 on December 31, 2022); (b) employee benefits reimbursement amounts to R$&nbsp;14,344 (R$&nbsp;19,489
as of December 31, 2022).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">14.</TD><TD>Investment</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The ownership interest in associated company or subsidiary is valued using
the equity accounting method.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Cozani </U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">As mentioned in Note&nbsp;1.2, on April 20, 2022, TIM S.A. (jointly with
other buyers Telef&ocirc;nica Brasil S.A. and Claro S.A.), after complying with the precedent conditions established by the Administrative
Council for Economic Defense (CADE) and ANATEL, concluded the process of acquiring the mobile assets of Oi M&oacute;vel S/A &#8211; Under
court-ordered reorganization.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">With the conclusion of the Transaction, TIM S.A. now holds 100% of the
share capital of Cozani, a company that corresponds to the part of the unit of assets, rights and obligations of Oi M&oacute;vel acquired
by the Company. On April 1, 2023, TIM S.A. acquired Cozani, therefore, for all effects, the latter was dissolved and consequently<FONT STYLE="color: #202124">,
for all purposes and effects, TIM S.A. does not have equity interest in Cozani on December&nbsp;31, 2023.</FONT> TIM&nbsp;S.A. had 100%
in the share capital of Cozani on December 31, 2022.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>I-Systems</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In November 2021, as a result of the spin-off of net assets from the broadband
business and creation of I-Systems, TIM S.A. disposed of 51% of its equity interest on behalf of IHS. As a result of this transaction,
a loss of control took place and TIM&nbsp;S.A. no longer consolidates the Company, recording the investment in the associated company
in the amount of R$&nbsp;1,612,957, at fair value, for the remaining minority interest (non-controlling) of 49%.</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>


<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM&nbsp;S.A. has 49% (49% on December 31, 2022) in the share capital of
I-Systems. The following table represents summarized financial information about the investments of I-Systems:</P>

<P STYLE="font: 9pt/1pt TIM Sans; margin: 0 0 0 317.75pt">&nbsp;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0.15pt 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TIM Sans; margin: 0.15pt 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TIM Sans; margin: 0.15pt 0 0 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 69%; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 1.6pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-top: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 1.6pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%"><B>&nbsp;Assets </B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">2,053,953</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">1,820,223</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 1.6pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>Current and non-current assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">352,134</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">291,799</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.8pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">&nbsp;&nbsp;&nbsp;Tangible and intangible assets</FONT></TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">1,701,819</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">1,528,424</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.8pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.8pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%"><B>Liabilities and shareholders&#8217; equity</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">2,053,953</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">1,820,223</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.8pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">&nbsp;&nbsp;&nbsp;Current and non-current liabilities </FONT></TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">668,712</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">398,189</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.1pt; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">1,385,241</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">1,422,034</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.1pt; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">Company&#8217;s proportional interest</FONT></TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49%</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Adjustment to fair value </FONT></TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">733,757</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">733,757</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Investment cost </FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">717,055</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">806,359</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt/115% Trebuchet MS, Times, Serif; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%"><B>Fair value of investment </B>(Note&nbsp;14.b)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">1,450,812</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 23.15pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">1,540,116</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% TIM Sans; margin: 0 0 0 316.85pt">&nbsp;</P>

<P STYLE="font: 9pt/115% TIM Sans; margin: 0 0 0 316.85pt">&nbsp;</P>

<P STYLE="font: 9pt/1pt TIM Sans; margin: 0 0 0 317.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="width: 52%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt TIM Sans; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 70%; font: 12pt/115% Trebuchet MS, Times, Serif; padding-left: 2.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">Net loss for the year</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 25.85pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">(182,254)</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 25.85pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; color: #2E2E38; line-height: 115%">(125,687)</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0 0 0 2.95pt; color: #2E2E38">&nbsp;</P>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0 0 0 2.95pt; color: #2E2E38">Company&#8217;s proportional interest</P></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0.25pt 0 0 25.85pt; text-align: right"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0.25pt 0 0 25.85pt; text-align: right">49%</P></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt/115% Trebuchet MS, Times, Serif; padding-top: 0.25pt; padding-left: 25.85pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49%</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0 0 0 2.95pt; color: #2E2E38">&nbsp;</P>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0 0 0 2.95pt; color: #2E2E38">Company&#8217;s interest in the associated company&#8217;s income
    (loss)</P></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0.25pt 0 0 25.85pt; text-align: right"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0.25pt 0 0 25.85pt; text-align: right">(89,304)</P></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0.25pt 0 0 25.85pt; text-align: right"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt/115% TIM Sans; margin: 0.25pt 0 0 25.85pt; text-align: right">(61,587)</P></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 316.15pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 84 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Interest in subsidiaries and associated company</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>Associated companies</B></P></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-indent: 0.25in">&nbsp;</P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-indent: 0.5in"><B>Subsidiary</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>Total</B></P></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>2023</B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>I-Systems</B></P></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4472C4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>2022</B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>I-Systems</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Cozani up to 03/31/2023</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>2022</B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>Cozani</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>2023</B></P></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B>2022</B></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 7pt">Total number of shares</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">1,794,287,995</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">1,794,287,995</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">3,002,872</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 7pt">Interest in total capital</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">49%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">49%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 7pt">Shareholders' equity</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #213A68 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">1,385,241</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #213A68 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">1,422,034</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #213A68 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #213A68 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">4,199,623</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #344051 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #344051 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #344051 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #344051 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 7pt">Loss for the period/year<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #31579A 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(182,255)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #31579A 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(125,687)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #31579A 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #31579A 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(626,258)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 7pt">Equity in earnings</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(89,304)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(61,587)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">153,387</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(492,165)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">64,083</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(553,752)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 7pt">Amortization of surplus</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(53,781)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #232C37 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(134,093)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(53,781)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">(134,093)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 7pt">Investment value</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">1,450,812</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">1,540,116</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">4,199,623</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">1,450,812</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 7pt">5,739,739</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) Cozani&#8217;s results show the changes from the acquisition date.
The date of acquisition and transfer of control was April 20, 2022 and the results of the subsidiary Cozani were consolidated on April
30, 2022, as the financial information available is closest to the date of transfer of control. Management concludes that the impacts
of results generated between the date of acquisition and the beginning of consolidation are immaterial. On April 1, 2023, Cozani was incorporated
by TIM S.A. Therefore, there is no longer a company controlled by TIM S.A.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Cozani&#8217;s shareholders&#8217; equity as of April 30, 2022 was adjusted
to comply with the Company&#8217;s accounting practices, reflecting a decrease of approximately R$&nbsp;1,641 million, mainly related
to the impairment of tangible assets, recording of onerous capacity contract and deferred taxes.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Changes in investment in subsidiaries and associated
companies: </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 51%; font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>I-Systems</B> <FONT STYLE="font-size: 9pt">(associated company)</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center"><B>Cozani</B></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">(merged subsidiary)</P></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</B></TD></TR>
  <TR>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Balance of investment on December 31, 2022</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,540,116</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">4,199,623</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">5,739,739</TD></TR>
  <TR>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Amortization of surplus up to March 31, 2023</FONT></TD>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">(53,781)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">(53,781)</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Equity in earnings</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(89,304)</TD>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">153,387</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">64,083</TD></TR>
  <TR>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Cozani shareholders&#8217; equity &#8211; acquired by TIM S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">-</TD>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">(1,194,523)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">(1,194,523)</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Surplus of radio frequency and customer list</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">(3,104,706)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">(3,104,706)</TD></TR>
  <TR>
    <TD STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Balance of investment on December 31, 2023</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,450,812</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">1,450,812</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">15.</TD><TD>Property, plant and equipment</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Property, plant and equipment are measured at acquisition and/or construction
cost, less accumulated depreciation and impairment losses (the latter only if applicable). Depreciation is calculated based on the straight-line
method over terms that consider the expected useful lives of the assets and their residual values. The amounts of property, plant and
equipment recorded on Cozani&#8217;s acquisition were adjusted to its recoverable amounts and after the merger are recorded at TIM S.A.
On December&nbsp;31, 2023 and December&nbsp;31, 2022, the Company has no other indication of impairment in its property, plant and equipment.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The estimated costs of dismantling towers and equipment on rented properties
are capitalized and depreciated over the estimated useful lives of these assets. The Company recognizes the present value of these costs
in property, plant and equipment with a counter-entry to the liability &#8220;provision for future asset retirement&#8221;. The interest
incurred in updating the provision is classified as financial expenses.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Gains and losses on disposal are determined by comparing the amounts of
these disposals with the book value at the time of the transaction and are recognized in &#8220;other operating expenses (revenue), net&#8221;
in the statement of income.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Changes in property, plant and equipment</U></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Parent Company</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: top; width: 24%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Balance in 2022</TD>
    <TD ROWSPAN="2" STYLE="width: 16%; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Additions </FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Write-offs </FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Transfers</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Addition by merger</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 17%; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Balance in 2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><U>Total cost of property, plant and equipment, gross</U></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">54,530,017</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,533,945</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,091,780)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,371,149</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">70,343,331</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Commutation/transmission equipment</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">28,749,731</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">16,663</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(157,744)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,138,109</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,527,485</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38,274,244</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fiber optic cables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">783,396</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,366</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">786,762</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Leased handsets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,956,156</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(16,853)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">222,749</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">920,690</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,082,742</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Infrastructure</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">6,921,727</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">19,423</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(43,030)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">266,915</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">572,350</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">7,737,385</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Informatics assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,780,652</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(5,020)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">28,150</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,803,782</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">General use assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">957,396</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(857)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38,560</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,202</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,004,301</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Right-of-use in leases </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">11,493,062</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,005,441</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(866,747)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,341,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">15,973,178</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Land</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">39,802</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,214)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38,588</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Construction in progress</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">848,095</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,492,418</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(315)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,697,849)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">642,349</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><U>Total accumulated depreciation</U></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(34,754,757)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(5,089,736)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">202,027</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(8,289,050)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(47,931,516)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Commutation/transmission equipment</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(20,101,222)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,376,419)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">151,861</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(6,088,197)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(28,413,977)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fiber optic cables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(583,854)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(61,124)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(644,978)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Leased handsets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,677,840)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(173,764)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,274</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(920,672)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,761,002)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Infrastructure</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,404,860)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(367,017)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">33,383</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(587,153)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(5,325,647)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Informatics assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,675,605)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(45,208)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,995</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,715,818)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">General use assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(698,448)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(49,888)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">514</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(7,706)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(755,528)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Right-of-use in leases </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,612,928)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,016,316)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(685,322)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(7,314,566)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><U>Total property, plant and equipment, net</U></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">19,775,260</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">444,209</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(889,753)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,082,099</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">22,411,815</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Commutation/transmission equipment</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">8,648,509</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,359,756)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(5,883)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,138,109</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">439,288</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,860,267</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fiber optic cables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">199,542</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(61,124)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,366</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">141,784</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Leased handsets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">278,316</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(173,764)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(5,579)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">222,749</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">18</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">321,740</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Infrastructure</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,516,867</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(347,594)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(9,647)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">266,915</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(14,803)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,411,738</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Informatics assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">105,047</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(45,208)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">28,150</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">87,964</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">General use assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">258,948</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(49,888)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(343)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38,560</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,496</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">248,773</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Right-of-use in leases </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">6,880,134</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(10,875)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(866,747)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,656,100</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,658,612</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Land</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">39,802</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,214)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38,588</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Construction in progress</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">848,095</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,492,418</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(315)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,697,849)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">642,348</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Parent Company</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: top; width: 50%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Balance in 2021</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Additions </FONT></TD>
    <TD STYLE="width: 8%; border-top: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Write-offs</FONT></TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Transfers</FONT></TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Balance in 2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><U>Total cost of property, plant and equipment, gross</U></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">49,159,678</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,665,928</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(295,589)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">54,530,017</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Commutation/transmission equipment</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">25,854,454</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,788)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(128,439)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,028,504</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">28,749,731</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fiber optic cables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">778,512</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,884</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">783,396</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Leased handsets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,806,454</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">752</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(17,149)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">166,099</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,956,156</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Infrastructure</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">6,443,285</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(14,967)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">493,409</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,921,727</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Informatics assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,756,340</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(6,720)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">31,032</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,780,652</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">General use assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">916,845</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(952)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">41,503</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">957,396</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Right-of-use in leases </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">9,779,327</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,839,693</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(125,958)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,493,062</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Land</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">40,794</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(992)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">39,802</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Construction in progress</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">783,667</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,830,271</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(412)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,765,431)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">848,095</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><U>Total accumulated depreciation</U></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(30,851,278)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,116,298)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">212,819</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(34,754,757)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Commutation/transmission equipment</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(18,187,994)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,040,925)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">127,697</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(20,101,222)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fiber optic cables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(522,205)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(61,649)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(583,854)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Leased handsets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,534,691)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(154,843)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,694</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,677,840)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Infrastructure</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,043,155)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(376,048)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">14,343</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,404,860)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Informatics assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,629,730)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(52,579)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,704</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,675,605)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">General use assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(649,229)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(49,728)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">509</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(698,448)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Right-of-use in leases </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,284,274)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,380,526)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">51,872</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,612,928)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><U>Total property, plant and equipment, net</U></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">18,308,400</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,549,630</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(82,770)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">19,775,260</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Commutation/transmission equipment</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">7,666,460</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,045,713)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(742)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,028,504</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,648,509</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fiber optic cables</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">256,307</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(61,649)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,884</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">199,542</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Leased handsets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">271,763</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(154,091)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(5,455)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">166,099</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">278,316</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Infrastructure</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,400,130</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(376,048)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(624)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">493,409</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,516,867</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Informatics assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">126,610</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(52,579)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">31,032</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">105,047</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">General use assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">267,616</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(49,728)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(443)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">41,503</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,948</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Right-of-use in leases </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">6,495,053</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">459,167</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(74,086)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,880,134</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Land</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">40,794</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(992)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">39,802</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-weight: normal">Construction in progress (II)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">783,667</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,830,271</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(412)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,765,431)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">848,095</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The construction in progress represents the cost of projects in progress
related to the construction of networks and/or other tangible assets in the period of their construction and installation, until the moment
they come into operation, when they will be transferred to the corresponding accounts of these assets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 88 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="19" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: center"><FONT STYLE="color: Black"><B>Balance
    in 2021</B></FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: center"><FONT STYLE="color: Black">Additions
    / depreciation</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: center"><FONT STYLE="color: Black">Write-offs</FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: center"><FONT STYLE="color: Black">Transfers</FONT></TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: center"><FONT STYLE="color: Black">Acquisitions
    of subsidiary (Note&nbsp;1.2)</FONT></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: center"><FONT STYLE="color: Black"><B>Balance
    in 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black"><B><U>Total
    cost of property, plant and equipment, gross</U></B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">49,159,678</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">5,805,705</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(737,939)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">11,302,035</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">65,529,479</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Commutation/transmission
    equipment</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">25,854,454</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(4,788)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(129,957)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;3,028,504</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">6,313,024</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">35,061,237</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Fiber optic
    cables</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">778,512</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;4,884</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">783,396</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Leased handsets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">2,806,454</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;752</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(17,149)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;166,099</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">920,690</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">3,876,846</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Infrastructure</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">6,443,285</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(16,296)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;493,409</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">789,657</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">7,710,055</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Informatics
    assets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">1,756,340</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(342,843)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;31,032</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">336,161</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">1,780,690</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">General
    use assets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">916,845</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(4,840)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;41,503</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">13,054</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">966,562</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Right-of-use
    in leases</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">9,779,327</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">1,979,473</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">(225,446)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">2,929,449</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">14,462,803</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Land</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">40,794</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(992)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">39,802</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Construction
    in progress</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">783,667</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;3,830,268</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(416)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(3,765,431)</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">848,088</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black"><B><U>Total
    accumulated depreciation</U></B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(30,851,278)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(4,764,239)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;530,748</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(7,783,558)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(42,868,327)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Commutation/transmission
    equipment</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(18,187,994)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(2,234,345)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;129,196</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(5,941,968)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(26,235,111)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Fiber optic
    cables</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(522,205)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(61,649)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(583,854)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Leased handsets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(2,534,691)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(155,902)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;11,694</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(919,560)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(3,598,459)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Infrastructure</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(4,043,155)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(390,832)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;15,654</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(573,680)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(4,992,013)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Informatics
    assets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(1,629,730)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(78,418)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;369,807</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(337,265)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(1,675,606)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">General
    use assets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(649,229)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(50,097)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;4,397</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(11,085)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(706,014)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Right-of-use
    in leases</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(3,284,274)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(1,792,996)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(5,077,270)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black"><B><U>Total
    property, plant and equipment, net</U></B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">18,308,400</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">1,041,466</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(207,191)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">3,518,477</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">22,661,152</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Commutation/transmission
    equipment</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">7,666,460</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(2,239,133)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(761)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">3,028,504</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">371,056</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">8,826,126</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Fiber optic
    cables</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">256,307</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(61,649)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">4,884</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">199,542</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Leased handsets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">271,763</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(155,150)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(5,455)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">166,099</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">1,130</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">278,387</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Infrastructure</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">2,400,130</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(390,832)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(642)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">493,409</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">215,977</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">2,718,042</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Informatics
    assets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">126,610</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(78,418)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;26,964</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">31,032</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(1,104)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">105,084</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">General
    use assets</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">267,616</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(50,097)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(443)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">41,503</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">1,969</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">260,548</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Right-of-use
    in leases</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">6,495,053</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;186,477</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(225,446)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">2,929,449</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">9,385,533</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Land</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">40,794</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(992)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">39,802</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">Construction
    in progress</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91; text-align: right"><FONT STYLE="color: Black">783,667</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;3,830,268</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">&nbsp;(416)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">(3,765,431)</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">&#45;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt; color: Black">848,088</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 7pt TIM Sans; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 18%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The lease rights of use are represented by leased agreements of identifiable
assets within the scope of IFRS16 / CPC 06 (R2) standard. These rights refer to leases of network infrastructure, stores and kiosks, real
estate, land (Network) and fiber, as below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Parent Company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 40%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Right-of-use in lease</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 14%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Network infrastructure</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Shops &amp; kiosks and real estate</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Land (Network)</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Fiber</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Balances at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;3,637,960</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;639,210</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;1,596,882</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,006,082</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;6,880,134</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Additions by merger</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,478,836</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,177,264</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,656,100</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;Additions </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">980,056</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">368,426</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">374,473</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">282,486</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,005,441</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Remeasurement</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(491,236)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(37,346)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(338,165)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(866,747)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(928,467)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(136,899)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(458,747)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(492,203)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,016,316)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Balances at December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,677,149</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">833,391</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,351,707</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">796,365</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,658,612</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Annual depreciation rates</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12.21%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11.72%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12.54%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8.33%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 40%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Right-of-use in lease</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 14%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Network infrastructure</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Shops &amp; kiosks and real estate</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Land (Network)</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Fiber</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Balances at December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,048,509</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">541,312</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,504,233</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,400,999</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,495,053</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;1,159,120</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;243,162</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;348,860</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;88,551</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,839,693</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(27,867)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(14,715)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(26,740)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(4,764)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(74,086)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(541,802)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(130,549)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(229,471)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(478,704)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(1,380,526)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Balances at December 31, 2022</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;3,637,960</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;639,210</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;1,596,882</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;1,006,082</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;6,880,134</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Useful life - %</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11.55%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11.25%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11.50%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">7.41%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 40%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Right-of-use in lease</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 14%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Network infrastructure</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Shops &amp; kiosks and real estate</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Land (Network)</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Fiber</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Balances at December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,048,509</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">541,312</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,504,233</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,400,999</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,495,053</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,143,142</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">786,307</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,929,449</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,087,005</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;243,162</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">560,755</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;88,551</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,979,473</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(122,757)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(14,715)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(83,210)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(4,764)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(225,446)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(809,450)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(130,549)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(374,293)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(478,704)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,792,996)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Balances at December 31, 2022</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,346,449</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;639,210</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,393,792</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;1,006,082</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,385,533</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Useful life - %</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12.25</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11.25%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12.12</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">7.41%</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Depreciation rates</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 65%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Commutation/transmission equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6.67&#8722;20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Fiber optic cables</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Leased handsets</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">14.28&#8722;50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Infrastructure</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">04&#8722;20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Informatics assets</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10&#8211;20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">General use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10&#8211;20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #C6D9F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Leasehold improvements</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10&#8211;20</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In 2023, pursuant to IAS 16 / CPC 27, approved by a CVM Deliberation 73,
the Company assessed the useful life estimates for their property, plant and equipment, concluding that there were no significant changes
or alterations to the circumstances on which the estimates were based that would justify changes to the useful lives currently in use.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">16.</TD><TD>Intangible assets</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Intangible assets are measured at historical cost less accumulated amortization
and impairment losses (if applicable) and reflect: (i) the purchase of authorizations and rights to use radio frequency bands, and (ii)
software in use and/or development. Intangible assets also include: (i) infrastructure right-of-use of other companies, and (ii) goodwill
on expectation of future profits in purchases of companies.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Amortization charges are calculated using the straight-line method over
the estimated useful life of the assets contracted and over the terms of the authorizations. The useful life estimates of intangible assets
are reviewed regularly.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Financial charges on funds raised generically (with no specific allocation),
used to obtain a qualifying asset, which is an asset that necessarily demands a substantial period of time to become ready for intended
use is capitalized as part of this asset&#8217;s cost when it is probable that will result in future economic benefits to the Entity and
such costs can be reliably measured. Within this concept, we had the capitalization of charges for the 700MHz 4G license between 2014
and 2019 and we had the capitalization of charges on the acquisition of the 5G license for the radio frequency not readily available and
other obligations related to such radio frequency between 2021 and 2023. This capitalization occurred when the asset was considered available
for use by Management. As of the second quarter of 2023, the capitalization of interest and charges on this asset ended. These costs are
amortized over the estimated useful lives.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The values of permits for the operation of SMP and rights to use radio
frequencies, as well as <I>software</I>, goodwill and others are demonstrated as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The cost of intangible assets acquired in a business combination corresponds
to their fair value at acquisition date. After the initial recognition, the intangible assets are stated at cost, less accumulated amortization
and impairment losses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Intangible assets with undefined useful lives are not amortized but tested
for impairment on an annual basis, individually or at cash generating unit level.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Changes in intangible assets</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Parent Company</B></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Balance in 2022</B></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">Additions/ Amortization</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">Addition by merger</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">Write-offs</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">Transfers</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">Capitalized interest</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Balance in 2023</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><B><U>Total cost of intangible assets, gross</U></B></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38,732,905</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,038,989</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,446,789</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(778)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">95,678</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">46,313,583</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Software licenses</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">20,876,377</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,366,860</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(195)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">924,804</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">23,167,846</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Authorizations</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">11,250,610</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">40,868</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,598,839</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,903,922</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">18,794,239</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Goodwill</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">3,112,169</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,112,169</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Infrastructure right-of-use - LT Amazonas</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">201,778</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,811</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">207,589</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">List of customers</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">253,629</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">253,629</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Other assets</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">339,417</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">227,461</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(583)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">7,950</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">574,245</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Intangible assets under development</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,952,554</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">998,121</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,842,487)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">95,678</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">203,866</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><B><U>Total accumulated amortization</U></B></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(25,730,124)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,856,450)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,102,345)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">377</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(30,688,542)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Software licenses</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(18,454,058)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(976,345)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(1,355,500)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;195</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(20,785,708)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Authorizations</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(6,984,930)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(806,732)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(1,586,245)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(9,377,907)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Infrastructure right-of-use - LT Amazonas</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(86,488)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(10,686)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(97,174)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">List of customers</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(24,825)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(30,312)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(55,137)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Other assets</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(204,648)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(37,862)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(130,288)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;182</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(372,616)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><B><U>Total intangible assets, net</U></B></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;13,002,781</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(817,461)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;3,344,444</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(401)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;95,678</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;15,625,041</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Software licenses<SUP>(c)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,422,319</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(976,345)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;11,360</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;924,804</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;2,382,138</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Authorizations<SUP>(f)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">4,265,680</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(765,864)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;3,012,594</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;2,903,922</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;9,416,332</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Goodwill<SUP>(d)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">3,112,169</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;3,112,169</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Infrastructure right-of-use - LT Amazonas (e)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">115,290</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(10,686)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;5,811</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;110,415</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">List of customers</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(24,825)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;223,317</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;198,492</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Other assets </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">134,769</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(37,862)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;97,173</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(401)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;7,950</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;201,629</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Intangible assets under development </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,952,554</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;998,121</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(3,842,487)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;95,678</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;203,866</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Balance in 2021</B></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">Additions/ Amortization</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: center">Write-offs</P></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: center">Transfers</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Balance in 2022</B></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">Capitalized interest</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><B><U>Total cost of intangible assets, gross</U></B></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">34,630,541</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,846,603</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,200)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,961</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">38,732,905</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Software licenses</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">19,911,004</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">965,373</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">20,876,377</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Authorizations</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">11,151,497</TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">75,526</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,200)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">26,787</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,250,610</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Goodwill<SUP>(i)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">475,743</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,636,426</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,112,169</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Infrastructure right-of-use - LT Amazonas</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">186,221</TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">15,557</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">201,778</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Other assets</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">333,116</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,301</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">339,417</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Intangible assets under development</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,572,960</TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,134,651</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,014,018)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">258,961</P></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,952,554</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><B><U>Total accumulated amortization</U></B></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(24,045,462)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,687,862)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,200</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(25,730,124)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Software licenses</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(17,432,018)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(1,022,040)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(18,454,058)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Authorizations</TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(6,357,666)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(630,464)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;3,200</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(6,984,930)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Infrastructure right-of-use - LT Amazonas</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(76,697)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(9,791)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(86,488)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Other assets</TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(179,081)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(25,567)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(204,648)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><B><U>Total intangible assets, net</U></B></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;10,585,079</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;2,158,741</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,961</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;13,002,781</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Software licenses </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,478,986</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(1,022,040)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;965,373</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;2,422,319</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Authorizations </TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">4,793,831</TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(554,938)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;26,787</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;4,265,680</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Goodwill</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">475,743</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;2,636,426</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;3,112,169</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Infrastructure right-of-use - LT Amazonas (e)</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">109,524</TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(9,791)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;15,557</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;115,290</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Other assets </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">154,035</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(25,567)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;6,301</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;134,769</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Intangible assets under development </TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,572,960</TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,134,651</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#45;</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(1,014,018)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,961</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;2,952,554</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The intangible assets in progress represent the cost of projects in progress
related to the intangible assets in the period of their construction and installation, until the moment they come into operation, when
they will be transferred to the corresponding accounts of these assets. From December 2021 to April 2023 includes the amounts for acquisition
values of the 5G License, which were transferred to goods in service (&#8220;Authorizations&#8221;) in April&nbsp;2023, as per note&nbsp;16.f.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt"><B>Balance in 2021</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt">Additions/ Amortization</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt">Write-offs</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt">Transfers</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt">Acquisitions of subsidiary (Note&nbsp;1.2) </FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt"><B>Balance in 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7.5pt">Capitalized interest </FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt"><B><U>Total cost of intangible assets, gross</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">34,630,541</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,846,601</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(3,200)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,961</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">6,446,789</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;45,179,692</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Software licenses</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">19,911,004</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">701,387</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,366,860</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;21,979,251</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 7.5pt">&nbsp;&nbsp;Authorizations</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;11,151,497</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;75,525</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;(3,200)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;17,123</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;4,598,839</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;15,839,784</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Goodwill</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">475,743</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">2,636,426</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;3,112,169</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Infrastructure right-of-use - LT Amazonas</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">186,221</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">15,557</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;201,778</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Other assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">333,116</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">5,001</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">481,090</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;819,207</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Intangible assets under development</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">2,572,960</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,134,650</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(739,068)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,961</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;3,227,503</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt"><B><U>Total accumulated amortization</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(24,045,462)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,873,904)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,200</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(2,846,978)</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;(28,763,144)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Software licenses</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(17,432,018)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,142,824)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,347,360)</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;(19,922,202)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Authorizations</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(6,357,666)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(664,909)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,200</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,384,432)</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;(8,403,807)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Infrastructure right-of-use - LT Amazonas</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(76,697)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(9,791)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;(86,488)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Other assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(179,081)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(56,380)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(115,186)</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;(350,647)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt"><B><U>Total intangible assets, net</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">10,585,079</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,972,697</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,961</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,599,811</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;16,416,548</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Software licenses</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">2,478,986</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,142,824)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">701,387</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">19,500</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;2,057,049</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Authorizations </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">4,793,831</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(589,384)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">17,123</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,214,407</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;7,435,977</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Goodwill</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">475,743</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">2,636,426</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;3,112,169</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Infrastructure right-of-use - LT Amazonas (e)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">109,524</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(9,791)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">15,557</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;115,290</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Other assets </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">154,035</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(56,380)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">5,001</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">365,904</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;468,560</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 7.5pt">Intangible assets under development </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7.5pt">2,572,960</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,134,650</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(739,068)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">258,961</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&#45;</FONT></TD>
    <TD STYLE="padding-right: 7.6pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;3,227,503</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) With the completion of the purchase price allocation process in December
2022, the balance of net intangible assets on the acquisition date was R$&nbsp;3,599,811. See Note 1.2 for details.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">(b) Amo<U>rtization rates</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 64%; font: 12pt Times New Roman, Times, Serif; padding-right: 12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 36%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Annual fee %</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Software licenses</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Authorizations</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">05&#8722;25</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Right to use infrastructure </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&#8804;05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&#8804;10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">List of Cozani&#8217;s clients</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Surplus on Cozani&#8217;s concession license</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5.66</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(c) <U>Software licenses</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Software maintenance costs are recognized as an expense, as incurred. Development
costs that are directly attributable to software product design and testing, and are identifiable and exclusive, controlled by the Group,
are recognized as intangible assets when the capitalization criteria are met.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 266.25pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Directly attributable costs that are capitalized as part of the software
product are related to employee costs directly allocated in its development.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">(d) <U>Goodwill registered</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">The Company has the following goodwill, based on
the expected future profitability on December 31, 2023 and December&nbsp;31, 2022.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Goodwill on the acquisition of Cozani</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">As described in Note&nbsp;1.2.1, in April 2022 the
Company acquired 100% of Cozani, with a total consideration paid of R$&nbsp;7,211,585 and identifiable assets, net of liabilities assumed,
at a fair value of R$&nbsp;4,575,159. Therefore, having a remaining amount of goodwill allocated from R$&nbsp;2,636,426, <FONT STYLE="background-color: white">which
is recorded on December 31, 2023 and December 31, 2022.</FONT></P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="background-color: white">The Company
describes the accounting practice adopted in business combinations in the Note&nbsp;2e that </FONT>initially, goodwill is initially measured
as being the excess of consideration transferred in relation to net assets acquired (acquired identifiable assets and assumed liabilities).</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="background-color: white">After initial
recognition, the goodwill is carried at cost less impairment losses (if any). For purposes of impairment testing, goodwill acquired in
a business combination is, as of the acquisition date, allocated to the respective cash-generating units that are expected to benefit
from the combination. In the case of the TIM group, the goodwill was allocated to the mobile cash generating unit, which is the only one
identified so far. </FONT></P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">&nbsp;</P>


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<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0"><U>Goodwill from TIM Fiber SP and TIM Fiber RJ acquisitions</U>
&#8211; TIM Celular S.A. (merged by Intelig, current TIM S.A.) acquired, at the end of 2011, the companies Eletropaulo Telecomunica&ccedil;&otilde;es
Ltda. (which subsequently had its trade name changed to TIM Fiber SP Ltda. &#8211; &#8220;TIM Fiber SP&#8221;) and AES Communications
Rio de Janeiro S.A. (which subsequently had its trade name changed to TIM Fiber RJ S.A. &#8211; &#8220;TIM Fiber RJ&#8221;). These companies
were SCM providers in the main municipalities of the Greater S&atilde;o Paulo and Greater Rio de Janeiro areas, respectively. TIM Fiber
SP Ltda. and TIM Fiber RJ S.A. were merged into TIM Celular S.A. on August 29, 2012. TIM Celular S.A. recorded the goodwill allocation
related to the purchase of the companies TIM Fiber SP and TIM Fiber RJ, at the end of the purchase price allocation process, in the amount
of R$&nbsp;1,159,649.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In November 2021, the Company concluded the drop-down of liquid assets
related to the residential broadband business linked to the secondary network infrastructure to the wholly-owned subsidiary FiberCo and
sold 51% of the equity interest in FiberCo, currently named I- Systems, on behalf of IHS. Currently, due to the closing of the transaction,
TIM&nbsp;S.A. wrote-off about 90% of the total goodwill recorded in the acquisition of TIM Fiber SP Ltda. and TIM Fiber RJ S.A. in the
amount of R$&nbsp;1,051,477. As a result, IHS currently holds 51% of the share capital of I-Systems, with TIM&nbsp;S.A. having a minority
(non-controlling) interest of 49% in I-Systems. Consequently, with the closing of this deal in November 2021, the goodwill initially recorded
on the acquisition of the companies Fiber RJ and Fiber SP was reduced to R$&nbsp;108,171 and this balance was recorded on December&nbsp;31,
2023 and December 31, 2022.</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">On August 31, 2020, with the merger of TIM Participa&ccedil;&otilde;es
S.A. by TIM S.A., the Company recorded the goodwill arising from the merger of the net assets of TIM Participa&ccedil;&otilde;es, which
were originated in acquisition transactions as described below:</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0"><U>Goodwill acquisition of &quot;Intelig&quot; by
TIM Participa&ccedil;&otilde;es</U> &#8211; the goodwill arising from the acquisition of TIM&nbsp;S.A. (formerly &#8221;Intelig&quot;)
in December 2009 in the amount of R$&nbsp;210,015 is represented/based on the expectation of future profitability of the Company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Goodwill from the acquisition of minority interests in TIM Sul and TIM
Nordeste</U> &#8211; TIM Participa&ccedil;&otilde;es S.A. (merged by TIM S.A. in August 2020) acquired in 2005, all the shares of the
minority shareholders of TIM Sul and TIM Nordeste, in exchange for shares issued by TIM Participa&ccedil;&otilde;es, converting these
companies into full subsidiaries. The goodwill resulting from this transaction amounted to R$&nbsp;157,556.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Impairment test</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0.25in; text-align: justify">As required by the accounting standard, the Company tests goodwill
on business combinations.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The methodology and assumptions used by Management for the aforementioned
impairment test is summarized below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Management of the Company understands that the smallest unit generating
cash for impairment testing of goodwill in the acquisition of the companies previously described covers TIM S.A., Tim Group&#8217;s operating
company in Brazil and that in 2023 merged Cozani&#8217;s balances, acquired in 2022. This methodology is aligned with the company's strategic
direction. It is worth highlighting that the group&#8217;s results are mainly represented by TIM S.A., but since the merger of Cozani
occurred on April 1, 2023, these results impacted the consolidated TIM S.A. until March 31, 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2022, the <I>impairment</I> test was performed by comparing
the book value with the fair value minus the disposal costs of the asset, as foreseen in IAS 36 / CPC 01.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">For the calculation of fair value, the level of hierarchy within which
the measurement of the fair value of the asset (cash generating unit) is classified was considered. For the company, as there is only
one CGU this was classified in its entirety as Level 1, for the disposal costs we consider that it is irrelevant considering the variation
between the fair value level 1 and the book value of the cash generating unit.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The fair value of Level 1 financial instruments comprises the instruments
traded in active markets and based on quoted market prices on the balance sheet date. A market is considered active when the quoted prices
are readily and regularly available from an Exchange, distributor, broker, industry group, pricing service or regulatory agency, and these
prices represent actual market transactions which occur regularly on a purely commercial basis.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Company&#8217;s shares are traded on B3 &#8211; Brasil, Bolsa, Balc&atilde;o
(&#8220;B3&#8221;) with code (TIMS3) and have a regular trading volume that allows the measurement (Level 1) as the product between the
quoted price for the individual asset or liability and the amount held by the entity.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In 2023, the measurement was made based on the value of the share at the
balance sheet closing date and sensitivity tests were also performed and in none of the scenarios was identified any indication of impairment,
being the fair value determined higher than the book value. Therefore, being the fair value higher than the book value, it is not necessary
to calculate the value in use. Therefore, the calculations carried out at the consolidated level essentially contemplate the results and
accounting balances of TIM&nbsp;S.A., so the management of the Company concludes that the use of the fair value less of cost of sales
methodology is adequate to conclude that there is no provision for impairment since the fair value less the cost of sales is higher than
the total book value of the cash generating unit.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December&nbsp;31, 2023, the Company carried out the analysis of all
tangible, intangible assets and investments and did not identify any impairment indicators.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">(e) <U>Infrastructure right-of-use - LT Amazonas</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The company has signed infrastructure rights agreements with companies
that operate electricity transmission lines in the Northern Region of Brazil. These contracts fall within the scope of IFRIC 4 / ICPC
3 as financial commercial leases.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Additionally, the Company has signed network infrastructure sharing agreements
with Telef&oacute;nica Brasil S.A., also in the North Region. In these, the two operators optimize resources and reduce their respective
operating costs.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">(f) <U>Authorizations</U></P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">4G License</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">In this item are recorded the values related to the
acquisition of Lot 2 in the auction of the 700 MHz band in the amount of R$&nbsp;1,739 million, in addition to the costs related to the
cleaning of the frequency of the 700 MHZ band acquired, which totaled R$&nbsp;1,199 million, in nominal values. As it is a long-term obligation,
the amount payable of R$&nbsp;1,199 million was reduced by R$&nbsp;47 million by applying the concept of adjustment to present value (&#8220;AVP&#8221;).
The aforementioned license fell under the concept of qualifying asset. Consequently, the financial charges on resources raised without
a specific destination, used for the purpose of obtaining a qualifying asset, were capitalized between the years 2014 and 2019.</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">5G License</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">In 2021, there was a record regarding the acquisition
of the 5<SUP>th</SUP> Generation (&#8220;5G&#8221;) mobile telephony radio frequencies.</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">In November 2021, TIM participated in the 5G Auction
and was the winner of several lots in the 2.3GHz, 3.5Ghz and 26Ghz radio frequency bands. These licenses will be paid over a period of
10 to 20 years, subject to restatement at the Selic rate. In December 2021, the Company signed the Terms of Authorization for these radio
frequencies, generating the accounting of an intangible asset related to the licenses in the amount of R$&nbsp;884 million and the obligations
related to said licenses (among them, disbursements with costs of the public notice and disbursement obligations with the management entities
described below) in the amount of R$&nbsp;2,680 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: TIM Sans">Aiming
to fulfill the additional obligations, the Company foresees, according to the notice, that there will the constitution of managing entities,
which are only intended to fulfill the commitments provided for in the Auction. The companies that win the Auction must disburse only
the amounts provided for in the public notice so that such entities comply with the defined obligations. There are additional obligations
provided for related to 3.5GHz radio frequency (the band cleaning obligation, interference solution, among others), which must be complied
with by the Band Management Entity (&#8220;EAF&#8221;), and related to 26GHz radio frequency (connectivity project for public schools</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT><FONT STYLE="font-family: TIM Sans">,
which must be complied with by the Entity Managing the Connectivity of Schools (&#8220;EACE&#8221;).</FONT></P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">On the signature date of the terms, in December&nbsp;2021,
the 2.3GHz and 26GHz radio frequencies were readily available for use by the Company (operating assets), generating the registration in
2021 in &#8220;Authorizations&#8221; of the amounts related to the licenses (R$&nbsp;614 million) and the obligations related to the 26GHz
license, which will be fulfilled through EACE (R$&nbsp;550 million). The disbursements with EACE (R$&nbsp;633 million), provided for in
the Public Notice, will occur in 5 semi-annual installments between 2022 and 2024, and are monetarily restated by the IGP-DI. The Company
evaluated the application of the concept of adjustment to present value (&#8220;AVP&#8221;) upon initial recognition (R$&nbsp;83 million).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The 3.5GHz radio frequency was not readily available, requiring spectrum
cleaning activities to be available for use, and, thus, it was registered in assets in progress (R$&nbsp;270 million). Therefore, the
obligations related to this activity, to be carried out by EAF (R$&nbsp;2,104 million) were also recorded under assets in progress. The
disbursements with the EAF, as provided for in the Public Notice, were restated by the IGP-DI until the disbursement dates. Such disbursements
took place in 2 installments in 2022 (R$&nbsp;1,090 million in February and R$&nbsp;1,133 million in May) to EAF.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">Furthermore, as described above, the Company capitalizes
loan costs for qualifying assets that require a substantial period of time to be in a condition for use as intended by Management. This
concept includes the 3.5GHz radio frequency. On December&nbsp;31, 2023, the Company recorded R$&nbsp;95 million in intangible assets referring
to interest calculated based on the Selic rate (R$&nbsp;259 million in 2022) incurred on the 3.5GHz radio frequency and did not capitalize
the inflation adjustments of amounts due to EAF in 2023 since there is no further balance to disburse with this entity (R$&nbsp;99 million
in 2022). These balances were recorded as goods in progress until the asset was available for the use intended by Management. In the second
quarter of 2023, the asset was considered available for use by the Company, ceasing such capitalization. Thus, the transfer of goods in
progress to the line of authorizations in service was carried out.</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">The total effect on the Company&#8217;s intangible
assets on December 31, 2023 referring to 5G radio frequencies and related obligations was R$&nbsp;3,930 million (R$&nbsp;3,866 million
in 2022) and there are no more balances of assets in progress relating to 5G licenses on December&nbsp;31, 2023 (R$&nbsp;2,753 million
in 2022) and R$&nbsp;3,930 million in Authorizations (R$&nbsp;1,113 million in 2022).</P>

<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">17.</TD><TD>Leases</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">When entering into a contract, the Company assesses whether the contracts
signed are (or contain) a lease. An agreement is (or contains) a lease if it transmits the right to control the use of an identified asset
for a period of time in exchange for consideration.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Leases whose the Company is a lessee are capitalized at the lease's commencement
at the lower of the fair value of the leased asset (right-of-use) and the present value of payments provided for in contract, and lease
liability as a counterparty. Interest related to the leases is taken to income as financial costs over the term of the contract.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Leases in which the Company, as a lessor, transfers substantially all the
risks and rewards of ownership to the other party (lessee) are classified as finance leases. These lease values are transferred from the
intangible assets of the Company and are recognized as a lease receivable at the lower of the fair value of the leased item and/or the
present value of the receipts provided for in the agreement. Interest related to the lease is taken to income as financial revenue over
the contractual term.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Asset leases are financial assets or liabilities classified and/or measured
at amortized cost.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Assets </U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">LT Amazonas </FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">177,569</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">179,305</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">179,305</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Sublease &#8220;resale stores&#8221; &#8211; IFRS&nbsp;16</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">58,772</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,341</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,341</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">236,341</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: -4.85pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">238,646</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">238,646</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Current portion</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(29,886)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(30,643)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(30,643)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Non-current portion</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">206,455</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: -4.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">208,003</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">208,003</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The table below presents the schedule of cash receipts for the agreement
currently in force, representing the estimated receipts (nominal values) in the signed agreements. These balances differ from those shown
in the books since, in the case of the latter, the amounts are shown at present value.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 35%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8.5pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8.5pt TIM Sans; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt"><B>Up to Dec&nbsp;2024</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt"><B>Jan&nbsp;2025&#8211;Dec&nbsp;2029</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt"><B>Jan&nbsp;2030 onwards</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt"><B>Nominal values</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt"><B>Present value</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">56,172</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">200,746</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">113,535</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">370,453</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">236,341</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">LT Amazonas<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">30,669</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">155,509</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">113,351</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">299,529</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">177,569</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">Sublease &#8220;resale stores&#8221; &#8211; IFRS&nbsp;16</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">25,503</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">45,237</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">184</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">70,924</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">58,772</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">(i) LT Amazonas</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">As a result of the contract signed with LT Amazonas, the Company signed
network infrastructure sharing agreements with Telef&oacute;nica Brasil S.A. In these agreements, the company and Telef&oacute;nica Brasil
S.A. share investments made in the Northern Region of Brazil. The company has monthly amounts receivable from Telef&oacute;nica Brasil
S.A. for a period of 20 years, adjusted annually by the IPC-A. The discount rate used to calculate the present value of the installments
due is 12.56% per annum, considering the date of signing the agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 61.5pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) Subleases - Stores - IFRS&nbsp;16</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company, due to sublease agreements for third parties in some of its
stores, recognized the present value of short and long term receivables, which are equal in value and term to the liability cash flows
of the contracts called &#8220;resale stores&#8221;. The impact on lease liabilities is reflected in the group &#8220;Leases - Shops &amp;
Kiosks and Real Estate&#8221;.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company&#8217;s sublease revenue in 2023 was R$&nbsp;67,021 (R$&nbsp;62,235
in 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Liabilities </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 6in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">LT Amazonas<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">327,820</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">327,505</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">327,505</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Sale of towers (leaseback)<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,679,221</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,730,214</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,730,214</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Other (iv)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">147,051</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">158,314</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">158,314</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Subtotal</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,154,092</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,216,033</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,216,033</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Other leases:<SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;Leases &#8211; Network Infrastructure</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">5,476,509</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">4,084,433</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">6,123,914</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;Leases - Shops &amp; kiosks &amp; real estate</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">958,981</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">746,028</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">746,028</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;Leases - Land (Network) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,793,441</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,820,803</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,664,315</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;Leases &#8211; Fiber&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">873,752</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,081,576</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,081,575</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Subtotal leases IFRS&nbsp;16 / CPC&nbsp;06&nbsp;(R2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">10,102,683</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">7,732,840</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">10,615,832</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,256,775</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: -4.85pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">9,948,873</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">12,831,865</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Current portion</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(1,808,740)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.15pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(1,353,869)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(2,257,211)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Non-current portion</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">10,448,035</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right; text-indent: -4.85pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">8,595,004</FONT></TD>
    <TD STYLE="width: 3%; background-color: #D3DFEE; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #4F81BD 1pt solid; border-bottom: #1F497D 1.5pt double; font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">10,574,654</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The amount of interest paid in the year ended December 31, 2023 related
to IFRS&nbsp;16 / CPC&nbsp;06 (R2) is R$&nbsp;1,122,523 (R$&nbsp;1,001,311 in the year ended December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In accordance with CPC&nbsp;15 (R1), in a business combination, lease liabilities
must be measured at the present value of the remaining lease balance as if the lease agreement acquired was a new lease agreement on the
acquisition date. The impact on Lease Liabilities on the acquisition date (April 20, 2022) was R$&nbsp;2,929,449 (Note&nbsp;1.2.1).&#9;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In&nbsp;2023, the amount of R$&nbsp;238 million was paid, referring to
fines applied related to the decommissioning process of sites acquired from Cozani (merged on April&nbsp;1, 2023).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Changes to the lease liabilities are shown in note 37.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The table below presents the future payment schedule for the agreements
in force, representing the estimated disbursements (nominal values) in the signed agreements. These nominal balances differ from those
shown in the books since, in the case of the latter, the amounts are shown at present value:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 5.25in">&nbsp;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify; text-indent: 5.25in"><B>Parent Company</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="width: 46%; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Up to Dec&nbsp;2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Jan&nbsp;2025&#8211;Dec&nbsp;2029</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Jan&nbsp;2030 onwards</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Nominal values</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Present value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Total - Lease liability </B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,883,402</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,801,049</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,893,910</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">20,578,363</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,256,775</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">LT Amazonas<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">69,937</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">295,376</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">215,464</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">580,777</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">327,820</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Sale and leaseback of Towers<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">304,451</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,448,007</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,624,775</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,377,233</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,679,221</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Other (iii)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">39,333</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">139,116</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,383</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">188,832</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">147,051</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Total other leases<SUP>(iv)</SUP></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,469,681</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6,918,550</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">7,043,288</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">16,431,521</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,102,683</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Leases &#8211; Network infrastructure</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,220,279</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,994,195</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,039,512</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,253,986</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">5,476,509</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 10.7pt; text-indent: -10.7pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Leases - Shops &amp; kiosks &amp; real estate</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">225,771</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">652,745</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">713,873</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,592,389</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">958,981</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Leases - Land (Network) </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">546,966</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,764,908</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,289,903</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,601,778</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,793,441</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Leases &#8211; Fiber&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">476,665</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">506,702</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">983,368</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">873,752</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>i) LT Amazonas</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company executed agreements for the right to use the infrastructure
of companies that operate electric power transmission lines in Northern Brazil (&#8220;LT Amazonas&#8221;). The terms of these agreements
are for 20 years, counted from the date on which the assets are ready to operate. The contracts provide for monthly payments to the electric
power transmission companies, restated annually at the IPCA.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The discount rate used to calculate the present value of the installments
due is 14.44% per annum, considering the signing date of agreements with transmission companies.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>ii) Sale and leaseback of Towers</U></P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company entered into two Sales Agreements with American Tower do Brasil
Cess&atilde;o de Infraestruturas Ltda. (&#8220;ATC&#8221;) in November 2014 and January 2015 for up to 6,481 telecommunications towers
then owned by TIM Celular, for an amount of approximately R$&nbsp;3 billion, and a Master Lease Agreement (&#8220;MLA&#8221;) for part
of the space on these towers for a period of 20 years from the date of transfer of each tower, under a sale and leaseback transaction,
with a provision for monthly rental amounts depending on the type of tower (greenfield or rooftop). The sales agreements provided for
the towers to be transferred in tranches to ATC, due to the need to meet certain conditions precedent.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In total, 5,873 towers were transferred, being 54,336 and 5,483 in the
years 2017, 2016 and 2015, respectively. This transaction resulted in a sales amount of R$&nbsp;2,651,247, of which R$&nbsp;1,088,390
was booked as deferred revenue and will be amortized over the period of the contract (Note&nbsp;23).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The discount rates used at the date of the transactions, ranging from 11.01%
to 17.08% per annum, were determined based on observable market transactions that the company (the lessee) would have to pay on a similar
lease and/or loan.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(iii) It is substantially represented by lease transactions in transmission
towers.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>(iv) Other leases: </U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In addition to lease agreements mentioned above, the Company also has lease
agreements that qualify within the scope of IFRS&nbsp;16 / CPC&nbsp;06 (R2).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The present value, principal and interest value on December 31, 2023 for
the above contracts was estimated month-to-month, based on the average incremental rate of the Company&#8217;s loans, namely 13.63% (13.24%
in 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Lease agreements within the scope of IFRS&nbsp;16/CPC&nbsp;06 (R2) acquired
through the acquisition from Cozani were remeasured on the acquisition date to reflect the Company&#8217;s expectation of the lease term
and average incremental rate of loans. The amount recorded on the acquisition date was R$&nbsp;2,929,449.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The lease amounts considered low-value or short-term (less than 12 months)
were recognized as rental expenses and totaled R$&nbsp;32,037 on December&nbsp;31, 2023 (R$&nbsp;40,723 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">18.</TD><TD>Other amounts recoverable <FONT STYLE="font-weight: normal">&#9;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">These refer to Fistel credit amounts arising from the reduction of the
customer base, which may be offset by future changes in the base, or used to reduce future obligations, and are expected to be used in
the reduction of the TFF contribution (operating supervision fee) due to Anatel.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2023, this credit is R$&nbsp;80,963 (R$&nbsp;26,519 on
December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">19.</TD><TD>Suppliers</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Accounts payable to suppliers are obligations payable for goods or services
that were acquired in the usual course of business. They are initially recognized at fair value and, subsequently, measured at amortized
cost using the effective interest rate method. Given the short maturity of these obligations, in practical terms, they are usually recognized
at the value of the corresponding invoice.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><B>Suppliers </B></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,612,112</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,385,356</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,237,229</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Domestic currency</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,052,047</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,089,977</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,940,624</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Suppliers of materials and services (i)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,970,040</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,003,003</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,842,435</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt"><I>Interconnection</I> (ii)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">50,519</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">64,228</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">67,724</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Roaming<SUP>(iii)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">64</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">603</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,857</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Co-billing<SUP>(iv)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,424</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">22,143</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">28,608</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Foreign currency</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">560,065</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">295,379</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">296,605</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Suppliers of materials and services (i)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">220,061</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">161,042</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">161,042</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Roaming<SUP>(iii)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">340,004</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">134,337</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">135,563</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Current portion</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,612,112</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,385,356</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">4,237,229</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) Represents the amount to be paid to suppliers in the acquisition of
materials and in the provision of services applied to the tangible and intangible asset or for consumption in the operation, maintenance
and administration, in accordance with the terms of the contract between the parties.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) Refers to as the use of the network of other fixed and mobile operators
such cases where calls are initiated on the TIM network and terminated on the other operators.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(iii) Refers to calls made when the customer is outside their registration
area and is considered a visitor on the other network.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(iv) Refers to calls made by the customer when choosing another long-distance
operator.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company entered into contracts with banks to assist its suppliers who
requested drawee risk operations. In such operations, suppliers transfer their credit rights against the Company to the banks, with no
right of recourse, aiming to receive them in advance by applying a discount. After carrying out the operations, the Company currently
has the banks as creditors of the notes assigned by the suppliers in the original value and term of the assigned credit rights, without
any associated financial charge or benefit. Trade notes payable related to these operations remain classified under &#8220;suppliers&#8221;.&nbsp;On
December&nbsp;31, 2023, the Company has approximately R$&nbsp;316 million (R$&nbsp;260 million on December 31, 2022) related to the drawee
risk operation.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">20.</TD><TD>Authorizations payable</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December&nbsp;31, 2023 and December&nbsp;31, 2022, the Company and its
subsidiary have the following commitments with ANATEL:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 56%; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 2%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="width: 1%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Renewal of authorizations<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">190,771</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">216,627</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">231,801</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Updated ANATEL liability<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">257,616</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">186,307</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">186,307</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Authorizations payable<SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;1,076,776</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;1,255,282</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;1,255,282</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,525,163</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,658,216</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,673,390</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Current portion</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(407,747)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(507,685)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(507,685)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Non-current portion</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,117,416</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,150,531</FONT></TD>
    <TD STYLE="padding-right: 10pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,165,705</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: TIM Sans">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">To provide the SMP, the Company obtained authorizations
of the right to use radio frequency for a fixed term, renewable.<SUP>[9]</SUP> In the option for the extension of the right of this use,
it is due the payment of the amount of 2% on the net revenue from the application of Service Plans, Basic and Alternative of the region
covered by the authorization that ends each biennium. On December 31, 2023, the balances falling due related to the renewal of Authorizations
were R$&nbsp;190,771 (R$&nbsp;216,627 on December 31, 2022) and represented the amount of R$&nbsp;231,801 on December&nbsp;31, 2022 in
the consolidated.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">On December 5, 2014, the company signed the authorization
term of the 700 MHz band and paid the equivalent of R$&nbsp;1,678 million, recording the remaining balance in the amount of R$&nbsp;61
million as commercial liability, according to the payment method provided for in the notice.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">On June 30, 2015, the company filed a lawsuit questioning the
collection of the excess nominal value of R$&nbsp;61 million, restated at IGP-DI totaling R$&nbsp;258 million (R$&nbsp;186 million on
December 31, 2022), which is still pending trial.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">As described in Note&nbsp;16.f, in November&nbsp;2021,
TIM participated in the 5G Auction of the 2.3GHz, 3.5Ghz and 26Ghz radio frequency bands for the deployment of the 5<SUP>th</SUP> Generation
mobile telephony, winning several lots in these radio frequencies. In December 2021, the Terms of Authorization were signed, characterizing
the actual acquisition of the right over the lots of these radio frequencies. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">For the amounts related to radio frequencies (R$&nbsp;884 million
upon initial registration), Selic rate interest is levied, and the Company will make annual payments for a period of 20 years (the three
first installments were paid in the amounts of R$&nbsp;46,274, R$&nbsp;52,005 and R$&nbsp;57,811). Regarding amounts related to disbursement
obligations with EAF and EACE entities (R$&nbsp;2,737 million upon initial registration, of which R$&nbsp;2,654 million net of adjustment
do present value), there is a monetary restatement by IGP-DI, and disbursements will occur until 2024. The contributions to EAF were
fully made in 2022 (R$&nbsp;1,090 million in February and R$&nbsp;1,133 million in May). Regarding EACE, four contributions totaling
R$&nbsp;533 million were made up until December 31, 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt TIM Sans; margin: 0"><SUP>[9]</SUP> The renewal time varies according to the bid notice and extension conditions approved
by the Agency.</P>


<!-- Field: Page; Sequence: 105 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">On December&nbsp;31, 2023, the outstanding balance, considering
the amounts related to radio frequencies and contributions to be made in the EACE entity, is R$&nbsp;1,225 million (R$&nbsp;1,255 million
on December&nbsp;31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The authorizations payable on December 31, 2023 due in long-term is in
accordance with the following schedule:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 33%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Parent Company </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4F81BD 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 9pt; text-align: right"><B>2023</B></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2025</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">283,073</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2026</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,109</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2027</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,109</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2028</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,109</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,109</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2030</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">59,109</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2031</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">53,845</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&gt;2032</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">484,953</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5B9BD5 2.25pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,117,416</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The primary authorizations held by TIM S.A. on December 31, 2023, as well
as their expiration dates, are shown in the table below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>Expiry date</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%"><B>Terms of authorization</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>800 MHz,</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>900 MHz and</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>1,800 MHz</U></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>Additional frequencies</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>1800 MHz</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>1900 MHz and</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>2100 MHz</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(3G)</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>2500 MHz</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>V1 and V2 bands</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(4G)</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>2500 MHz</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(P band)</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(4G)</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>700 MHz</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(4G)</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>2.3 GHz</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(5G)</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>3.5 GHz</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(5G)</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>26 GHz</U></B></P>
    <P STYLE="font: 7pt TIM Sans; margin: 0; text-align: center"><B><U>(5G)</U></B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Amap&aacute;, Roraima, Par&aacute;, Amazonas and Maranh&atilde;o </B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Part of AR92 (PA), Feb&nbsp;2024</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2029 </FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Amazonas, Roraima, Amap&aacute;, Par&aacute;, Maranh&atilde;o, Minas Gerais and Esp&iacute;rito Santo (merged from COZANI)*</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031 (1800MHz)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Rio de Janeiro and Esp&iacute;rito Santo</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">ES - Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Part of AR21 (RJ), Feb&nbsp;2024</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2031 (lots I&amp;J) &amp; Dec&nbsp;2041 (lot H)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Rio de Janeiro and Esp&iacute;rito Santo (merged from COZANI)*</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031 (900MHz)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    </TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="width: 23%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Acre, Rond&ocirc;nia, Mato Grosso, Mato Grosso do Sul, Tocantins, Distrito Federal, Goi&aacute;s, Rio Grande do Sul (except county of Pelotas and region) and municipalities of Londrina and Tamarana in Paran&aacute;</B></FONT></TD>
    <TD STYLE="width: 12%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">December 2032</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="width: 9%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Part of AR61 (DF), Feb&nbsp;2024</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">South &#8211; Dec&nbsp;2041</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2031 (lots I&amp;J) &amp; Dec&nbsp;2041 (lot H)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Acre, Rond&ocirc;nia, Mato Grosso, Tocantins and Distrito Federal (merged from COZANI)*</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032 (900 &amp; 1800MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Municipality of Parana&iacute;ba, in Mato Grosso do Sul, and municipalities of Buriti Alegre, Cachoeira Dourada, Inaciol&acirc;ndia, Itumbiara, Paranaiguara and S&atilde;o Sim&atilde;o, in the state of Goi&aacute;s - (merged COZANI)*</B></FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032 (900 &amp; 1800MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Mato Grosso do Sul (except the municipality of Parana&iacute;ba) and Goi&aacute;s (except municipalities of Buriti Alegre, Cachoeira Dourada, Inaciol&acirc;ndia, Itumbiara, Paranaiguara and S&atilde;o Sim&atilde;o) - (merged COZANI)*</B></FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032 (900 &amp; 1800MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">S&atilde;o Paulo </FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Previous balance - Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2031 (lots I&amp;J) &amp; Dec&nbsp;2041 (lot H)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">S&atilde;o Paulo (merged COZANI)*</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032 (1800MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Paran&aacute; (except counties of Londrina and Tamarana)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Nov&nbsp;2028 (800MHz); Dec&nbsp;2032 (900 &amp; 1800MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% TIM Sans; margin: 0pt 0 12pt; text-align: center">AR41, except Curitiba and the Metropolitan Region, Feb&nbsp;2024</P>
    <P STYLE="font: 7pt/115% TIM Sans; margin: 0pt 0 12pt; text-align: center">AR41, Curitiba and Metropolitan Region, July&nbsp;2031</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031 (lots I&amp;J) &amp; Dec&nbsp;2041 (lot H)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Santa Catarina</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031 (lots I&amp;J) &amp; Dec&nbsp;2041 (lot H)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Paran&aacute; and Santa Catarina (merged from COZANI)*</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032 (900 &amp; 1800MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Municipality and region of Pelotas, in the state of Rio Grande do Sul</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031 (lots I&amp;J) &amp; Dec&nbsp;2041 (lot H)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Rio Grande do Sul (merged COZANI)*</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032 (900MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 107 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="width: 23%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Pernambuco</FONT></TD>
    <TD STYLE="width: 12%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Part of AR81, July&nbsp;2031</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Cear&aacute;</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Para&iacute;ba</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Rio Grande do Norte</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Alagoas</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2023</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Piau&iacute;</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Piau&iacute;, Cear&aacute;, Rio Grande do Norte, Para&iacute;ba, Pernambuco and Alagoas (merged from COZANI)*</B></FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031 (900 &amp; 1800MHz)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Mar&nbsp;2031</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Minas Gerais (except the counties of Sector 3 of the PGO for 3G radio frequencies, leftovers and 5G)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Part of AR31, Feb&nbsp;2030</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031 (lots I&amp;J) &amp; Dec&nbsp;2041 (lot H)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Bahia and Sergipe</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">800 MHz &#8211; Nov&nbsp;2028 1800 MHz &#8211; Dec&nbsp;2032</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V1)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2041</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt">Dec&nbsp;2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; color: #365F91; line-height: 115%"><B>Bahia, Sergipe, Rio de Janeiro and Minas Gerais (merged from COZANI)*</B></FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Apr&nbsp;2038</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt; line-height: 115%">Oct&nbsp;2027 (V2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt TIM Sans; margin: 0 0 0 21.3pt">&nbsp;</P>

<P STYLE="font: 7.5pt TIM Sans; margin: 0">* Cozani&#8217;s incorporated authorizations indicated in a section based on the different
deadlines contained in the Authorization granted to Cozani. Due to the merger, the deadline for using radio frequencies in each location
will be long-term.</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">21.</TD><TD>Loans and financing</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">They are classified as financial liabilities measured at the amortized
cost, and represented by non-derivative financial liabilities that are usually traded before maturity.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In the initial recognition, they are recorded at the fair value and after
the initial recognition they are measured based on the effective interest rate method. Appropriations of financial expenses according
to the effective interest rate method are recognized in income (loss), under financial expenses.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 7in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>Parent
    Company</B></FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>Description</U></B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>Currency</U></B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>Charges</U></B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>Maturity</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4472C4 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">KFW
    Finnvera<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">USD</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Libor
    6M+ 0.75% p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Jan&nbsp;2024&#8211;Dec&nbsp;2025</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">124,411</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">173,381</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">173,381</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Scotia&sup1;
    (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">USD</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1.4748%
    p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Apr&nbsp;2024</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">485,498</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,568,683</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,568,683</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNP
    Paribas (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">7.0907%
    p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Jan&nbsp;2024</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">515,068</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">515,265</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">515,265</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Debentures&sup2;
    (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA
    + 4.1682%&nbsp;p.a.<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">June&nbsp;2028</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,859,897</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,771,797</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,771,797</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNDES
    (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA
    + 4.2283% p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Nov&nbsp;2031</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">392,340</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">394,139</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">394,139</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNB&sup3;
    (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA
    + 1.2228%&#8211;1.4945% </FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Feb&nbsp;2028</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">206,140</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">249,400</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">249,400</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNDES
    (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">TJLP
    + 1.95% p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Aug&nbsp;2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5B9BD5 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">187,592</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5B9BD5 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">297,160</FONT></TD>
    <TD STYLE="border-bottom: #5B9BD5 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">297,160</FONT></TD></TR>

<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Total</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 23%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #5B9BD5 1pt solid; white-space: nowrap; width: 12%; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,770,946</FONT></TD>
    <TD STYLE="border-bottom: #5B9BD5 1pt solid; white-space: nowrap; width: 13%; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">4,969,825</FONT></TD>
    <TD STYLE="border-bottom: #5B9BD5 1pt solid; width: 14%; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">4,969,825</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Current</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,267,237)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,264,967)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,264,967)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Non-current</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">2,503,709</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,704,858</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,704,858</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&sup1; Rates on outstanding debts on 12/31/2022 with Scotia Bank are between
1.4748% and 3.2300% p.a.</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify"><FONT STYLE="font-size: 7pt">&sup2; </FONT><FONT STYLE="font-size: 8pt">The
automatic decrease of up to 0.25 bps is estimated in remunerative interest and will comply with sustainable targets established in the
indenture.</FONT></P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&sup3; BNB interest rates already include a 15% discount for payment.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify"><SUP>4</SUP> The debt with KFW Finninvera had its index amended, changing
from Libor to SOFR, with the first fixing valid from January/2024.</P>

<!-- Field: Page; Sequence: 108 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>Guarantees</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TIM Sans; margin: 0">(i) Certain receivables from TIM&nbsp;S.A.;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">(ii) Do not have a guarantee.&#9;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt TIM Sans; margin: 0; text-align: justify">The Company's financing, contracted with BNDES, was obtained for the
expansion of the mobile telephone network and has restrictive contractual clauses that provide for the fulfilment of certain financial
and non-financial rates calculated every quarter. Financial indices are: (1) Shareholders' equity over total assets; (2) EBITDA on net
financial expenses; (3) Total financial debt on EBITDA and (4) Short-term net financial debt to EBITDA. The Debentures issued by TIM S.A.
(2<SUP>nd</SUP> issue in a Single Series) have a financial ratio covenant calculated semiannually. The index is the Net Financial Debt
on EBITDA. The Company has been complying with all the established ratios.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% TIM Sans; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Company&#8217;s loans and financing on December 31, 2023 due in long-term
is in accordance with the following schedule:</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2025</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">200,857</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2026</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">726,402</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2027</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">726,402</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2028</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">687,548</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">55,714</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2030</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">55,714</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2031</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">51,072</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,503,709</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The nominal value of the loans and financing is consistent with their respective
payment schedule.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 33%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 51%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; text-indent: 14pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Nominal value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2024</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">1,267,237</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2025</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">200,857</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2026</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">726,402</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2027</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">726,402</FONT></TD></TR>

<TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 33%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2028</FONT></TD>
    <TD STYLE="width: 51%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">687,548</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2029</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">55,714</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2030</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">55,714</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2031</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">51,072</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">3,770,946</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Fair value of loans</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In Brazil, there is no consolidated long-term debt market with the characteristics
verified in the financing obtained from KFW Finnvera, which has the Finnish development agency Finnvera as guarantor. Both are financing
for the purchase of equipment and, therefore, have a character of subsidy and promotion of commercial activity between the company and
certain suppliers.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">With respect to proceeds contracted with The Bank of Nova Scotia, BNP Paribas,
Debentures and BNDES and BNB, the fair value of these loans is considered to be the present value of the long position of the swap contracts
that protect the Company from changes in exchange rates and interest. The fair value of the operations on December 31, 2023 is, respectively,
R$&nbsp;478,098, R$&nbsp;520,990, R$&nbsp;1,821,869, R$&nbsp;381,027 and R$&nbsp;193,878 (in 2022 was respectively, R$&nbsp;1,519,742,
R$&nbsp;59,199, R$&nbsp;1,670,839, R$&nbsp;361,828 and R$&nbsp;219,697).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">22.</TD><TD>Taxes, fees and contributions payable</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><B>Taxes, fees and contributions payable</B></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,058,718</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">2,140,218</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">2,291,267</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Value-added tax on sales and services - ICMS</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">249,485</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">212,043</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">222,120</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">ANATEL&#8217;s taxes and fees<SUP>(i)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">2,563,784</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,698,025</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,798,967</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt"><I>Imposto sobre Servi&ccedil;o</I> [Service tax] - ISS</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">67,765</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">65,881</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">65,664</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">PIS / COFINS</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">49,312</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">62,324</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">102,157</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Other (ii)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">128,372</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">101,945</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">102,359</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Current portion</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(3,048,115)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(2,126,678)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(2,277,727)</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Non-current portion</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">10,603</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">13,540</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">13,540</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) In 2020, to minimize the impacts of the pandemic, Provisional Act 952,
dated April 15, 2020, was enacted, authorizing the postponement of payment of taxes, such as TFF, Condecine and CFRP, in the amount of
R$&nbsp;790 million, to August 31, 2020.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In the 2020 amounts, the Company made a partial payment in the amount of
R$&nbsp;300 million referring to CFRP and Condecine, but due to a preliminary injunction in court, there was no need to pay the Fistel
(TFF) in the amount of R$&nbsp;490 million, which remains outstanding until the final and unappealable decision.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In 2021 and 2022, there were partial payments related to CRFP and Condecine
in the amount of R$&nbsp;300 million per annum and TFF payments remain suspended based on an injunction issued by the Regional Court
of the 1<SUP>st</SUP> Region. The suspended amounts are as follows: R$&nbsp;480 million in 2021 and R$&nbsp;482 million and R$&nbsp;104
million in 2022, referring to TIM S.A. and Cozani, respectively.</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><SUP></SUP></P>


<!-- Field: Page; Sequence: 110 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Until December 31, 2022, there was the recognition of R$&nbsp;215.6 million
in default interest on Fistel (TFF) amounts related to fiscal years 2020, 2021 and 2022 with suspended payment by preliminary injunction
and R$&nbsp;52.6 million recorded in 2021 and R$&nbsp;163 million in 2022.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In 2023, the amount related to the principal of TFF is R$&nbsp;531 million
and there was recognition of R$&nbsp;237 million in interest for late payment on the Fistel amounts (TFF) for the years 2020, 2021, 2022
and 2023, adjusted until December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) The breakdown of this account mainly refers to the company's adhesion
to the Tax Recovery Program &#8211; REFIS from 2009 for payment of installments of the outstanding debts of federal taxes (PIS &#8211;
Social Integration Program, COFINS &#8211; Contribution to Social Security Financing, IRPJ &#8211; Corporate Income Tax and CSLL &#8211;
Social Contribution on Net Profit), whose final maturity will be on October 31, 2024.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">23.</TD><TD>Deferred revenues</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="width: 56%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans"><B>Deferred revenues</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">901,002</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">889,441</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">932,029</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Prepaid services<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">187,540</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">151,355</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">193,944</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Government grants </FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">860</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">860</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Anticipated revenues</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">39,138</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">43,561</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">43,561</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Deferred revenues on sale of towers<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">626,636</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">680,731</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">680,731</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Contract liabilities<SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">47,688</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">12,934</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">12,933</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Current portion</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">(279,401)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">(222,829)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">(265,417)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 10pt"><FONT STYLE="font-family: TIM Sans">Non-current portion</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">621,601</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">666,612</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">666,612</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) Referring to the recharge of voice credits and data not yet used by
customers relating to prepaid system services that are appropriate to the result when the actual use of these services by customers.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) Referring to the amount of revenue to be appropriated by the sale
of the towers (note 17).</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(iii) Contracts with customers. The table below includes information on
the portion of trade accounts receivable, from which contractual assets and liabilities originate.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balances on December 31, 2023 and December 31, 2022, presented below,
represent the individual and consolidated amounts.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balances on December 31, 2023 and December 31, 2022, presented below,
represent the individual and consolidated amounts.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 5.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; width: 72%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; border-top: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Accounts receivable included in trade accounts receivable</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,344,726</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,182,403</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 72%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Contractual assets</FONT></TD>
    <TD STYLE="width: 14%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">19,957</FONT></TD>
    <TD STYLE="width: 3%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">19,828</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Contractual liability</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(47,688)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(12,934)</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 111 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The contracts with customers gave rise to the allocation of discounts under
combined loyalty offers, where the discount may be given on equipment and / or service, generating a contractual asset or liability, respectively,
depending on the nature of the offer in question.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">Summary of the main variations in the year.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 24%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Contractual assets (liabilities)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Balance on January&nbsp;01, 2023</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">6,894 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Additions</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(27,535)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Write-offs </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(7,090)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Balance at December 31, 2023</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(27,731)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">The balances of contractual assets and liabilities that represent the individual and consolidated
balances are expected to be realized according to the table below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 51%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Contractual assets (liabilities)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;&nbsp;(12,836)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(14,895)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company in line with paragraph&nbsp;121 of IFRS&nbsp;15, is not presenting
the effects of information on contracts with customers with terms of duration of less than 1 year.</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">24.</TD><TD>Provision for legal and administrative proceedings</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 1.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 1.1pt 0 0; text-align: justify">The Company is an integral part in judicial and administrative
proceedings in the civil, labor, tax and regulatory spheres, which arise in the normal course of its business.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The provision is constituted based on the opinions of the company's legal
advisors and management, for amounts considered sufficient and adequate to cover losses and risks considered probable. Situations where
losses are considered probable and possible are recorded and disclosure, respectively, by their updated values, and those in which losses
are considered remote are not disclosed.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 1.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 1.1pt 0 0; text-align: justify">The provision for judicial and administrative proceedings constituted,
updated, is composed as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 1.1pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Parent Company </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4472C4 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><B>Provision for legal and administrative proceedings</B></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,410,299</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,112,153</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,112,156</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Civil<SUP>(a)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">498,180</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">392,972</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">392,976</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Labor<SUP>(b)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">212,929</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">214,450</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">214,450</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Tax<SUP>(c)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">666,209</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">473,391</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">473,390</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Regulatory<SUP>(d)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">32,981</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,340</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,340</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The changes in the provision for judicial and administrative proceedings
are summarized below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 46%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>December&nbsp;2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Additions, net of reversals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Payments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Inflation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>December&nbsp;2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,112,153</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">323,018</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(343,440)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">318,568</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,410,299</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Civil<SUP>(a)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">392,972</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">149,419</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(206,297)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">162,086</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">498,180</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Labor<SUP>(b)</SUP></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">214,450</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">77,225</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(121,585)</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">42,839</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">212,929</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Tax<SUP>(c)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">473,391</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">92,645</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(11,671)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">111,844</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">666,209</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Regulatory<SUP>(d)</SUP></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,340</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,729</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(3,887)</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,799</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">32,981</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 44%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>December&nbsp;2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Additions, net of reversals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Payments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Inflation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>December&nbsp;2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">960,881</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">247,227</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(242,597)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">146,642</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,112,153</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Civil<SUP>(a)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">309,019</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">130,164</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(133,649)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">87,438</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">392,972</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Labor<SUP>(b)</SUP></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">192,132</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">79,613</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(84,165)</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">26,870</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">214,450</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Tax<SUP>(c)</SUP></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">429,951</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">35,978</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(21,192)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">28,654</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">473,391</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Regulatory<SUP>(d)</SUP></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">29,779</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,472</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(3,591)</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">3,680</TD>
    <TD STYLE="vertical-align: bottom; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,340</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is subject to several legal actions and administrative procedures
proposed by consumers, suppliers, service providers and consumer protection agencies and treasury agencies, which deal with various matters
that arise in the normal course of the entities&#8217; business. The main processes are summarized below:</P>

<P STYLE="font: 12pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 1.1pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><U>Civil proceedings</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><I>a.1 Consumer lawsuits</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is a party in lawsuits related to various claims filed by consumers,
in the judicial and administrative spheres. The aforementioned actions in the amount provisioned of R$&nbsp;179,815 (R$&nbsp;179,132 on
December&nbsp;31, 2022) refer mainly to lawsuits related to alleged improper collection, cancellation of contract, quality of services,
unilateral contract amendment and undue negative entry.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 131.25pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><I>a.2 Consumer Protection Agencies</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM is a party to legal and administrative lawsuits filed by the Public
Prosecutor's Office, Procon and other consumer protection agencies, arising from consumer complaints, in which, and among other topics,
discusses: (i) alleged failures in the provision of network services; (ii) questions of quality in service; (iii) alleged violations of
the SAC [customer service hotline] decree; (iv) alleged contractual violations; (v) alleged misleading advertising; and (vi) discussion
of the collection of loyalty fines, in cases of robbery and theft of the device. The amount provisioned is equivalent to R$&nbsp;258,578
(R$&nbsp;168,987 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-bottom: 6pt; margin-left: 0">TIM is a defendant in a Public
Civil Action filed by the Public Ministry of the Federal District and Territories, in which alleged defects in the quality of service
provision for users of the Infinity plan are discussed. The accrued amount is R$&nbsp;50 million (R$&nbsp;150.9 million on December 31,
2023). Currently, the analysis of the admissibility of the Extraordinary Appeal filled by TIM is being awaited.&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>a.3 Former trading partners </I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM is a defendant in lawsuits proposed by former trade partners claiming,
among others, amounts on the basis of alleged non-compliance with agreements. The provisioned amount is R$&nbsp;45,770 (R$&nbsp;27,740
on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>a.4 Other</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM is a defendant in other actions of essentially non-consumer objects
proposed by the most diverse agents from those described above, in which, among others, it is discussed: (i) share subscription; (ii)
claims for civil liability indemnification; (iii) upon the alleged breach of the contract, the provisioned amounts are equivalent to R$&nbsp;11,964
(R$&nbsp;14,642 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>a.5 Social and environmental and infrastructure</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is a party to lawsuits involving various agents who discuss
aspects related to licensing, among which environmental licensing and infrastructure licensing (installation/operation). The amounts involved
and provisioned are equivalent to R$&nbsp;2,053 (R$&nbsp;2,471 on December&nbsp;31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><I>a.6 ANATEL</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is a party to lawsuits in front of ANATEL, in which it is
discussed, among other topics: (i) debit related to the collection of 2% of revenues from Value - Added Services&#8211;VAS and interconnection;
(ii) pro-rata inflation adjustment applied to the price proposal defined in the notice for the use of 4G frequencies; (iii) alleged non-compliance
with service quality targets; and (iv) wholesale product reference offering models (ORPAs). There is no provisioned amount corresponding
to these lawsuits on December 31, 2023 and December&nbsp;31, 2022.</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>b. Labor and social security lawsuits</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">These are processes involving several labor claims filed by both former
employees, in relation to matters such as overtime, differences in variable remuneration and legal overcome in other contract funds, as
well as by former employees of service providers, all of whom, taking advantage of the labor laws in force require it to keep the Company
in compliance with labor obligations does not abide by contractors hired for that purpose. Regarding social security claims, the amounts
refer to the legal difference in the levy of social security contributions discussed in the Judiciary Branch.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">From the total of 1,833 Labor claims on December 31, 2023 (1,628 on December
31, 2022) filed against the company, the majority relate to claims involving former employees of service providers followed by lawsuits
from employees of their own and social security lawsuits. The provisioning of these claims totals R$&nbsp;212,929 updated monetarily (R$&nbsp;214,450
on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>c. Tax proceedings</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7.6pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Federal taxes</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">274,781</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">260,206</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">State taxes</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">307,898</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">130,816</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Municipal taxes </FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">9,711</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">8,550</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">TIM S.A. proceedings (Purchase price allocation)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">73,819</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">73,819</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; white-space: nowrap; border-bottom: #1F497D 1.5pt double; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">666,209</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; white-space: nowrap; border-bottom: #1F497D 1.5pt double; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 13pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">473,391</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The total recorded provision is substantially composed of the following
processes whose indicated values are estimated by the indices established by the federal government for late taxes, being linked to the
variation in the SELIC rate.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Federal taxes</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The provision for TIM S.A. supports 80 proceedings and is mainly composed
of the following lawsuits:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">The provision supports 60 lawsuits related to challenges
involving the levy on CIDE, CPMF, CSLL, IRRF operations. Of this total, the amounts involved in the legal proceedings that seek recognition
of the right not to collect the CPMF allegedly incident on simultaneous transactions of purchase and sale of foreign currency and exchange
of account ownership arising from corporate incorporation, whose provisioned values, updated, equal to R$&nbsp;4,513 (R$&nbsp;4,303 on
December 31, 2022). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">The Company constituted a provision for a process
aimed to collecting the pension contribution withheld at the rate of 11% to which, allegedly, payments made by the company to other legal
entities should have been submitted as remuneration for various activities, whose provisioned and updated value is R$&nbsp;44,917 (R$&nbsp;42,171
on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">There is a provision for three lawsuits related to
FUST/FUNTTEL and its resulting ancillary obligations. Of these, two cases stand out in which the dispute mainly revolves around the spontaneous
reporting of the fine for the payment of the FUST. The amount relating to the fine and interest on the contribution to the FUST for the
year 2009, where the voluntary reporting benefit
is not being recognized, provisioned and adjusted for inflation, is R$&nbsp;17,239 (R$&nbsp;16,169 on December 31, 2022).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 115 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">Additionally, in the second quarter of 2019, the Company constituted
the provision for the FUST process, which seeks the unconstitutionality and illegality of the collection of FUST. Lawsuit for the recognition
of the right not to collect Fust, failing to include in its calculation base the revenues transferred by way of interconnection and EILD
(Dedicated Line Industrial Exploitation), as well as the right not to suffer the retroactive collection of the differences determined
due to not observing sum&nbsp;7/2005 of ANATEL, in the amount of R$&nbsp;68,084 (R$&nbsp;64,140 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">The Company recorded a provision for federal compensation
processes arising from a repurchase carried out in 2006, for which the documentary support was not robust enough after appraisals carried
out. The provisioned and updated value is R$&nbsp;60,828 (R$&nbsp;67,815 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>State taxes</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The provision for TIM S.A. supports 124 proceedings and is mainly composed
of the following lawsuits:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">amounts involved in the assessments claiming the
reversal of ICMS debts, as well as documentary support for the verification of appropriated credits by the Company, whose restated provisioned
amounts are equivalent to R$&nbsp;39,219 (R$&nbsp;24,811 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">amounts allegedly not offered for taxation for the
provision of telecommunications services, whose updated amount was R$&nbsp;8,460 (R$&nbsp;6,757 on December 31, 2022);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">collections due to alleged differences in both goods
receipts and shipments, in a quantitative inventory count, whose restated amounts are equivalent to R$&nbsp;47,178 (R$&nbsp;17,471 on
December 31, 2022);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">amounts allegedly improperly credited relating to
CIAP credits, whose updated amounts are equivalent to R$&nbsp;26,280 (R$&nbsp;11,943 on December 31, 2022);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">credits related to tax replacement operations, whose
restated amounts total R$&nbsp;11,260 (R$&nbsp;10,392 on December 31, 2022). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">alleged non-collection or allegedly undue appropriation
of credits related to the ICMS rate differential (DIFAL), whose updated amounts total R$&nbsp;15,167 (R$&nbsp;16,220 on December 31, 2022).
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">in 2023, recognized as provision on charge on subscription
fees without deductible, whose updated amounts is R$&nbsp;35,176.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">In 2023, the provision on charge of special credit
amounts was recognized, whose updated amounts is R$&nbsp;34,820.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Municipal taxes</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">It is also worth noting the amounts involved in the assessments that questions
the withholding and collection of the ISS-source of third-party services without employment relationship, as well as the collection of
its own ISS corresponding to services provided in <I>co-billing</I>.</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>TIM S.A. proceedings (<I>Purchase price allocation</I>)</U></P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">There are tax lawsuits arising from the acquisition of former Intelig (current
TIM S.A.) due to the former parent company of the TIM Participa&ccedil;&otilde;es group, which comprise the process of allocating the
acquisition price of the former Intelig and amount to R$&nbsp;73,819 (R$&nbsp;73,819 as of December&nbsp;31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 1.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 1.1pt 0 0; text-align: justify"><U>d. Regulatory processes</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">ANATEL filed administrative proceedings against the Company for: (i) non-compliance
with certain quality indicators; (ii) non-compliance with other obligations derived from the terms of authorization and; (iii) non-compliance
with the SMP, SCM and STFC regulations, among others.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2023, the amount indicated for the procedures for the determination
of non-compliance with obligations (&#8220;PADOs&#8221;), considering the inflation adjustment, classified with risk of probable loss
is R$&nbsp;32,981 (R$&nbsp;31,340 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>e. Judicial and administrative proceedings whose losses are assessed
as possible</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company has actions of a civil, labor, tax and regulatory nature involving
risks of loss classified by its legal advisers and the administration as possible, for which there is no provision for legal and administrative
proceedings constituted, as the amounts below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 66%; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">2023</TD>
    <TD STYLE="width: 2%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">21,351,995</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">20,123,806</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Civil (e.1)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">1,512,495</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">1,418,874</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Labor and Social Security (e.2)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">400,827</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">360,942</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Tax (e.3)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">19,236,990</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">18,171,345</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Regulatory (e.4)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">201,683</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">172,645</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Legal and administrative proceedings whose losses are assessed as possible
and monitored by Management are disclosed at their updated values.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">The main lawsuits with risk of loss classified as possible, are described below:</P>

<P STYLE="font: 12pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>e.1. Civil</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Consumer lawsuits (e.1.1)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">140,934</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">141,858</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">ANATEL (e.1.2)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">350,187</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">293,203</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Consumer protection bodies (e.1.3)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">480,094</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">455,481</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Former trading partners (e.1.4)</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">260,431</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">230,360</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Social and environmental and infrastructure (e.1.5) </FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">119,669</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">116,613</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Other (e.1.6) </FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; white-space: nowrap; vertical-align: bottom; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">161,180</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; white-space: nowrap; vertical-align: bottom; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">181,359</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">1,512,495</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; white-space: nowrap; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">1,418,874</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 117 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><U>e.1.1 Consumer lawsuits</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">They mainly refer to actions for alleged improper collection, cancellation
of contract, quality of services, defects and failures in the delivery of devices and undue negative entry.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><U>e.1.2 ANATEL</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is a party to lawsuits in front of ANATEL, in which it is discussed,
among other matters: (i) debit related to the collection of 2% of revenues from Value - Added Services&#8211;VAS and interconnection;
(ii) pro-rata inflation adjustment applied to the price proposal defined in the notice for the use of 4G frequencies; (iii) alleged non-compliance
with service quality targets and (iv) wholesale product reference offering models (ORPAs).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><U>e.1.3 Consumer protection agencies</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM is a party to legal and administrative lawsuits filed by the Public
Prosecutor's Office, Procon and other consumer protection agencies, arising from consumer complaints, in which, and among other topics,
discusses: (i) alleged failures in the provision of network services; (ii) alleged failure in the delivery of handsets; (iii) alleged
non-compliance with state laws; (iv) hiring model and alleged improper charges of Value-Added Services-VAS; (v) alleged violations of
the SAC decree; (vi) alleged contractual violations; and (vii) blocking of data.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>e.1.4 Former trading partners</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM is a defendant in actions proposed by several former trading partners
in which are claimed, among others, values based on alleged contractual defaults.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>e.1.5 Social and environmental and infrastructure </U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is a party to lawsuits involving various agents that discuss
aspects related to (1) environmental licensing and structure licensing (installation/operation) and (2) (i) electromagnetic radiation
emitted by Telecom structures; (ii) renewal of land leases for site installation; (iii) dumping on leased land for site installation;
(iv) presentation of registering data, among others.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>e.1.6 Other</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">TIM is a defendant in other actions of essentially non-consumer objects
proposed by the most diverse agents from those described above, in which, among others, it is discussed: (i) amounts supposedly due as
a result of share subscription; (ii) claims for civil liability indemnification; (iii) alleged breach of contract.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>e.2. Labor and Social Security</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>e.2.1. Social Security</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is a defendant in proceedings referring to the legal difference
regarding the levy of social security contributions discussed in the court, related to 2005-2011, as well as claims that discuss the joint
responsibility in the restated total amount of R$&nbsp;113,315 (R$&nbsp;80,456 on December 31, 2022).</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>e.2.2. Labor</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/107% TIM Sans; margin: 0 0 8pt; text-align: justify">There are 3,102 Labor claims on December 31, 2023 (3,384 on
December 31, 2022) filed against the company and with possible risk, concerning claims involving former employees and employees of service
providers in the amount of updated R$&nbsp;287,512 (R$&nbsp;280,486 on December 31, 2022). We highlight the existence of labor claims
filed by former employees of the Docas economic group (Gazeta Mercantil, JB do Brasil, etc.). These plaintiffs filed lawsuits requesting
the inclusion of Holdco (former controlling shareholder of Intelig &#8211; currently TIM S.A.) or TIM Participa&ccedil;&otilde;es (merged
by TIM S.A.) as joint and several defendants, requesting payment of the court decision by TIM, due to the alleged formation of economic
group.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>e.3. Tax</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 64%; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">2023</TD>
    <TD STYLE="width: 2%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">19,236,989</FONT></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">18,171,345</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Federal taxes (e.3.1)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">3,139,640 </FONT></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">3,275,840</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">State taxes (e.3.2)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">10,438,811 </FONT></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;9,640,939</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Municipal taxes (e.3.3)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">1,712,988 </FONT></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">1,587,910</FONT></P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">FUST, FUNTTEL and EBC (e.3.4)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">3,945,550 </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;3,666,656</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The values presented are corrected, in an estimated way, based on the SELIC
rate. The historical amount involved is R$&nbsp;13,095,822 (R$&nbsp;13,014,078 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>e.3.1. Federal taxes</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0; text-align: justify">The total amount assessed against TIM in relation to federal taxes
is R$&nbsp;3,139,640 on December 31, 2023 (R$&nbsp;3,275,840 on December 31, 2022). Of this value, the following discussions stand out
mainly:</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 39.8pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Allegation of alleged incorrect use of tax credits
for carrying out a reverse merger, amortization of goodwill paid on the acquisition of cell phone companies, deduction of goodwill amortization
expenses, exclusion of goodwill reversal, other reflections and disallowances of compensations and deductions paid by estimate, allegedly
improper use of the SUDENE benefit due to lack of formalization of the benefit at the Internal Revenue Service (RFB), and failure to pay
IRPJ and CSLL due by estimate. The amount involved is R$&nbsp;1,711,566 (R$&nbsp;1,579,257 on December 31, 2022). The Company was notified
of the decision on April 28, 2021 and, as a result, the partial payment of R$&nbsp;1.4 billion was confirmed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Offset method for tax losses and negative bases.
The amount involved is R$&nbsp;255,912 (R$&nbsp;265,163 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Collection of CSLL on currency changes arising from
swap transactions accounted for by the cash regime. The amount involved is R$&nbsp;77,697 (R$&nbsp;73,307 on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Collection of IRRF [withholding income tax] on income
of residents abroad, including those remitted by way of international roaming and payment to unidentified beneficiaries, as well as the
collection of CIDE on payment of royalties on remittances
abroad, including remittances by way of international roaming. The amount involved is R$&nbsp;318,365 (R$&nbsp;292,662 on December 31,
2022).</FONT></TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Collection of IRPJ, PIS/COFINS and CSLL debits arising
from non-homologation or partial homologation of compensations made by the company from credits of withholding taxes on interest earning
bank deposits and negative balance of IRPJ. The amount involved is R$&nbsp;316,675 (R$&nbsp;437,419 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The amounts not highlighted refer to several discussions at the federal
level involving, but not limited to, charges unduly linked to Jornal do Brasil Group, difference of interpretation regarding the rules
contained in Law 9718/98, other compensations relating to prepaid recalculation, goodwill breakdowns and calculation of estimates, taxation
on international roaming operations and onerous transfer of network media, difference in withholding income tax (IRRF) rate, in addition
to other less representative topics.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>e.3.2. State taxes</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The total amount charged against TIM S.A. in respect of state taxes on
December 31, 2023 is R$&nbsp;10,438,811 (R$&nbsp;9,640,939 on December&nbsp;31, 2022). Of this value, the following discussions stand
out mainly:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Non-inclusion in the ICMS calculation basis of unconditional
discounts offered to customers, as well as a fine for the alleged failure to comply with a related accessory obligation, including for
the failure to present the 60i record of the SINTEGRA file. The amount involved is R$&nbsp;1,338,672 (R$&nbsp;1,236,502 on December 31,
2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Use of tax benefit (program for the promotion of
integrated and sustainable economic development of the Federal District - PR&Oacute;-DF) granted by the taxing entity itself, but later
declared unconstitutional, as well as alleged improper credit of ICMS arising from the interstate purchase of goods with tax benefit granted
in the state of origin. The amount involved is R$&nbsp;435,326 (R$&nbsp;394,834 on December 31, 2022). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Credit reversal and extemporaneous credit related
to acquisitions of permanent assets. The amount involved is R$&nbsp;782,497 (R$&nbsp;694,479 on December 31, 2022). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Credits and chargebacks of ICMS, as well as the identification
and documentary support of values and information released in customer accounts, such as tax rates and credits granted in anticipation
of future surcharges (special credit), as well as credits related to tax substitution operations and exempt and untaxed operations. On
December 31, 2023, the involved amount is R$&nbsp;4,304,655 (R$&nbsp;3,835,583 on December 31, 2022). &#9;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Use of credit in the acquisition of electricity directly
employed in the production process of companies. The amount involved is R$&nbsp;134,165 (R$&nbsp;154,673 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Alleged conflict between the information contained
in ancillary obligations and the collection of the tax, as well as specific questioning of fine for non-compliance with ancillary obligations.
The amount involved is R$&nbsp;996,002 (R$&nbsp;900,731 on December 31, 2022). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Alleged lack of collection of ICMS due to the gloss
of chargebacks and moment of taxation related to the prepaid service, improper credit of ICMS in the outputs of goods allegedly benefited
with reduction of the calculation base, as well as an allegation of improper non-inclusion of Value-Added Services (VAS) of the ICMS calculation
basis. The amount involved is R$&nbsp;726,364 (R$&nbsp;625,202 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Launch of credits related to the return of mobile
devices lent on loan. The amount involved is R$&nbsp;148,465 (R$&nbsp;136,243 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Collection of ICMS related to subscription services
and their alleged improper non-inclusion in the ICMS calculation base due to their nature. The amount involved is R$&nbsp;339,088 (R$&nbsp;330,805
on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The values not highlighted refer to several discussions on state taxes
involving, but not limited to, to the crediting coefficient applied to acquisitions of permanent assets, credits arising from financial
and non-telecom items unduly taxed in the &#8220;Other OCCs&#8221; field, other exempt and non-taxed interstate operations, the rate differential
(DIFAL), the special regime provided for in Agreement 128/10 and 17/13, the rules for issuing invoices regulated in Agreement 55/05, in
addition to other less important topics.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>e.3.3. Municipal taxes</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The total assessed amount against TIM S.A. regarding municipal taxes with
possible risk is R$&nbsp;1,712,988 on December&nbsp;31, 2023 (R$&nbsp;1,587,910 on December&nbsp;31, 2022). Of this value, the following
discussions stand out mainly:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Collection of ISS, as well as the punitive fine for
the absence of the supposed tax due, on several revenue accounts of the company. The amount involved is R$&nbsp;1,431,623 (R$&nbsp;1,281,547
on December&nbsp;31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Collection of ISS on importation of services or services
performed in other municipalities. The amount involved is R$&nbsp;93,172 (R$&nbsp;86,520 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Constitutionality of the collection of the functioning
supervision fee (TFF -<I>Taxa de Fiscaliza&ccedil;&atilde;o do Funcionamento</I>) by municipal authorities of different localities. The
amount involved is R$&nbsp;143,150 (R$&nbsp;149,764 on December 31, 2022).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>e.3.4. Regulatory taxes </I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The total amount charged against the TIM Group in relation to the contributions
to FUST, FUNTTEL, TFI, FISTEL and EBC with a possible risk rating is R$&nbsp;3,945,550 (R$&nbsp;3,666,656 on December 31, 2022). The main
discussion, whose historical amount is R$&nbsp;2,212,935 (R$&nbsp;2,208,814 on December 31, 2022) involves the collection of the contribution
to FUST and FUNTTEL (Fund for the technological development of Telecommunications) from the issuance by ANATEL of Sum no. 07/2005, aiming,
among others, and mainly, the collection of the contribution to FUST and FUNTTEL on interconnection revenues earned by mobile telecommunications
service providers, from the validity of Law 9998/2000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">e.4. <U>Regulatory</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">ANATEL filed administrative proceedings against the Company for: (i) non-compliance
with certain quality indicators; (ii) non-compliance with other obligations derived from the terms of authorization and; (iii) non-compliance
with the SMP, SCM and STFC regulations, among others.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2023, the value indicated for the PADOs (procedure for
determining non-compliance with obligations), considering the inflation adjustment, classified with possible risk was R$&nbsp;201,683
(R$&nbsp;172,645 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On June 18, 2020, ANATEL's Board of Directors unanimously approved TIM's
conduct adjustment term (TAC)&nbsp;001/2020, which had been negotiated since 2014 with the regulator.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On June 19, 2020 the Board of Directors of the company approved the said
TAC after final deliberation of the regulator and the signing of the term took place on June 25 of the same year. The agreement covers
sanctions totaling approximately R$ 639 million (updated at the time), filed as a result of commitments represented in improvement actions
related to the macro-topics &#8220;Quality&#8221;, &#8220;Access Expansion&#8221;, &#8220;Rights and Guarantees of Users&#8221; and &#8220;Inspection&#8221;.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Term includes actions to improve three pillars of action-customer experience,
quality and infrastructure - through initiatives associated with improvements in the licensing process of stations, efficient use of numbering
resources, evolution of digital service channels, reduction of Complaint Rates, repair of users and strengthening of transport and access
networks, among others. In addition, it contemplates the additional commitment to bring mobile broadband, through the 4G network, to 350
municipalities with less than 30 thousand inhabitants thus reaching more than 3.4 million people. The new infrastructure was implemented
in less than three years &#8211; more than 99% of the municipalities were served in the first two years and with the Company guaranteeing
the sharing regime with the other operators. The service for 350 municipalities was certified by Anatel in June 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">With the closing of the 1st TAC Year, the following commitments were certified
by the Agency: Reparation, Fund for the Defense of Diffuse Rights &#8211; FDD (phase 1) and Notifications; Numbering; Interconnection;
INCOME TAX; IGQ; Impediment; Internal controls; LTE 700 MHz; New 4G; <I>Backhaul;</I> Licensing backlog; Scope Commitment; Personal assistance;
Digital relationship; and Additional Commitments.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In June&nbsp;2022, TIM concluded the 2<SUP>nd</SUP> year of the Conduct
Adjustment Term (TAC) entered into with Anatel, having carried out the activities planned for strict compliance with the purpose of achieving
the associated targets. The following commitments were certified by Anatel: Numbering; Impediment; Internal controls; LTE 700 MHz; New
4G; Backhaul; Personal assistance; Digital relationship; Additional; and Collaborative Portal.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In October 2022, TIM and Anatel signed the Amendment to renegotiate the
commitment related to Quality Indicators. Thus, the Perceived Quality Index (IQP) started to be adopted to replace the General Quality
Index (IGQ) for Years 3 and 4 of the TAC.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In June&nbsp;2023, TIM concluded the 3<SUP>rd</SUP> year of the Conduct
Adjustment Term (TAC) entered into with Anatel, having carried out the activities planned for strict compliance with the purpose of achieving
the associated targets. Regarding the Additional Commitments, as aforementioned, Anatel has already issued a statement of fulfillment
of the obligation relating to the third year of the TAC, thus guaranteeing the general statement of fulfillment of the obligation for
the implementation of SMP with 4G or later technology in 350 (three hundred and fifty) municipalities under the terms agreed in the TAC.
In December 2023, the following Commitments were attested: Numbering; Impediment; Repair Plan; Internal controls; LTE 700 MHz; New 4G;
Backhaul; Digital relationship. Anatel indicated that: (i) it is still evaluating compliance with the commitment related to Station Licensing
and IQP; and (ii) in relation to the Reparation Plan commitment (for 10 records only) and IR would establish PADICs.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In July 2023, TIM started the fourth and final year of the Consent Decree.
The Company will continue fully implementing the internal monitoring mechanisms on the evolution of the schedules by the Governance Office
in Management and Board of Directors.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company has met the TAC implementation schedule and has reported its
understanding to Anatel in cases where the Agency indicates signs of non-compliance in the Procedures for Assessing the Non-Compliance
with a Schedule Item (PADIC) that may be implemented.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Regarding the extension of the term of the authorizations to use the radio
frequencies associated with the SMP, the Company becomes liable for the contractual burden on the net revenue arising from the service
plans marketed under each authorization. However, since 2011 ANATEL began to include in the basis of calculation of said burden also
the revenues obtained with interconnection, and from 2012, and subsequent years, the revenues obtained with Value-Added Services, among
others. In the company's opinion, the inclusion of such revenues is improper because it is not expressly provided for in the terms of
original authorizations, so the collections received are discussed in the administrative and/or judicial sphere.</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>


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<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">25.</TD><TD>Other liabilities and provision</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company </B></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>Consolidated</B></TD></TR>
  <TR>
    <TD STYLE="width: 59%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt"><B>Other liabilities and provision</B></TD>
    <TD STYLE="border-top: #4472C4 1.5pt outset; border-bottom: #4F81BD 1.5pt double; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;365,841</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">192,884</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">732,367</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Provision for future asset decommissioning</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;130,328</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">23,659</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">289,606</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Advance from customers </TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;25,215</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">12,887</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">15,068</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Onerous capacity contract<SUP>(i)</SUP></TD>
    <TD STYLE="padding-right: -0.05in; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;&nbsp;122,042</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">178,532</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Other provisions for risk</TD>
    <TD STYLE="padding-right: -0.05in; padding-left: 3pt; font-size: 9pt; text-align: right">42,419</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">83,923</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Other (ii)</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">45,837</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">156,338</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">165,238</TD></TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Current portion</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(121,273)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(21,327)</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(132,954)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Non-current portion</TD>
    <TD STYLE="border-bottom: #4472C4 1.5pt outset; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;244,568</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #4472C4 1.5pt outset; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;171,557</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #4472C4 1.5pt outset; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;599,413</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) As part of the Cozani acquisition, a transferred capacity contract
was identified in the transaction, where there is a take or pay obligation for a defined term. The amount recorded refers to the portion
of capacity that will not be used for the remaining contractual term.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) On June 23, 2022, Complementary Law 194 was enacted, which, in short,
amended Law 5172, of October 25, 1966 (National Tax Code), and Complementary Law 87, of September 13, 1996 (Kandir Law), to consider essential
goods and services related to fuels, electric power, communications and collective transport and, as a consequence, pointed to the reduction
of ICMS on revenues earned by companies in such industries.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Throughout 2023, the Company proactively transferred its effects to its
customers, according to the nature of its plans and realized the outstanding amounts as of December 31, 2022 in the amount of R$&nbsp;117
million.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">26.</TD><TD>Shareholders' equity</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">a. <U>Share capital</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The share capital is recorded by the amount effectively raised from the
shareholders, net of the costs directly linked to the funding process.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The subscribed and paid-up share capital on December&nbsp;31, 2023, is
represented by 2,420,804,398 common shares (2,420,804,398 common shares on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company is authorized to increase its share capital, by resolution
of the Board of Directors, regardless of statutory reform, up to the limit of 4,450,000,000 common shares.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 123 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">b. <U>Capital reserves</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The use of the capital reserve complies with the precepts of Law&nbsp;6404/76,
article&nbsp;200, which provides for Joint-Stock Companies. This reserve is composed as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 64%; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 2%; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #4F81BD 1.5pt outset; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">384,311</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">408,602</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Special Reserve of goodwill </FONT></TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">353,604</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">353,604 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Long-term incentive plan </FONT></TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">30,707</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">54,998 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I><U>b.1 Special Reserve of goodwill</U></I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The special reserve of goodwill was constituted from the incorporation
of the net assets of the former parent company TIM Participa&ccedil;&otilde;es S.A. (note&nbsp;16.d).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I><U>b.2 Long-term incentive plan </U></I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balances recorded under these items represent the Company's expenses
related to the long-term incentive program granted to employees (note 27).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">c. <U>Profit reserves</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I><U>c.1 Legal Reserve</U></I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt TIM Sans; margin: 0; text-align: justify">It refers to the allocation of 5% of the net profit for the year ended
December 31 of each year, except for the balance allocated to the tax incentive reserve, until the reserve equals 20% of the share capital.
In addition, the company may cease to constitute the legal reserve when this, added to the capital reserves, exceeds 30% of the share
capital.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">This Reserve may only be used to increase capital or offset accumulated
losses.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I><U>c.2 Statutory reserve for expansion</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The formation of this reserve is foreseen in Paragraph 2 of art. 46 of
the bylaws of the company and is aimed at the expansion of social business.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balance of profit that is not compulsorily allocated to other reserves
and is not intended for the payment of dividends is allocated to this reserve, which may not exceed 80% of the share capital. Reaching
this limit, it will be up to the General Meeting to decide on the balance, distributing it to shareholders or increasing capital.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><I><U>c. 3 Tax Benefit Reserve</U></I></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company enjoys tax benefits that provide for restrictions on the distribution
of profits. According to the legislation that establishes these tax benefits, the amount of tax that is no longer paid due to exemptions
and reductions in the tax burden may not be distributed to members and will constitute a reserve of tax incentive of the legal entity.
This reserve can only be used to offset losses or increase share capital. On December&nbsp;31, 2023, the accumulated amount of benefits
enjoyed by the Company amounts to R$&nbsp;2,362,239 (R$&nbsp;2,124,411 on December 31, 2022).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt TIM Sans; margin: 0; text-align: justify">The said tax benefit basically corresponds to the reduction of the
Corporate Income Tax (IRPJ) incident on the profit of the exploitation calculated in the units encouraged. The Company operates in the
area of the defunct Superintendence of development of the Amazon (SUDENE / SUDAM), being the tax incentive awards granted by state of
the Federation, for a period of 10 years, subject to renewal.</P>

<P STYLE="font: 10pt/13pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 35.45pt">d. <U>Dividends</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Dividends are calculated in accordance with the bylaws and the Joint Stock
Company Act.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">According to its latest bylaws, approved on August 31, 2020, the company
must distribute as a mandatory dividend each year ending December 31, provided that there are amounts available for distribution, an amount
equivalent to 25% of Adjusted Net Profit.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">As provided in the company's bylaws, unclaimed dividends within 3 years
will revert to the company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2023 and 2022, dividends and interest on shareholders'
equity were calculated as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="width: 68%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Net profit for the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,837,422</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,670,755</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">(-) Non-distributable tax incentives </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(237,828)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(166,110)</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">(-) Constitution of legal reserve</FONT></TD>
    <TD STYLE="border-bottom: #203966 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(129,979)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #203966 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(75,233)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Adjusted net profit</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,469,615</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,429,412</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Minimum dividends calculated on the basis of 25% of adjusted profit</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">617,404</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">357,353</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Breakdown of dividends payable interest on shareholders&#8217; equity:</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;Interest on shareholders&#8217; equity</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,600,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,400,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Total dividends and interest on shareholders&#8217; equity distributed and proposed</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,600,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,400,000</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Withholding income tax (IRRF) on interest on shareholders' equity</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(233,230)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(196,970)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Total dividends and interest on shareholders&#8217; equity, net</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,366,770</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,203,030</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Interest on Shareholders' Equity paid and/or payable is accounted for against
financial expenses which, for the purposes of presenting the financial statements, are reclassified and disclosed as allocation of net
profit for the year, in changes in shareholders' equity.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">During the year 2023, the amount of R$&nbsp;1,600,000 of interest on shareholders&#8217;
equity were distributed and additional amount of R$&nbsp;1,310,000 of dividends were proposed, which are subject to approval during the
General Meeting on March 28, 2024, totaling R$&nbsp;2,910,000.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">During the year 2022, the amount of R$&nbsp;1,400,000 of interest on shareholders&#8217;
equity and additional dividends of R$&nbsp;600,000 were distributed, which were approved at the General Meeting on March 30, 2023, totaling
R$&nbsp;2,000,000.</P>


<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The amounts allocated in 2022 and 2023 are shown below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="width: 15%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Approval </B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 26%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Payment</B></FONT></TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 10pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 10pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend </B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/22/2022</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">04/27/2022</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">&nbsp;195,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2022</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">07/20/2022</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">&nbsp;270,000</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/12/2022</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">10/31/2022 </FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">235,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/12/2022</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">01/24/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">245,000</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/12/2022</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">01/24/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">455,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/30/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">04/18/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">600,000</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/19/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">05/09/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">&nbsp;230,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/12/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">07/12/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">&nbsp;290,000</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/18/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">10/23/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">&nbsp;425,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/06/2023</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans">01/23/2024</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">655,000</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in">&nbsp;</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">02/06/2024 (*)</P></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">Apr&nbsp;2024</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">July&nbsp;2024 and</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">Oct 2024</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0 0 0 10pt; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0 0 0 10pt; text-align: right">1,310,000</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0 0 0 10pt; text-align: right">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,910,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(*) Dividends are subject to definitive approval at the General Meeting
on March 28, 2024.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Throughout 2023, the Company disbursed, through dividends and/or JSCP,
the amount of R$ 1,470,470 (R$ 807,799 in 2022) to controlling shareholders and R$ 704,459 (R$ 391,402 in 2022) to controlling shareholders
non-controlling shareholders.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balance on December 31, 2023 of the item &#8220;dividends and interest
on shareholders' equity payable&#8221; totaling R$&nbsp;647,872 (R$&nbsp;661,494 on December 31, 2022), is composed of the outstanding
amounts of previous years in the amount of R$&nbsp;89,143 (R$&nbsp;61,494 on December 31, 2022) in addition to the paid amount of R$&nbsp;655,000
(R$&nbsp;558,729, net) on January 23, 2024, as indicated in the Subsequent event&#8217; note (Note&nbsp;41).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">As set forth in the Law&nbsp;6404/76 and the Bylaws of the Company, unclaimed
dividends - as established in the Joint Stock Company Law, dividends and Interest on Shareholders' Equity declared and unclaimed by shareholders
within 3 years, are reverted to shareholders' equity at the time of its prescription and allocated to a supplementary reserve to expand
businesses.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">In 2023, the amount of R$&nbsp;7.734 million of unclaimed dividends was
reversed to the expansion reserve (R$&nbsp;7.573 as of December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">For the statement of cash flows, Interest on Shareholders' Equity and dividends
paid to its shareholders are being allocated in the group of &#8220;financing activities&#8221;.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">27.</TD><TD>Long-term incentive plan</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B><U>2018-2020 Plan and 2021-2023 Plan</U></B></P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On April 19, 2018 and March 30, 2021, they were approved by the General
Meeting of shareholders of TIM S.A. (TIM Participa&ccedil;&otilde;es S.A. before the merger by TIM S.A. on August 31, 2020), long-term
incentive plans: &#8220;2018-2020 Plan&#8221; and &#8220;2021-2023 Plan&#8221; respectively, granted to senior directors and to those
who occupy the position of key positions in the Company.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The 2018-2020 and 2021-2023 Plans provide for the granting of shares (performance
shares and/or restricted shares). They propose to grant participants shares issued by the Company, subject to the participant&#8217;s
permanence in the Company (achievement of specific goals). The number of shares may vary, for more or for less, as a result of the performance
and possibly of the dividend award, considering the criteria provided for in each Grant.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">For the 2018-2020 and 2021-2023 plan, the term of validity has the same
periodicity of 3 years related to its vesting. These Plans, in addition to considering the transfer of shares, also provides for the possibility
of making payment to participants of the equivalent amount in cash.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The total amount of the expense was calculated considering the value of
the shares and is recognized in the results over the vesting period.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 1.5in">Stock Program Table (Performance Shares and Restricted
Shares)</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Identification of grant</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Shares granted (principal)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Maturity date</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Grant Price </B></FONT></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Stock balance (principal) at the beginning of the year</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Shares (principal) granted during the period</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Shares transferred during the year</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>Paid in cash</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 5pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 5pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 5pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 5pt TIM Sans; margin: 0; text-align: center"><B>Canceled shares (principal)</B></P></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-right: #D9D9D9 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 5pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 5pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 5pt TIM Sans; margin: 0; text-align: center"><B>Share balance (principal)</B></P></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Billed volume (principal)</FONT></TD>
    <TD STYLE="border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Performance change</FONT></TD>
    <TD STYLE="border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Additional<BR>
dividends</FONT></TD>
    <TD STYLE="border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Subtotal of shares transferred</FONT></TD>
    <TD STYLE="border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Billed volume<BR>
(principal)</FONT></TD>
    <TD STYLE="border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Performance change</FONT></TD>
    <TD STYLE="border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Additional<BR>
dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Subtotal of shares paid in cash</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>during the year</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>at the end of the year</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">2021-2023&nbsp;Plan<BR>
2023&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">1,560,993</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">July 2026</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">R$&nbsp;12.60</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>-</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">1,560,993</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(25,389)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>1,535,604</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">2021-2023&nbsp;Plan<BR>
2022&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">1,227,712</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">Apr&nbsp;2025</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">R$&nbsp;13.23</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>1,183,147</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(264,305)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(110,928)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(17,227)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(392,460)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(147,540)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>771,302</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">2021-2023&nbsp;Plan<BR>
2021&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">3,431,610</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">May&nbsp;2024</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">R$&nbsp;12.95</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>2,024,153</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">220,743</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(957,545)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(160,259)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(89,699)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(1,207,503)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(89,403)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(12,268)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(8,159)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(109,830)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(376,006)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>821,942</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">2018-2020&nbsp;Plan<BR>
2020&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">796,054</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">Apr&nbsp;2023</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">R$&nbsp;14.40</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>260,840</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(230,188)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(25,174)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(29,560)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(284,922)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(30,471)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(3,330)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(3,913)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(37,714)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(181)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">2018-2020&nbsp;Plan<BR>
2019&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">930,662</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">July&nbsp;2022</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">R$&nbsp;11.28</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>-</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    </TR>

<TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">2018-2020&nbsp;Plan<BR>
2018&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">849,932</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">Apr&nbsp;2021</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">R$&nbsp;14.41</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>-</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #D3DFEE; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">Total</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>8,796,963</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>3,468,140</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">1,781,736</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(1,452,038)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(296,361)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(136,486)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(1,884,885)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(119,874)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(15,598)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(12,072)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(147,544)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">(549,116)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>3,128,848</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt">Weighted average price of the balance of grants</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 5pt"><B>R$ 12.85</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; border-left: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Identification of grant</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Shares granted</B></FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Maturity date</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Grant Price </B></FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Balance at the beginning of the year</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Granted during the year</B></FONT></TD>
    <TD COLSPAN="7" STYLE="border-right: white 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Transferred during the year </B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Paid in cash</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Canceled during the year</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: #D9D9D9 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>Balance at the end of the year</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Billed volume</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Performance change</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-left: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Additional<BR>
dividends</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Billed volume</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Performance change</FONT></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 5pt">Additional<BR>
dividends</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #D9D9D9 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: #D9D9D9 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">2021-2023&nbsp;Plan<BR>
2022&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">1,227,712</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">Apr&nbsp;2025</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">R$&nbsp;13.23</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">1,227,712</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(44,565)</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>1,183,147</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">2021-2023&nbsp;Plan<BR>
2021&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">3,431,610</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">May&nbsp;2024</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">R$&nbsp;12.95</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>3,119,734</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(1,043,059)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(87,605)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(43,880)</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(2,883)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(473)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(130)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(49,639)</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>2,024,153</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">2018-2020&nbsp;Plan<BR>
2020&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">796,054</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">Apr&nbsp;2023</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">R$&nbsp;14.40</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>519,098</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(252,024)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(63,029)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(22,884)</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(2,593)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(649)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(236)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(3,641)</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>260,840</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">2018-2020&nbsp;Plan<BR>
2019&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">930,662</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">July&nbsp;2022</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">R$&nbsp;11.28</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>427,030</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(419,188)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(137,064)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(62,243)</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(7,842)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(2,537)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(1,195)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">2018-2020&nbsp;Plan<BR>
2018&nbsp;Grant(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">849,932</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">Apr&nbsp;2021</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">R$&nbsp;14.41</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">Total</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>7,235,970</B></FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>4,065,862</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">1,227,712</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(1,714,271)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(287,698)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(129,007)</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(13,318)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(3,659)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(1,561)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">(97,845)</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>3,468,140</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt">Weighted average price of the balance of grants</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 6pt"><B>R$&nbsp;13.15</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The base price of the share of each share was calculated using the weighted
averages of shares The base price of the share of each share was calculated using the weighted averages of TIM S.A.&#8217;s share price.
(TIM Participa&ccedil;&otilde;es S.A. before the merger by TIM S.A. on August 31, 2020), considering the following periods:</P>

<P STYLE="font: 8pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>2018-2020 Plan - 1<SUP>st</SUP> Grant</B>-traded
volume and trading price of TIM Participa&ccedil;&otilde;es shares for the period 03/01/2018&#8211;03/31/2018.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt TIM Sans; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>2018-2020 Plan - 2<SUP>nd</SUP> Grant</B>-traded
volume and trading price of TIM Participa&ccedil;&otilde;es shares for the period 06/01/2019&#8211;06/30/2019.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>2018-2020 Plan - 1<SUP>st</SUP> Grant</B>-traded
volume and trading price of TIM Participa&ccedil;&otilde;es shares for the period 03/01/2020&#8211;03/31/2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>2021-2023 Plan - 1<SUP>st</SUP> Grant</B>-traded
volume and trading price of TIM S.A. shares for the period 03/01/2021&#8211;03/31/2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>2021&#8211;2023 Plan &#8211; 2<SUP>nd&nbsp;</SUP>Grant
</B>- traded volume and trading price of TIM S.A. shares in the period 03/01/2022&#8211;03/31/2022.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt"><B>2021-2023 Plan - 1<SUP>st</SUP> Grant</B>-traded
volume and trading price of TIM S.A. shares for the period 03/01/2023&#8211;03/31/2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2023, expenses pegged to these long-term benefit plans
totaled R$&nbsp;32,424 (R$&nbsp;47,815, on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 128 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B><U>Termination of the Share Buyback Program and Approval of a New Program</U></B></P>
<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">On June 12, 2023, the Board of Directors became aware
of the termination of the Share Buyback Program approved at a meeting of the Company&#8217;s Board of Directors on May 5, 2021 and approved
a new share buyback program of its own issuance. The new program started as of the date of the Board of Directors&#8217; resolution, remaining
in effect until December 12, 2024, considering that acquisitions shall be made on the Stock Exchange (B3 S.A. &#8211; Brasil, Bolsa, Balc&atilde;o),
at market prices, observing the applicable legal and regulatory limits.</P>

<P STYLE="font: 10pt TIM Sans; text-align: justify; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">28.</TD><TD>Net revenue</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Revenues from services rendered</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The principal service revenue derives from monthly subscription, the provision
of separate voice, SMS and data services, and user packages combining these services, roaming charges and interconnection revenue. The
revenue is recognized as the services are used, net of sales taxes and discounts granted on services. This revenue is recognized only
when the amount of services rendered can be estimated reliably.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Revenues are recognized monthly, through billing, and revenues to be billed
between the billing date and the end of the month (unbilled) are identified, processed, and recognized in the month in which the service
was provided. These non-billed revenues are recorded on an estimated basis, which takes into account consumption data and number of days
elapsed since the last billing date.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Interconnection traffic and roaming revenue are recorded separately, without
offsetting the amounts owed to other telecom operators (the latter are accounted for as operating costs).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The minutes not used by customers and/or reload credits in the possession
of commercial partners regarding the prepaid service system are recorded as deferred revenue and allocated to income (loss) when these
services are actually used by customers.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The net service revenue item also includes revenue from new partnership
agreements (financial, education and advertising), and the amount of revenue recognized in the year ended December 31, 2023 is R$&nbsp;162,122
(R$&nbsp;153,348 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Regarding the financial partnership, the Arbitration Procedure No. 28/2021/SEC8
was filed before the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (&#8220;<U>CCBC</U>&#8221; and &#8220;<U>Arbitration
Procedure</U>&#8221;, respectively), by TIM against Banco C6 S.A., Carbon Holding Financeira S.A. and Carbon Holding S.A (together, &#8220;<U>Defendants</U>&#8221;),
through which the interpretation of certain clauses in the contracts that rule the partnership between the parties will be discussed.
In case of loss, the partnership may be terminated.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Revenues from sales of goods</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Revenues from sales of goods (telephones, mini-modems, tablets and other
equipment) are recognized when the performance obligations associated with the contract are transferred to the buyer. Revenues from sales
of devices to trading partners are accounted for at the time of their physical delivery to the partner, net of discounts, and not at the
time of sale to the end customer, since the Company has no control over the good sold.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 129 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Contract identification&nbsp; </U></P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company monitors commercial contracts in order to identify the main
contractual clauses and other elements present in the contracts that could be relevant in the application of the accounting rule IFRS
15 / CPC47 &#8211; Revenue from Contracts with Customers.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Identification of the performance obligation&nbsp; </U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;Based on the review of its contracts, the Company mainly verified the existence of the
following performance obligations:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;(i) sale of equipment; and</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">(ii) provision of mobile, fixed and internet telephony services.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Thus, the Company started to recognize revenues when (or as) the Company
meets the performance obligation by transferring the asset or service promised to the customer; and the asset is considered transferred
when or as the customer obtains control of that asset.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;<U>Determining and Allocating the Transaction Price to the Performance Obligation&nbsp;
</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company understands that its commercial packages that combine services
and sale of cellular handsets with discounts. In accordance with IFRS 15 / CPC 47, the Company is required to perform the discount allocation
and recognize revenues related to each performance obligation based on their standalone selling prices.&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Cost to obtain contract&nbsp; </U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">All incremental costs related to obtaining a contract (sales commissions
and other costs of acquisition from third parties) are recorded as prepaid expenses and (as described in Note&nbsp;10) amortized over
the same period as the revenue associated with this asset. Similarly, certain contract compliance costs are also deferred to the extent
that they relate to performance obligations under the customer agreement, i.e. when the customer obtains control over the asset.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><B>Parent Company</B></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><B>Consolidated</B></TD></TR>
  <TR>
    <TD STYLE="width: 56%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><B>2022</B></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><B>Net revenue</B></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">23,843,006</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">20,759,080</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">23,833,893</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">21,530,801</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Gross revenue</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">33,491,945</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">28,650,398</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">33,530,346</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">29,713,383</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Revenue from services</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,934,536</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">27,331,986</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">31,972,936</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">28,394,971</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Revenue from services - Mobile</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">29,982,310</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">25,435,736</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">30,020,711</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">26,498,745</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Service revenue - Landline</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,952,226</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,896,250</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,952,225</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,896,226</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Sale of goods</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,557,409</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,318,412</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,557,410</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">1,318,412</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt">Deductions from gross revenue</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(9,648,939)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(7,891,318)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(9,696,453)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(8,182,582)</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Taxes levied</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(3,610,371)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(4,190,169)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(3,657,281)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(4,471,342)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Discounts granted</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(6,030,261)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(3,692,038)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(6,030,865)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(3,702,129)</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 9pt">Returns and other</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(8,307)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(9,111)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(8,307)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">(9,111)</TD></TR>
  </TABLE>
<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">29.</TD><TD>Operating costs and expenses</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #4472C4 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>Parent Company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 18%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 11%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Cost of services rendered and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Marketing expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 8%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Total</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 2%; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 11%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Cost of services rendered and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Marketing expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Total</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(11,739,481)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,631,263)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,757,848)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(19,128,592)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(9,934,765)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,175,582)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,801,836)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(16,912,183)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Personnel</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(57,740)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(862,899)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(459,230)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,379,869)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(50,271)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(786,725)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(441,503)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,278,499)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Outsourced services</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(677,645)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,142,275)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(823,079)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,642,999)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(609,432)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,013,162)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(821,144)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,443,738)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Interconnection and connection means</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,274,991)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,274,991)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,781,893)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,781,893)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(6,149,864)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(343,671)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(403,867)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(6,897,402)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,113,029)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(292,385)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(460,292)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,865,706)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Taxes, fees and contributions</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(36,395)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(853,763)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(26,839)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(916,997)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(36,629)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(763,860)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(22,853)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(823,342)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Rentals and reinsurance</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(506,475)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(146,629)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(16,490)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(669,594)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(467,527)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(133,148)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(18,032)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(618,707)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Cost of goods sold</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,033,891)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,033,891)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(870,978)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(870,978)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Advertising</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(599,253)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(599,253)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(565,263)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(565,263)</FONT></TD></TR>

<TR STYLE="background-color: #D3DFEE">
    <TD STYLE="width: 18%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Losses on doubtful accounts</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(620,667)</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(620,667)</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(585,699)</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(585,699)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Other</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,480)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(62,106)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(28,343)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(92,929)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,006)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(35,340)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(38,012)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(78,358)</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 131 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #4472C4 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 18%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 11%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Cost of services rendered and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Marketing expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 8%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Total</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 2%; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 11%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Cost of services rendered and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Marketing expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 10%; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Total</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(11,496,437)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,742,642)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,759,433)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(18,998,512)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(10,655,981)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,596,211)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,808,735)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(18,060,927)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Personnel</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(57,740)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(862,899)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(459,230)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,379,869)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(50,271)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(786,725)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(441,503)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,278,499)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Outsourced services</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(683,809)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,211,627)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(824,634)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,720,070)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(634,498)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,248,966)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(828,007)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(3,711,471)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Interconnection and connection means</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,804,984)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,804,984)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,511,779)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,511,779)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(6,369,438)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(343,724)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(403,867)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(7,117,029)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(6,074,238)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(292,644)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(460,292)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(6,827,174)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Taxes, fees and contributions</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(36,503)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(876,709)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(26,863)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(940,075)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(36,972)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(907,895)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(22,856)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(967,723)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Rentals and reinsurance</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(507,164)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(146,632)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(16,496)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(670,292)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(471,998)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(133,150)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(18,032)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(623,180)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Cost of goods sold</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,033,891)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(1,033,891)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(870,978)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(870,978)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Advertising</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(599,253)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(599,253)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(565,272)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(565,272)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Losses on doubtful accounts</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(639,692)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(639,692)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(626,218)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#45;</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(626,218)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">Other</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(2,908)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(62,106)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(28,343)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(93,357)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(5,247)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(35,341)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(38,045)</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 6pt">(78,633)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company makes contributions to public or private pension insurance
plans on a mandatory, contractual or voluntary basis while the employee is on the staff of the Company in the amount of R$&nbsp;17,650
(R$&nbsp;17,106 on December&nbsp;31, 2022). Such plans do not bring any additional obligations to the Company. If the employee ceases
to be part of the company's staff in the period necessary to have the right to withdraw contributions made by sponsors, the amounts to
which the employee is no longer entitled and which may represent a reduction in the company's future contributions to active employees,
or a cash refund of these amounts, are released as assets.</P>

<!-- Field: Page; Sequence: 132 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt TIM Sans; color: #1F497D; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">30.</TD><TD>Other net revenue (expense)</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Parent Company</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Consolidated</TD></TR>
  <TR>
    <TD STYLE="width: 54%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Revenues</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Revenue from grant, net</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">860</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">10,324</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">860</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">10,324</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Fines on telecommunication services</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">77,586</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">68,408</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">77,814</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">72,903</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Revenue on disposal of assets (ii)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;318,960</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;23,747</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;318,960</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;23,747</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Other revenues (iii)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">65,710</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">60,876</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">65,703</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">62,256</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">463,116</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">163,355</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">463,337</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">169,230</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Expenses</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">FUST/FUNTTEL<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(156,855)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(141,994)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(158,021)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(151,485)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Taxes, fees and contributions</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(1,400)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(1,500)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(1,400)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(1,526)</FONT></TD></TR>

<TR>
    <TD ROWSPAN="2" STYLE="width: 54%; padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Provision for legal and administrative proceedings, net of reversal</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(296,106)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(219,229)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(296,108)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(219,241)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Expenses on disposal of assets </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(13,875)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(23,443)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(13,875)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(23,443)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other expenses</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(22,030)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(20,367)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(22,712)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(21,906)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(490,266)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(406,533)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(492,116)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(417,601)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other revenues (expenses), net</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(27,150)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(243,178)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(28,779)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(248,371)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Representing the expenses incurred with contributions
on the various telecommunications revenues due to ANATEL, according to current legislation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">It mainly represents the gain in the acquisition
of Cozani due to the end of the dispute over the price adjustment (see Note&nbsp;1.2).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">It mainly represents deferred revenue in the sold
towers (pursuant to Note&nbsp;17), in the amount of R$&nbsp;54,095 in 2023 (R$&nbsp;54,095 in 2022).</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">31.</TD><TD>Financial revenues</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Consolidated</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="width: 56%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">Financial revenues</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,219,004</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;1,267,501</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,239,753</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; background-color: #DAE3F3; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;1,318,948</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Interest on interest earning bank deposits</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">459,495</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">498,170</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">479,968</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">546,763</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Interest received from customers</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">29,386</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">26,426</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">29,467</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">27,916</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Swap interest (iii)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">483,785</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">299,096</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">483,785</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">299,096</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Interest on lease </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">28,041</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">28,101</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">28,041</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">28,101</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Inflation adjustment<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">175,686</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">213,949</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">175,686</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">213,949</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other derivatives<SUP>(ii)</SUP>&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">39,173</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">187,097</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">39,173</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">187,097</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other revenue</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">3,438</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">14,662</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">3,633</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">16,026</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) A substantial part is related to monetary restatement on tax credits
and judicial deposits.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) This is mainly the difference between the market value and the cost
of the share subscription options related to the operational partnership with Banco C6, started in 2020, to which the Company was entitled
in the period due to the achievement of targets. Until December 31, 2023, the Company obtained the subscription right related to the 9<SUP>th</SUP>
and 10<SUP>th</SUP> contract targets, generating an effect of R$&nbsp;39,173 (R$&nbsp;117,520 on December 31, 2022, related to 5<SUP>th</SUP>,
6<SUP>th </SUP>and 7<SUP>th</SUP> contract targets). The market value was calculated based on information available in the last investment
transaction carried out by the partner and disclosed in the market. The disclosures of this derivative financial instrument are detailed
in Note&nbsp;37, which was measured at fair value, and will subsequently be measured in the Company&#8217;s income, considering the risks
related to arbitration disclosed in Note&nbsp;28.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 6pt 0 3pt; text-align: justify">(iii) Represents gains obtained from swap instruments obtained
to hedge the Company from changes in interest rates on debts.</P>

<P STYLE="font: 10pt TIM Sans; margin: 6pt 0 3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">32.</TD><TD>Financial expenses</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Parent Company</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Consolidated</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; width: 55%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">Financial expenses </TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(2,858,036)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(2,466,068)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(2,765,961)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(2,762,963)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Interest and inflation adjustment on loans and financing </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(215,357)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(71,979)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(215,357)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(71,979)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Interest on taxes and rates</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(249,178)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(174,351)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(252,527)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(187,778)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Swap interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(578,900)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(644,280)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(578,900)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(644,280)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Interest on lease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(1,163,824)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(1,075,603)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(1,062,251)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(1,333,007)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Inflation adjustment<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(341,542)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(183,524)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(346,719)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(206,018)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Discounts granted</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(56,356)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(47,644)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(56,356)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(48,774)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other expenses (ii)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(252,879)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(268,687)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(253,851)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;(271,127)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) A major portion related to: (a) inflation adjustment of lawsuits, in
the amount of R$&nbsp;319,248 - see Note 24 (R$&nbsp;146,642 on December&nbsp;31, 2022); and</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 134 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(ii) A major portion related to: (a) interest on concessions in the amount
of R$&nbsp;111,986 (R$&nbsp;87,673 at December 31, 2022); and (b) financial expenses related to guarantee insurance, surety and charges
in the amount of R$&nbsp;103,448 (R$&nbsp;103,442 on December 31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">33.</TD><TD>Foreign exchange variations, net</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Parent Company</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Consolidated</TD></TR>
  <TR>
    <TD STYLE="width: 56%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2023</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">2022</TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Revenues</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Loans and financing<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">125,981</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">47,552</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">125,981</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">47,552</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Suppliers</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">33,680</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">34,586</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">33,680</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">34,586</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Swap<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">10,698</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">28,006</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">10,698</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">28,006</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">23,676</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">30,923</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">23,676</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">30,923</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">194,035</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">141,067</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">194,035</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">141,067</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Expenses</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Loans and financing<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(10,698)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(27,984)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(10,698)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(27,984)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Suppliers</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(19,336)</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(21,109)</FONT></TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(19,336)</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(21,109)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Swap<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(125,981)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(47,460)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(125,981)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(47,460)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(45,077)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(39,507)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(45,077)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(39,507)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(201,092)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(136,060)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(201,092)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(136,060)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">Net foreign exchange variations</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(7,057)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">5,007</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(7,057)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">5,007</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">(i) It mainly refers to foreign exchange variation on loans and financing in foreign currency.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">(ii) Referring to derivative financial instruments to mitigate risks of foreign exchange variations
related to foreign currency debts (Note&nbsp;37).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">34.</TD><TD>Earnings per share</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balances presented below represent the Parent Company and Consolidated
amounts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt TIM Sans; margin: 0 0.85pt 0 0; text-align: left">(a)<FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Basic</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0.85pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Basic earnings per share are
calculated by dividing profit attributable to Company&#8217;s shareholders by the weighted average number of shares issued during the
year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="width: 69%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">2023</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Income attributable to the shareholders of the company</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,670,755</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Weighted average number of shares issued (thousands)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,420,710</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,419,961</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Basic earnings per share (in R$)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1.17</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">0.69</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 135 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0.85pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt TIM Sans; margin: 0 0.85pt 0 0; text-align: left">(b)<FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Diluted</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Diluted earnings per share are calculated by adjusting the weighted average
amount of shares outstanding to assume the conversion of all potential dilutive shares.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="width: 69%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">2023</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: center">2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Income attributable to Company's shareholders</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,837,422</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.4pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1,670,755</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.4pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Weighted average number of shares issued (thousands)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,420,758</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.4pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">2,420,245</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.4pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-weight: normal">Diluted earnings per share (in R$)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">1.17</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6.4pt; padding-left: 3pt; font-size: 9pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">0.69</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The calculation of diluted earnings per share considered 47 (284 thousands
on December 31, 2022) shares related to the long-term, as mentioned in Note&nbsp;27.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">35.</TD><TD>Balances and transactions with related parties</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The balances of transactions with Telecom Italia Group companies, subsidiaries
and associated companies are as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center; text-indent: 4.25in"><B>Assets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1.5pt solid; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Parent Company </B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt solid; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt solid; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; width: 56%; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 12%; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 13%; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 14%; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia Sparkle<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,004</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,770</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,770</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Gruppo Havas<SUP>(vi)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">6,544</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">TI Sparkle<SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">187</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">1,494</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">1,494</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">TIM Brasil (vii)</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">22,803</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">22,790</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">22,790</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia S.p.A. (ii)</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,298</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,086</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,086</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">I-Systems<SUP>(ix<FONT STYLE="font-size: 10pt">)</FONT></SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">7,502</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">14,762</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">14,762</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Cozani<SUP>(x)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">456,185</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Other</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">96</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">674</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">674</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Total</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">43,434</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">500,761</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">44,576</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 136 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Parent Company </B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: TIM Sans"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia S.p.A. (ii)</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">127,902</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">85,845</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">85,845</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia Sparkle<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">4,797</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">4,436</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">4,436</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">TI Sparkle<SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">8,087</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">9,445</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">9,445</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">TIM Brasil (iv)</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">10,858</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">10,858</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">10,858</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Vivendi Group<SUP>(v)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,683</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,457</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,457</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Gruppo Havas<SUP>(vi)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">68,407</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">65,618</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">65,618</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">I-Systems<SUP>(<FONT STYLE="font-size: 10pt">viii)</FONT></SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">60,367</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">49,391</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">49,391</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Cozani<SUP>(x)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">383,621</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Italtel<SUP>(xi)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">8,507</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">13,348</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">13,348</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Other</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">4,229</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">8,862</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">8,862</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: left">Total</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: left"></P></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">295,837</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">634,881</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">251,260</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 9pt TIM Sans; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Parent Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt outset; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: -5.15pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia S.p.A. (ii)</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">4,366</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,874</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">4,366</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">2,874</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia Sparkle<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,980</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,887</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,980</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,887</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">TI Sparkle<SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">911</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">1,968</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">911</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">1,968</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">&nbsp;I Systems<SUP>(ix)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">27,315</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">36,090</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">27,315</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">36,090</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Cozani<SUP>(x)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">3,041</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">459,797</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: TIM Sans">Total</FONT></TD>
    <TD STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: #4F81BD 1.5pt outset; border-bottom: #1F497D 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">39,613</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #1F497D 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans">504,616</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #4F81BD 1.5pt outset; border-bottom: #1F497D 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">36,572</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #1F497D 1.5pt double; font: 9pt Tahoma, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans">44,819</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost / Expense</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt outset; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt outset; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="width: 49%; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 11%; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia S.p.A. (ii)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">130,994</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">108,792</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">130,994</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">108,792</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">Telecom Italia Sparkle<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">13,520</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">12,409</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">13,520</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">12,409</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">TI Sparkle<SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">17,762</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">18,095</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">17,762</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">18,095</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">Vivendi Group<SUP>(v)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">8,390</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">4,319</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">8,390</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">4,319</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">Gruppo Havas<SUP>(vi)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">531,350</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">382,275</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">531,350</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">382,275</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">I Systems<SUP>(<FONT STYLE="font-size: 10pt">viii)</FONT></SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">429,771</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">365,875</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">429,771</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">365,875</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">Cozani<SUP>(x)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">480,108</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">392,133</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">Other</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #305598 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">18,445</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">16,983</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">18,445</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">16,983</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: TIM Sans">Total</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">1,630,340</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #1F497D 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">1,300,881</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #1F497D 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">1,150,232</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #1F497D 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Tahoma, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans">908,748</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>


<!-- Field: Page; Sequence: 137 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">(i) amounts refer to <I>roaming</I>, Value-Added
Services &#8211; VAS, transfer of means and international voice-<I>wholesale</I>.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -16.9pt">(ii) The amounts refer to international
roaming, technical assistance and value added services &#8211; VAS and licensing for the use of a registered trademark, granting TIM.&nbsp;S.A.
the right to use the &#8220;TIM&#8221; brand upon payment of royalties in the amount of 0.5% of the Company&#8217;s net revenue, with
payment made on a quarterly basis.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">(iii) Values refer to <I>link</I> rental,
EILD rental, media rental (submarine cable) and signaling service.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -16.9pt">(iv) Mainly refer to judicial deposits
made on account of labor claims and transfers of employees.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">(v) the values refer to Value Added Services-VAS.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -16.9pt">(vi) From the values described above,
in the result, they refer to advertising services, of which R$&nbsp;487,839 (R$&nbsp;345,597 on December 31, 2022) are related to media
transfers.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">(vii) Refer to judicial deposits made on account of labor claims.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 14.2pt; text-align: justify; text-indent: -14.2pt">(viii) The amounts refer to fiber
infrastructure capacity services.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 14.2pt; text-align: justify; text-indent: -14.2pt">(ix) The amounts are related to services
provided by TIM S.A., mainly related to network operation and maintenance in the scope of Transition Service Agreement, signed when closing
the transaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.55pt 0 14.2pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 14.2pt; text-align: justify; text-indent: -14.2pt">(x) Refer to contracts related to
the operation of telecommunications services, including interconnection, roaming, assignment of means and use of radio frequencies, in
addition to co-billing agreements.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 14.2pt; text-align: justify; text-indent: -14.2pt">(xi) The amounts refer to the development
of the software used in the billing of telecommunication services. The company was merged in April 2023 and all intercompany balances
were eliminated.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">The Company has social investment actions that include donations,
projects developed by the Tim Institute and sponsorships. On December 31, 2023, the Company invested R$&nbsp;8,156 (R$&nbsp;5,787 on December
31, 2022).</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">Sales and purchases involving related parties are carried out
at prices equivalent to those practiced in the market. Outstanding balances at the end of the year are not linked to guarantees and are
settled in cash. There were no guarantees provided or received in connection with any accounts receivable or payable involving related
parties.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Balances on equity accounts are recorded in the groups: trade accounts
receivable, prepaid expenses, suppliers and other current assets and liabilities.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">36.</TD><TD>Management remuneration</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The key management personnel includes: statutory directors and the Board
of Directors. The payment of key management personnel for the provision of their services is presented below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="width: 69%; font: 12pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 2%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: -70.9pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Short-term benefits</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">24,530</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: -70.9pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">35,717</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: TIM Sans; font-size: 9pt; line-height: 115%">Share-based remuneration</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">9,542</FONT></TD>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif; padding-right: -70.9pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">33,926</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="width: 69%; font: 12pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">34,072</FONT></TD>
    <TD STYLE="width: 2%; font: 12pt/115% Times New Roman, Times, Serif; padding-right: -70.9pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">69,643</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 138 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">37.</TD><TD>Financial instruments and risk management</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Among the financial instruments registered in the Company, there are derivatives
that are financial assets or liabilities measured at fair value through profit or loss. At each balance sheet date such assets/liabilities
are measured at their fair value. Interest, monetary correction, foreign exchange variation and variations arising from the fair value
measurement, where applicable, shall be recognized in the result when incurred, under the line of financial revenues or expenses.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% TIM Sans; margin: 0; text-align: justify">Derivatives are initially recognized at fair value on the date the
derivative agreement is entered into, and are subsequently remeasured at fair value. The Company does not apply &#8220;<I>hedge accounting&#8221;</I>.</P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">The
company carries out transactions with derivative financial instruments, without speculative purposes, only with the aim of i) reducing
risks related to foreign exchange variation and ii) managing interest rate exposure. The Company's derivative financial instruments are
specifically represented by swap and options contracts</FONT><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">The
company's financial instruments are being presented in compliance with IFRS 9 / CPC 48.</FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">The
main risk factors to which the Company is exposed are: </FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">(i)
Exchange rate risks</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The exchange rate risks relate to the possibility of the Company computing
i) losses derived from fluctuations in exchange rates by increasing the balances of debt with loans and financing obtained in the market
and the corresponding financial expenses or ii) increase in cost in commercial contracts that have some type of link to foreign exchange
variation. In order for these types of risks to be mitigated, the company performs: swap contracts with financial institutions with the
aim of canceling the impacts arising from the fluctuation of exchange rates on the balance sheet and financial result and commercial contracts
with foreign exchange band clauses with the aim of partially mitigating foreign exchange risks or derivative financial instruments to
reduce the remaining risks of foreign exchange exposure in commercial contracts.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December&nbsp;31, 2023 and December&nbsp;31, 2022, the Company's loans
and financings indexed to the variation of foreign currencies are fully protected, both in terms and in value, by swap contracts. Gains
or losses on these swap contracts are recorded in the company's earnings.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">(ii)
Interest rate risks</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Interest rate risks refer to:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The possibility of variations in the fair value of the loans obtained by
the company indexed to TJLP, IPCA, fixed rate and/or TLP, when such rates pose a risk to the company&#8217;s perspective of not corresponding
proportionally to the rates relating to Interbank Certificates of Deposit (CDI). The Company opted to hedge the exposure linked to the
IPCA arising from the issuance of debentures, financing to BNDES (FINAME) and BNB and the exposure to a fixed rate linked to the debt
with BNP Paribas, all of them until maturity.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The possibility of an unfavorable movement in interest rates would cause
an increase in the financial expenses of the Company, as a result of the share of the debt and the passive positions that the Company
has in swap contracts linked to floating interest rates (percentage of the CDI). However, on December&nbsp;31, 2023 and December&nbsp;31,
2022, the Company maintains its financial resources applied to Interbank Certificates of Deposit (CDI), which substantially reduces this
risk.</P>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">(iii)
Credit risk inherent in the provision of services</FONT></P>

<P STYLE="font: italic bold 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The risk is related to the possibility of the company computing losses
derived from the inability of the subscribers to honor the payments of the invoiced amounts. To minimize this risk, the company preventively
performs credit analysis of all orders imputed by the sales areas and monitors the accounts receivable of subscribers, blocking the ability
to use services, among other actions, if customers do not pay their debts. There are no customers who have contributed more than 10% of
net accounts receivable on December 31, 2023 and December 31, 2022 or revenues from services rendered during the years ended December&nbsp;31,
2023 and December 31, 2022.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">(iv)
Credit risk inherent in the sale of telephone sets and prepaid telephone cards</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The group's policy for the sale of telephone devices and the distribution
of prepaid telephone cards is directly related to the credit risk levels accepted during the normal course of business. The selection
of partners, the diversification of the portfolio of accounts receivable, the monitoring of loan conditions, the positions and limits
of orders established for traders, the formation of collateral are procedures adopted by the company to minimize possible collection problems
with its trading partners. There are no customers who contributed more than 10% of revenues from sale of goods during the years ended
December 31, 2023 and 2022. There are no customers who contributed more than 10% of the net accounts receivable from the sale of goods
on December 31, 2023 and December 31, 2022.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
risk</FONT></P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Liquidity risk arises from the need for cash before the obligations assumed.
The Company structures the maturities of its non-derivative financial instruments and their respective derivative financial instruments
so as not to affect liquidity. See Notes 17 and 21.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The liquidity and cash flow management of the Company are carried out daily
to ensure that the operational cash generation and prior fund raising, when necessary, are sufficient to maintain its schedule of operational
and financial commitments.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">All interest earning bank deposits of the Company have daily liquidity
and the Management may, even in specific cases: i) revise the dividend payment policy; ii) issue new shares; and/or iii) sell assets to
increase liquidity.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">(vi)
Financial credit risk</FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The cash flow forecast is performed by the Finance Executive Board, which
monitors the continuous forecasts of the liquidity requirements to ensure that the Company has enough cash to satisfy its operating needs.
This forecast takes into consideration the investment, debt financing plans, compliance with covenants, attainment of the internal goals
and if applicable, external or legal regulatory requirements.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The risk is related to the possibility of the Company posting losses resulting
from difficulties in the redemption of short-term interest earning bank deposits and swap contracts, due to possible insolvency of counterparties.
The Company minimizes the risk associated with these financial instruments by maintaining operations only with financial institutions
of recognized market strength, in addition to following a policy that establishes maximum levels of risk concentration per financial institution.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"><B><U>Fair value of derivative financial instruments:</U></B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The derivative financial instruments are presented below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">2023</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">2022</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 45%; padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">Assets</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">Liabilities</TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">Assets</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">Liabilities</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-weight: normal">Operations with derivatives</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">304,959</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">239,714</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">276,951</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">393,372</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other derivatives<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">502,453</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">624,671</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">807,412</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">239,714</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">901,622</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">393,372</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-weight: normal">Current portion</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(299,539)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(239,714)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(239,189)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">(343,142)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-weight: normal">Non-current portion</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">507,873</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">662,433</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">50,230</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Other derivatives are instruments of share subscription options represent
the option of the Company to subscribe 4.44% of the shares of C6 capital on December&nbsp;31, 2023 (5.52% on December 31, 2022), where
the Group/Company paid a share subscription premium in the amount of R$&nbsp;25.5 million until December&nbsp;31, 2023 (R$&nbsp;23.9 million
until December&nbsp;31, 2022). As required by IFRS&nbsp;9 / CPC&nbsp;48, the financial instrument must be valued at its fair value that
on December 31, 2023 and December 31, 2022 corresponds to R$&nbsp;502 million and R$&nbsp;625 million, respectively. The change for the
period refers to the achievement of 2 targets in 2023 (9<SUP>th</SUP> and 10<SUP>th</SUP> targets), with a fair value of R$&nbsp;40.7
million and subscription and shares in the amount of R$&nbsp;163 million, according to Note&nbsp;12.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The impact of the mark-to-market is calculated by the difference in the
fair value of the option less the amount paid for the share subscription premium. This financial instrument was measured at fair value
and subsequently revaluated and possible changes recorded in the Company&#8217;s financial income (loss) for the year, considering the
arbitration risks disclosed in Note&nbsp;28.</P>

<P STYLE="font: 12pt TIM Sans; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% TIM Sans; margin: 0 0 0 7.1pt; text-align: justify">The long-term derivative financial instruments on December
31, 2023 are due in accordance with the following schedule:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="white-space: nowrap; width: 85%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&nbsp;&nbsp;2025</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">505,163</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">&gt;2026</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">2,710</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">507,873</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Non-derivative financial liabilities are substantially composed of accounts
payable with suppliers, dividends payable and other obligations, the maturity of which will occur in the next 12 months, except for loans
and financing and leases, the nominal flows of payments of which are disclosed in Notes&nbsp;21 and 17.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B><U>Financial instruments measured at fair value:</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>2023</B></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 52%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 15%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Level 1</B></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 15%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Level 2</B></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; width: 14%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>TOTAL</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Total assets</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,025,202</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">970,370</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,995,572</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,025,202</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">970,370</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,995,572</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Derivative financial instruments</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">304,959</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">304,959</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Other derivatives </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">502,453</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">502,453</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Marketable securities</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">1,971,439</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">1,971,439</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Other financial assets</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">53,763</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">162,958</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">216,721</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Total liabilities</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">239,714</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">239,714</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Financial liabilities at fair value through profit or loss</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">239,714</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">239,714</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Derivative financial instruments</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">239,714</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">239,714</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>2022</B></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Level&nbsp;1</B></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>Level 2</B></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center"><B>TOTAL</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Total assets</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,203,564</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;901,622</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">3,105,186</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,203,564</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">901,622</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt outset; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">3,105,186</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Derivative financial instruments</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">276,951</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">276,951</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Other derivatives </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">624,671</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">624,671</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Marketable securities</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,203,564</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">2,203,564</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Total liabilities</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">393,372</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">393,372</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt">Financial liabilities at fair value through profit or loss</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">393,372</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">393,372</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 20pt; font-size: 8pt">Derivative financial instruments</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">393,372</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">393,372</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0 0 0 20pt">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0 0 0 20pt">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0 0 0 20pt">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0 0 0 20pt">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0 0 0 20pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The fair value of financial instruments traded in active markets is based
on quoted market prices at the balance sheet date. A market is seen as active if quoted prices are ready and regularly available from
a stock exchange, distributor, broker, industry group, pricing service, or regulatory agency, and those prices represent real market transactions
and that occur regularly on purely commercial basis. These instruments are included in the Level 1. The instruments included in Level
1 mainly comprise the equity investments of bank certificates of deposit (CDB) and committed classified as securities for trading.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The fair value of financial instruments that are not traded on active markets
(for example, over-the-counter derivatives) is determined based on valuation techniques. These valuation techniques maximize the use of
the data adopted by the market where it is available and rely as little as possible on entity-specific estimates. If all relevant information
required for the fair value of an instrument is adopted by the market, the instrument is included in Level 2.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">If relevant information is not based on data adopted by the market, the
instrument is included in Level 3.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Specific evaluation techniques used to measure the financial instruments
include:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Quoted market prices or quotes from
financial institutions or brokerage firms for similar instruments.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">The fair value of swaps of interest
rate is calculated at the present value of future cash flows estimated based on yield curves adopted by the market.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 10pt">Other techniques, such as analysis of
discounted cash flows, available data of the last relevant transaction and analysis of results based on multiples of similar companies,
are used to determine the fair value of the remaining financial instruments.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The fair values of currency derivative financial instruments and interest
rates of the Company were determined by means of future cash flows (active and passive position) using the contracted conditions and bringing
these flows to present value through discounts for the use of future interest rate disclosed by market sources. Fair values were estimated
at a specific time, based on available information and own evaluation methodologies.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B><U>Financial assets and liabilities by category</U></B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">The Company&#8217;s financial instruments per category can be summarized as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>December 31, 2023</U></P>

<P STYLE="font: 8pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 71%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Measured at amortized cost</FONT></TD>
    <TD STYLE="width: 1%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Fair value through profit or loss</FONT></TD>
    <TD STYLE="width: 1%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Total</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt">Assets, as per balance sheet</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">7,993,747</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">2,995,572</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">10,989,319</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">304,959</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">304,959</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Other derivatives</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">502,453</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">502,453</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Trade accounts receivable and other accounts receivable excluding prepayments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,908,773</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,908,773</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Marketable securities</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">1,971,439</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">1,971,439</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,077,931</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,077,931</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Leases</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">236,341</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">236,341</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Judicial deposits</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">689,739</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">689,739</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Other financial assets</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">216,721</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">216,721</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Other amounts recoverable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">80,963</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">80,963</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt">Liabilities, as per balance sheet</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">21,287,705</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">239,714</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">21,527,419</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Loans and financing</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,770,946</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,770,946</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">239,714</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">239,714</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Suppliers and other obligations, excluding legal obligations</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">4,612,112</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">4,612,112</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">12,256,775</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">12,256,775</FONT></TD>
    </TR>

<TR>
    <TD STYLE="width: 71%; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest on shareholders' equity payable</FONT></TD>
    <TD STYLE="width: 10%; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">647,872</FONT></TD>
    <TD STYLE="width: 1%; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="width: 1%; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-weight: normal">647,872</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 143 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>December 31, 2022</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-indent: 4.25in"><B>Parent&nbsp;Company Consolidated</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 37%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Measured at amortized cost</FONT></TD>
    <TD STYLE="width: 1%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Fair value through profit or loss</FONT></TD>
    <TD STYLE="width: 1%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Total</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: -5.45pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Measured at amortized cost</FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Fair value through profit or loss</FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7.5pt">Total</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt">Assets, as per balance sheet</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">7,405,960</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,105,186</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">10,511,146</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">7,851,215</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">3,105,186</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1.5pt outset; border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">10,956,401</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">276,951</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;276,951 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">276,951</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;276,951 </FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Other derivatives </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">624,671</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;624,671 </FONT></TD>
    <TD STYLE="font: 12pt/107% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt/107% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="font: 12pt/107% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/107% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt; line-height: 107%">624,671</FONT></TD>
    <TD STYLE="font: 12pt/107% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt/107% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt; line-height: 107%">&nbsp;624,671 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Trade accounts receivable and other accounts receivable excluding prepayments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">3,978,135</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">3,978,135 </FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">3,659,777</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">3,659,777</FONT></P></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Marketable securities</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">2,203,564</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;2,203,564 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">2,203,564</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;2,203,564 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">1,785,100</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;1,785,100</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">2,548,713</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;2,548,713 </FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Leases</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">238,646</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;238,646 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">238,646</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;238,646 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Judicial deposits</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">1,377,560</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">1,377,560</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">1,377,560</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">1,377,560</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Other amounts recoverable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">26,519</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">26,519</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">26,519</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">26,519</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt">Liabilities, according to the balance sheet</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">20,713,839</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">393,372</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">21,107,211</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">23,448,704</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">393,372</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">23,842,076</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Loans and financing</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;4,969,825 </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;4,969,825 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;4,969,825 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;4,969,825 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;393,372 </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;393,372 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;393,372 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;393,372 </FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">Suppliers and other obligations, excluding legal obligations</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">4,385,356</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">4,385,356</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">4,237,229</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">4,237,229</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;9,948,873 </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;9,948,873</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;12,831,865 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;- </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">12,831,865</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other contractual obligations</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">748,291</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">748,291</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">748,291</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">748,291</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 7.5pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest on shareholders' equity payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">661,494</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">661,494</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">661,494</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; font-weight: normal">661,494</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The regular purchases and sales of financial assets are recognized on the
trading date, which is the date when the Company commits to buy or sell the asset. Investments are initially recognized at fair value.
After initial recognition, changes in fair value are recorded in the profit and loss for the year, in the financial revenues and expenses&#8217;
group.</P>

<P STYLE="font: italic bold 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt TIM Sans; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal"><U>Financial
risk hedge policy adopted by the Company</U></FONT></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company's policy establishes that mechanisms must be adopted to protect
against financial risks arising from the contracting of financing in foreign currency or indexed to the interest rate, in order to manage
said exposure.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The contracting of derivative financial instruments against foreign exchange
exposure shall occur simultaneously with the contracting of the debt that gave rise to such exposure. The level of coverage to be contracted
for such foreign exchange exposures shall be 100% of the risk, both in terms and in value. To cover interest rates, it is up to the Company
to elect or not to contract a hedging mechanism, as provided for in the internal policies.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 144 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">On December 31, 2023, there are no margins or guarantees applied to transactions
with derivative financial instruments of the Company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Based on mandatory market developments, we changed the index of our debt
with KFW/Finninvera from Libor to SOFR.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Likewise, for maintaining the hedge, we migrated the swap transaction with
Bank of America, which until then was indexed to Libor and became indexed to SOFR as of January 2024. Transition without any cash effect
and with the same cost as a percentage of the original CDI.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The selection criteria of financial institutions follow parameters that
take into account the rating provided by renowned risk analysis agencies, shareholders&#8217; equity and levels of concentration of operations
and resources.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The operations with derivative financial instruments contracted by the
company and in force on December&nbsp;31, 2023 and December 31, 2022 are shown in the following table:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>December 31, 2023</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>% Coverage</U></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVERAGE SWAP RATES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>Currency</U></B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Type of SWAP</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center"><U>Debt</U></P></TD>
    <TD STYLE="font: 12pt/13pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 13pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>SWAP</U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Total Debt</U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Total swap</U> <BR>
<U>(long position)&sup1;</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Long position</U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Short position</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">USD</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">LIBOR&nbsp;X&nbsp;DI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center">KFW/</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center">Finnvera</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">JP Morgan and Bank of America</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">125,854</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">125,854</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">LIBOR 6M + 0.75%&nbsp;p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">79.00&#8722;92.59% CDI</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNB</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">XP and ITAU</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">206,140</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">207,987</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA + 1.22&#8722;1.49%&nbsp;p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">67.73&#8211;69.50% CDI</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">USD</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">PRE&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">The Bank of Nova Scotia</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Scotiabank</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">485,498</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">485,740</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1.73% p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">CDI + 1.05%&nbsp;CDI</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">PRE&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNP Paribas</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNP&nbsp;Paribas</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">515,068</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">517,727</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">8.34%&nbsp;p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">CDI + 1.07%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">DEBENTURE</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">ITAU</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,880,389</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,882,880</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA + 4.17% p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">CDI + 0.95%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNDES</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">XP</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">392,340</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">393,389</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA + 4.23% p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">96.95%&nbsp;CDI</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt TIM Sans; margin: 0"><SUP>1 </SUP>In certain swap contracts, long position includes the cost of income tax (15%)
and few debt contracts linked to IPCA were remeasured due to the deflation. After related taxes, coverage remains at 100%.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>December 31, 2022</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>% Coverage</U></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVERAGE SWAP RATES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B><U>Currency</U></B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Type of SWAP</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center"><U>Debt</U></P></TD>
    <TD STYLE="font: 12pt/13pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 13pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>SWAP</U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Total Debt</U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Total swap</U> <BR>
<U>(Long position)&sup1;</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Long position</U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><U>Short position</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">USD</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">LIBOR&nbsp;X&nbsp;DI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center">KFW/</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center">Finnvera</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">JP Morgan and Bank of America</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">175,589</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">175,589</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">LIBOR 6M + 0.75%&nbsp;p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">79.00&#8722;92.59% CDI</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNB</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">XP and ITAU</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">249,400</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">249,166</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA + 1.22&#8722;1.49%&nbsp;p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">67.73&#8211;69.50% CDI</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">USD</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">PRE&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">The Bank of Nova Scotia</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Scotiabank</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,568,683</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,569,829</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1.73&#8211;3.80%&nbsp;p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">CDI + 1.05&#8722;108.95% CDI</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">PRE&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNP Paribas</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNP&nbsp;Paribas</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">515,265</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">517,727</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">8.34%&nbsp;p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">CDI + 1.07%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">DEBENTURE</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">ITAU</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,796,843</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,796,843</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA + 4.17% p.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">CDI + 0.95%</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 54%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BRL</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA&nbsp;x&nbsp;DI</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">BNDES</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">XP</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">394,139</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">394,139</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">100%</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">IPCA + 4.23% p.a.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">96.95%&nbsp;CDI</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt TIM Sans; margin: 0"><SUP>1 </SUP>In certain swap contracts, long position includes the cost of income tax (15%).
After related taxes, coverage remains at 100%.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Position showing the sensitivity analysis &#8211; effect of variations
in the fair value of the swaps</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">For the purpose of identifying possible distortions arising from operations
with consolidated derivative financial instruments currently in force, a sensitivity analysis was performed considering the variables
CDI, US dollar (USD), Libor and IPCA, individually, in three distinct scenarios (probable, possible and remote), and their respective
impacts on the results obtained.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Our assumptions basically observed the individual effect of the CDI, USD,
Libor and IPCA variation used in the transactions as the case may be, and for each scenario the following percentages and quotes were
used:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Sensitivity scenario (i)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Fair value in USD, EUR, BRL and IPCA <FONT STYLE="font-size: 7pt">(ii) </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">A) &#8710; Accumulated variation in debt</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Fair value of the long position of the swap (+)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Fair value of the short position of the swap (-)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Swap result</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">B) &#8710; Accumulated variation in swap </TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">C) Final result (B&#45;A) </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Dec&nbsp;2023</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,784 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">CDI</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">probable</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,784 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">possible</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,331 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,331 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,964,259) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,072 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,712) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,660) </FONT></TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">remote</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,278 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,278 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,973,018) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,261 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,523) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,419) </FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">USD</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">probable</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,784 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">possible</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,172,288 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,905 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,172,288 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216,689 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,905 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">remote</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,323,193 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301,810 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,323,193 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367,594 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301,810 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Libor</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">probable</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,784 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">possible</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,023,281 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,898 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,023,281 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,683 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,898 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">remote</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,025,180 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,797 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,025,180 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,581 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,797 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">IPCA</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">probable</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,021,383 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,784 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">possible</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;2,931,457 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;(89,926) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;2,931,457 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,142) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;(89,926) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">remote</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;2,846,661 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;(174,722) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;2,846,661 </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;(2,955,599) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;(108,938) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;(174,722) </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">(1) Scenarios sensitized with the following increase in rates: probable scenario
without increase; possible scenario with 25% increase; and remote scenario with 50% increase.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">(2) (KFW Finnvera, Scotia, BNB, BNP Paribas, Debenture and BNDES.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 146 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="width: 23%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Risk variable</TD>
    <TD STYLE="width: 15%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Sensitivity scenario (i)</TD>
    <TD STYLE="width: 15%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">CDI</TD>
    <TD STYLE="width: 15%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">USD</TD>
    <TD STYLE="width: 17%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">Libor</TD>
    <TD STYLE="width: 15%; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">IPCA</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">CDI</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Probable</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Possible</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">14.56%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR STYLE="background-color: #DAE3F3">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Remote</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">17.48%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">USD</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Probable</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Possible</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">6.0516</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Remote</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">7.2620</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Libor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Probable</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Possible</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">7.16%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Remote</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">8.60%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">IPCA</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Probable</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">4.62%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Possible</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.78%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">Remote</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">11.65%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">5.73%</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center; font-weight: bold">6.93%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: left">(i) Scenarios sensitized with the following increase in rates: probable scenario
without increase; possible scenario with 25% increase; and remote scenario with 50% increase.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">As the Company has derivative financial instruments for the purposes of
protection of its respective financial liabilities, the changes in the scenarios are accompanied by the respective object of protection,
thus showing that the effects related to the exposure generated in the swaps will have their counterpart reflected in the debt. For these
transactions, the Company discloses the fair value of the object (debt) and the protective derivative financial instrument on separate
lines, as demonstrated above in the sensitivity analysis demonstration table, in order to report the company's net exposure in each of
the scenarios mentioned.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">It is noteworthy that the operations with derivative financial instruments
contracted by the company have as sole objective the patrimonial protection. In this way, an improvement or worsening in their respective
market values will be equivalent to an inverse movement in the corresponding portions of the value of the financial debt contracted, object
of the derivative financial instruments of the company.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The sensitivity analyses for derivative financial instruments in force
on December 31, 2023 were carried out considering, basically, the assumptions related to changes in market interest rates and the change
in the US dollar used in swap contracts. The use of these assumptions in the analysis is due exclusively to the characteristics of derivative
financial instruments, which have exposure only to changes in interest and exchange rates.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><U>Chart of gains and losses with derivatives during the year</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D3DFEE">
    <TD STYLE="width: 71%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 19.65pt; text-align: center; text-indent: -7.9pt">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 19.65pt; text-align: center; text-indent: -7.9pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 2%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 19.65pt; text-indent: -7.9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Net income (loss) from derivative operations</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(210,397)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">(364,638)</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 19.65pt; text-indent: -7.9pt"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">Income (loss) from operations with other derivatives</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">39,173</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">160,414</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"></P>


<!-- Field: Page; Sequence: 147 -->
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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>Capital management</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Group's objectives in managing its capital are to safeguard its business
continuity capacity to offer return to shareholders and benefits to the other stakeholders besides maintaining a capital structure to
reduce this cost. To maintain or adjust the group's capital structure, management may review the dividend payment policy, return capital
to shareholders, or issue new shares or sell assets to reduce, for example, the level of debt. The financial leverage ratios on December
31, 2023 and December 31, 2022 can be summarized as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Total loans and derivatives (Notes&nbsp;21 and 37)</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,203,248</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,461,574</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,203,248</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,461,574</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Leases - Liabilities (Note&nbsp;17)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,256,775</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,948,873</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,256,775</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">12,831,865</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Leases - Assets (Note&nbsp;17)</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(236,341)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(238,646)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(236,341)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(238,646)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Less: Cash and cash equivalents (note 4)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,077,931)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,785,100)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,077,931)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,548,713)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIC (note 5)</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,958,490)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,203,564)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,958,490)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,203,564)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Net debt </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,187,261</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,183,137</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10,187,261</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,302,516</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Other derivatives (note 37)</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">502,453</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">624,671</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">502,453</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">624,671</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Financing of 5G License</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">952,600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">895,094</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">952,600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">895,094</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Adjusted net debt</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,642,314</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,702,902</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,642,314</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">13,822,281</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">EBITDA (i) (last 12 months)</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,594,968</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,781,580</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,834,327</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,987,091</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Financial leverage index </TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1.00</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1.33</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">0.98</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; font-family: Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Reconciliation, net profit for the year:</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #D3DFEE; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">Net profit for the year </TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2,837,422</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,670,755</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">2,837,422</FONT></TD>
    <TD STYLE="background-color: #D3DFEE; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D3DFEE; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,670,755</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance income (cost), net</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,646,089</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,193,560</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,533,265</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">1,439,008</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax and social contribution</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">267,836</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">185,652</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">346,611</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">50,153</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">6,843,621</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">5,731,613</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">7,117,029</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 8pt">6,827,175</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: justify">LAJIDA (EBITDA) (i) </TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,594,968</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">8,781,580</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">11,834,327</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1.5pt double; background-color: #DBE5F1; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,987,091</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0">(i) &nbsp; Lajida: income before interest, taxes, depreciation and amortization.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA:
<I>Earnings before interest, tax, depreciation and amortization </I>(it is not an accounting metric)</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>Changes in financial liabilities</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Changes in liabilities arising from financing activities such as loans
and financing, lease liabilities lease and financial instruments are presented below:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: center; background-color: #DBE5F1; text-indent: 4.25in"><B>Parent Company </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 45%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Loans and financing</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Lease liability</B><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Derivative financial instruments (assets) liabilities </B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">December 31, 2022</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,969,825</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,948,873</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(508,251)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Additions</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,127,573</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">122,218</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;&nbsp;Balance of merged company </FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,992,831</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Cancellations</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,155,617)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Financial charges</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">319,860</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,387,299</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">95,115</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Net foreign exchange variations</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(115,282)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">115,282</FONT></TD></TR>

<TR>
    <TD STYLE="width: 45%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Payments</FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,403,457)</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,044,184)</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(392,062)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">December 31, 2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,770,946</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,256,775</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(567,698)</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 148 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">(i) Lease liability payments include payments of fines in the amount of
R$&nbsp;238&nbsp;million.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: center; text-indent: 4.25in"><B>Parent Company</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 45%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Loans and financing</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Lease liabilities</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Derivative financial instruments (assets) liabilities </B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">December 31, 2021</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,845,465</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,063,539</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(447,132)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Additions</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,568,343</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,195,915</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(166,779)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Cancellations</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(84,915)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Financial charges</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">298,718</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,072,435</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">345,184</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Net foreign exchange variations</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(19,567)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">19,454</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Payments</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(723,134)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,298,101)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(258,978)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">December 31, 2022</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,969,825</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,948,873</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(508,251)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: center; background-color: #DBE5F1; text-indent: 4.25in"><B>Consolidated</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 45%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Loans and financing</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Lease liabilities</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: #4F81BD 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Derivative financial instruments (assets) liabilities </B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">December 31, 2021</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,845,465</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">9,063,539</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(447,132)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Additions</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,568,343</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,472,827</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(166,779)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Cozani acquisition &#8211; opening balance 04/30/2022</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,929,448</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Cancellations</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(93,491)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp;Financial charges</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">298,718</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,329,839</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">345,184</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Net foreign exchange variations</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(19,567)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">19,454</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">&nbsp;&nbsp; Payments</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(723,134)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(2,870,297)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(258,978)</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">December 31, 2022</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">4,969,825</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">12,831,865</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(508,251)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">38.</TD><TD>Pension plan and other post-employment benefits</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 73%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 10pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 17pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 17pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 17pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">PAMEC/asset policy and medical plan</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-indent: 8.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 4.25pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">5,019</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 4.25pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8.5pt">5,825</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B><I>ICATU, SISTEL and VIVEST</I></B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company sponsors defined benefit private pension and contribution plans
for a group of employees from the former TELEBR&Aacute;S system, which are currently under the administration of ICATU FUNDO MULTIPATROCINADO
and Funda&ccedil;&atilde;o Sistel de Seguridade Social. In addition to the plans coming from the TELEBR&Aacute;S system, there is also
the plan administered by the VIVEST foundation resulting from the incorporation of AES Atimus.</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">Such supplementary pension plans, as well as medical plans, are briefly
explained below:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>PBS assisted (PBS-Tele Celular Sul and PBS-Tele Nordeste Celular):</B> SISTEL benefit plan
with a defined benefit feature. It includes retired employees who were part of the plans sponsored by the companies of the old TELEBR&Aacute;S
system;</P>
<P STYLE="font: 10pt TIM Sans; margin: 0"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 6pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>PBS (PBS Tele Celular Sul and PBS Tele Nordeste Celular):</B> pension plan for active and
assisted employees with defined benefit characteristics. These benefit plans are managed by the ICATU Fundo MULTIPATROCINADO;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>TIMPREV Plan (South and Northeast):</B> pension plan for active and assisted employees with
defined contribution characteristics. These benefit plans are managed by the ICATU Fundo MULTIPATROCINADO;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>Administration agreement:</B> administration agreement for retirement payment to retirees
and pensioners of the company's predecessors. Said plan is managed by ICATU Fundo MULTIPATROCINADO;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>PAMEC/Asset Policy:</B> complementary health care plan for retirees of the Company's predecessors;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>AES Telecom</B>: Complementary pension plan managed by Vivest, which
is the responsibility of TIM, due to the acquisition of AES Atimus, a company that belonged to the former Eletropaulo. Currently, the
plan is in the process of Withdrawal of Sponsorship with the National Superintendence of Complementary Pensions (PREVIC).</P>

<P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0"><B>Fiber medical plan</B>: Provision for maintenance of health plan as post-employment benefit
to former employees of AES Atimus (as established in Law&nbsp;9656/98, articles 30 and 31), which was acquired and incorporated by TIM.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The actuarial position of liabilities and assets related to retirement
and health care plans, on December 31, 2023, in accordance with the rules provided for by CPC&nbsp;33/IAS&nbsp;19 is presented below.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">a) Effects on the base date of December 31:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>Plans</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: top; width: 29%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 8%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>PBS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 9%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>PBS Assisted</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: -5.15pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>Administration agreement</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 8%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>PAMEC/</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>Asset Policy</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 10%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>AES Telecom </B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 8%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>Medical plan</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 8%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>2023</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 8%; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E1EBF7">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Reconciliation of assets and liabilities </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(i)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(i)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(i)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Present value of the actuarial obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">37,738</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">9,131</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">109</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,007</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: center; text-indent: 0.25in">11,825</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,116</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">62,926</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">60,440</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Fair value of plan assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(54,544)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(14,583)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(287)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">(10,929)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(80,343)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(80,371)</FONT></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Excess present value of obligations over fair value of assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(16,806)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(5,452)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(178)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,007</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">896</P></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,116</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(17,417)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(19,931)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Amount recognized in other comprehensive income </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">8,170</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,673</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">33</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">11,876</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">15,896</FONT></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">Net actuarial liabilities/(assets)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(8,636)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,779)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(145)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,007</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">896</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,116</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(5,541)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(4,035)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TIM Sans; margin: 0 0 0 7.1pt; text-align: justify">(i) No asset was recognized by the sponsors, due to the impossibility
of reimbursing this surplus, and the fact that the sponsor&#8217;s contributions will not be reduced in the future.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">b) Changes in net actuarial liabilities (assets)</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #E1EBF7">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Plans</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS Assisted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Administration agreement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>PAMEC/</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>Asset Policy</B></P></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>AES Telecom</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Medical plan</B></FONT></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Actuarial liabilities (assets) on 12/31/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(7,983)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,674)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(203)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">776</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">1,839</P></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,210</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: #E1EBF7">
    <TD STYLE="width: 39%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Expense (revenue) recognized in income (loss)</FONT></TD>
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(802)</FONT></TD>
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(169)</FONT></TD>
    <TD STYLE="width: 13%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">75</FONT></TD>
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">186</FONT></TD>
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">420</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Sponsor&#8217;s contributions</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,550</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">80</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(53)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E1EBF7">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Recognized actuarial (gains) or losses</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,401)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">64</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">216</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,129)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(461)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Unrecognized actuarial (gains) or losses</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Net actuarial liabilities (assets) on 12/31/2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(8,636)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(1,779)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">(145)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">1,007</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">896</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">3,116</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 150 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">c) Reconciliation of present value of obligations</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Plans</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 39%; background-color: #E1EBF7; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS Assisted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Administration agreement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>PAMEC/</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>Asset Policy</B></P></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>AES Telecom</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Medical plan</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Value of obligations on </FONT><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">12/31/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">35,189</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">8,624</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">105</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">776</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">12,536</P></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,210</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Current service cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">97</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Interest on actuarial liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,389</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">827</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">75</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">923</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">323</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Benefits paid in the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,276)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(887)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(739)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(53)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Contributions paid by participants</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(Gains)/losses in obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">2,429</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">567</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">216</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(895)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(461)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Value of obligations on 12/31/2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">37,738</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">9,131</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">109</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,007</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right; text-indent: 0.25in">11,825</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,116</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">d) Reconciliation of fair value of assets</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Plans</B></FONT></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: top; width: 40%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS Assisted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Administration agreement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>PAMEC/</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>Asset Policy</B></P></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>AES Telecom</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 8%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Medical plan</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Fair value of assets on </FONT><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">12/31/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">54,337</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">14,977</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">360</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">10,697</P></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Benefits paid in the year</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(3,276)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(887)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(739)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Effective return on assets for the year</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">5,326</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,470</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">32</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #E1EBF7; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">737</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Company&#8217;s contributions / (returns)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,550)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(80)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">60</FONT></TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Actuarial gain (loss) on plan assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(293)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(977)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">234</P></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Fair value of assets on 12/31/2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">54,544</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">14,583</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">287</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right">10,929</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 7.5pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">e) Expenses planned for 2024</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Plans</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>PBS Assisted</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Administration agreement</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>PAMEC/</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>Asset Policy</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt TIM Sans; margin: 0; text-align: right"><B>AES Telecom</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 8%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt"><B>Medical plan</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E1EBF7">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Current service cost (with interest)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">120</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E1EBF7">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Interest on actuarial obligations</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3,382</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">809</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">91</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">1,089</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">294</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Expected return on assets</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(4,832)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,319)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(1,004)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E1EBF7">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Interest on the effect of the (asset)/liability limit</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">767</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">343</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E1EBF7">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Total unrecognized net expense (revenue)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(683)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(167)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">91</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">85</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">414</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt"><B>Actuarial assumptions adopted in the calculations</B></P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 14.2pt">The main actuarial assumptions adopted in the calculation were as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: top; width: 51%; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Nominal discount rate for the actuarial obligation:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 49%">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS South: 9.37% / 5.67%;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS Nordeste: 9.41% / 5.71%;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">CA: 9.38% / 5.68%;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS-A: 9.35% / 5.65%;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">AES: 9.45% / 5.75%;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PAMEC: 9.36% / 5.66%;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">FIBER: 9.47% / 5.77%</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Salary growth rate - nominal:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS Nordeste: 3.50% / 0.00%</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS Sul, CA, PBS-A, AES, PAMEC and</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0 0 0 21.25pt; text-align: justify; text-indent: -21.25pt">FIBER: Not applicable</P></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Biometric general mortality table:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS, CA, PAMEC and FIBER: AT-2000</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">segregated per sex, decreased by 10%</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Biometric table of new disability benefit vested:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS and FIBER: &Aacute;lvaro Vindas;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">CA, PBS-A, AES and PAMEC: Not applicable</P></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Expected turnover rate:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS: Null;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">CA, PBS-A, AES and PAMEC: Not applicable;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">FIBER: 0.15/(service time + 1),</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">being null as of 50 years old</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Probability of retirement:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">PBS and FIBER: 100% at 1<SUP>st</SUP> eligibility;</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">CA, PBS-A, AES and PAMEC: No</P>
    <P STYLE="font: 8pt TIM Sans; margin: 0; text-align: justify">Applicable</P></TD></TR>
  <TR STYLE="background-color: #E1EBF7">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Estimated long-term inflation rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-left: 21.25pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">PAMEC and FIBER: 6.60% / 3.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 32.6pt; text-indent: -21.25pt"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Determination method</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: TIM Sans; font-size: 8pt">Projected Unit Credit Method</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10.5pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>


<!-- Field: Page; Sequence: 152 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>TIM S.A. </B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">NOTES TO THE FINANCIAL STATEMENTS</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">December 31, 2023</P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center">(In thousands of reais, unless otherwise indicated)</P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0 0 0 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">39.</TD><TD>Insurance</TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">The Company maintains a policy of monitoring the risks inherent in its
operations. As a result, on December 31, 2023, the company had insurance contracts in force to cover operational risks, civil liability,
cyber risks, health, among others. The management of the company understands that the policies represent sufficient amounts to cover any
losses. The main assets, liabilities or interests covered by insurance and their maximum indemnity limits are as follows:</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="width: 32%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center; font-weight: bold">Modalities</TD>
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 58%; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">Maximum indemnity limits</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Operational risks</FONT></TD>
    <TD STYLE="padding-right: 20pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">R$&nbsp;590,376</FONT></TD></TR>
  <TR STYLE="background-color: #D3DFEE">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">General Civil Liability - RCG</FONT></TD>
    <TD STYLE="padding-right: 20pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">R$&nbsp;80,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Cyber risks</FONT></TD>
    <TD STYLE="padding-right: 20pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: TIM Sans; font-size: 9pt">R$&nbsp;30,000</FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold"><FONT STYLE="font-weight: normal">Automobile (executives and operational fleet)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">R$&nbsp;1,000 for optional civil liability (property damage and bodily harm) and R$&nbsp;100 for moral damages.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">40. Supplementary information to
the cash flow</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: -10.35pt; padding-left: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DAE3F3; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; background-color: #DAE3F3; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt TIM Sans; margin: 0"><U>Transactions not involving cash</U></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Additions to property, plant and equipment and intangible assets - with no cash effect</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,150,713)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: -2.9pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;(2,026,706)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #DBE5F1; padding-right: -3.7pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,150,713)</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: -3.7pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: #DBE5F1; padding-right: -10.65pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,303,608)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Increase in lease liabilities - no effect on cash&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,150,713</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,026,706</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,150,713</FONT></TD>
    <TD STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: -10.65pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,303,608</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">Assets and liabilities, net of merger effects</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">3,877,394</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3.95pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DBE5F1; padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: #DBE5F1; padding-right: -10.65pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt"><FONT STYLE="font-size: 8pt">C6&nbsp;Bank bonus warrant </FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">162,958</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">162,958</FONT></TD>
    <TD STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: -10.65pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -2.9pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin: 12pt 0 0 35.45pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1F497D; font: bold 11pt TIM Sans; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">41.</TD><TD>Subsequent events <FONT STYLE="font-weight: normal">&#9;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify"><U>Payment of interest on shareholders&#8217; equity</U></P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt TIM Sans; margin: 2pt 0; text-align: justify">The Company&#8217;s Board of Directors approved the distribution
of R$&nbsp;655,000 of interest on shareholders&#8217; equity on December 6, 2023. The payment took place on January 23, 2024, and the date
for identification of shareholders entitled to receive such amounts took place on December 21, 2023.</P>

<P STYLE="font: 10pt TIM Sans; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FISCAL COUNCIL&#8217;S OPINION</B></P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fiscal Council, in compliance with legal
and statutory provisions, examined the Management&#8217;s Report and the individual and consolidated Financial Statements of TIM S.A.
(&quot;Company&quot;), dated as of December 31<SUP>st</SUP>, 2023.</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our examinations were conducted in accordance
with the legal provisions and included the: (i) analysis of the financial statements prepared periodically by the Company; (ii) the Management&#8217;s
Proposal for the allocation of results related to the year of 2023 and the distribution of dividends by the Company; (iii) monitoring
of the work done by independent and internal auditors; and (iv) questions about relevant actions and transactions made by the Management.</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on our examinations, the information provided
and the clarifications received and, also, considering the Company's Independent Auditors&#8217; Report, Ernst &amp; Young Auditores Independentes
S/S (&#8220;EY&#8221;), unqualified, issued on February 6<SUP>th</SUP>, 2024, the Fiscal Council, unanimously, is of the opinion that:
(i) the Management&#8217;s Report and the Financial Statements above mentioned, adequately reflect the information contained in them;
and (ii) the Management&#8217;s Proposal for the allocation of results related to the year of 2023 and the distribution of dividends by
the Company, are all in conditions to be submitted to the Annual General Shareholders Meeting.</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Rio de Janeiro, February 6<SUP>th</SUP>, 2024.</P>

<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>WALMIR URBANO KESSELI</B></P>
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Chairman of the Fiscal Council</P></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Anna Maria
    Cerentini Gouv&ecirc;a Guimar&atilde;es</B></FONT></P>
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Member of the Fiscal Council</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ELIAS DE MATOS BRITO</B></P>
    <P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Member of the Fiscal Council</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/19pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>STATUTORY AUDIT COMMITTEE ANNUAL REPORT</B></P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 1.65pt; text-indent: -1.65pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>1.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">About the Committee</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/16.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Statutory Audit Committee (&#8220;CAE&#8221;)
was created by the Extraordinary Shareholders&#8217; Meeting of TIM Participa&ccedil;&otilde;es S.A. (&#8220;TPART&#8221;) held on December
12<SUP>th</SUP>, 2013. On August 31<SUP>st</SUP>, 2020, aiming to simplify the corporate structure of the group in Brazil, TPART was merged
into its wholly-owned subsidiary, TIM S.A. (&#8220;Company&#8221; or &#8220;TIM&#8221;), which succeeded it in all of its rights and obligations,
maintaining the same structure of corporate governance, internal controls, systems, and the same legal framework. As a consequence of
this corporate reorganization movement, TIM&#8217;s CAE maintained the same structure of TPART&#8217;s CAE, and proceeded with the activities,
working plan and evaluations that were being conducted by the latter.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">TIM&#8217;s CAE is a permanent statutory body
which seeks to adopt the best Corporate Governance practices, as recommended, and governed by the Resolution No. 23 of the <I>Comiss&atilde;o
de Valores Mobili&aacute;rios </I>(&#8220;CVM&#8221;), of February 25<SUP>th</SUP>, 2021, and other applicable regulations.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CAE is composed of at least three (3) and
no more than five (5) independent members, elected by the Board of Directors, for a 2-year term of office, which shall coincide with the
term of office of the members of the Board of Directors, re-election being limited to a maximum period of ten (10) years.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/18pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>1.1 Composition</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">It should be clarified that the role of CAE
member can not be delegated, and must be exercised exclusively by the elected members.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The election of the new Board members occurred
at the Annual and Extraordinary Shareholders&#8217; Meeting held on March 30<SUP>th</SUP>, 2023. For the 2023/2025 mandate, the Board
of Directors elected the following members to compose the CAE, all of them characterized as independent according to the criteria defined
by B3&#8217;s <I>Novo Mercado</I> Regulation:</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #203764">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;<FONT STYLE="color: white"><B>Nome</B></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 64%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>Cargo</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Gesner Jos&eacute; de Oliveira Filho</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Coordinator</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Flavia Maria Bittencourt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Member of the Committee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Herculano An&iacute;bal Alves</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Member of the Committee specializing in corporate accounting</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/18pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>1.2 Duties and Responsibilities</B></FONT></TD></TR>
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<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CAE's ordinary duties are to supervise the
quality and integrity of financial reports, their adherence to legal, regulatory and statutory standards, the adequacy of processes related
to risk management and the activities of auditors, both internal and independent, as well as to supervise and evaluate the execution of
contracts of any nature between the Company or its subsidiary. on the one hand, and, on the other hand, the controlling shareholder or
its subsidiaries, affiliates, subject to common control or controlling companies thereof, or that otherwise constitute related parties
to the Company.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to its ordinary duties, the CAE
also performs the function of the Company's <I>Audit Committee</I>, in accordance with the provisions of the Sarbanes-Oxley Act <I>(&quot;</I>SOx&quot;),
to which the Company is subject because it is a company registered with the <I>US </I>Securities and Exchange Commission (&quot;SEC&quot;),
having <I>American Depositary Receipts (ADRs)</I> on The New York Stock Exchange (&quot;NYSE&quot;) since November 16, 1998.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CAE has an annual budget allocation, within
the limits approved by the Company's Board of Directors, at a meeting held on December 12, 2022, to conduct or determine the performance
of consultations, evaluations and investigations within the scope of its activities, including the hiring and use of independent external
experts.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Report is issued in compliance with item
IX, of Article 14, of the Internal Regulations of the CAE, and in accordance with Paragraph 1 of Item VII of Article 27 of CVM Resolution
No. 80, of March 29, 2022.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 8.55pt; text-align: justify; text-indent: -8.55pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>2.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></B><B><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">Activities of TIM's Statutory Audit Committee
    in 2023</FONT></B></TD></TR>
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<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CAE will meet whenever necessary, but at
least bimonthly, so that the accounting information is always appreciated before its disclosure.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">After establishing an annual schedule for the
fulfillment of its duties, eighteen (18) meetings of the CAE were held from January 1 to December 31, 2023, which included eighty-two
(82) items of the Agenda (sessions). The meetings lasted an average of one (1) hour and twenty-seven (27) minutes each and, during the
discussions, the Chairman of the Board of Directors, the Chief Executive Officer and the Investor Relations Officer and the Chief Financial
Officer were directly involved, in addition to the other members of the Executive Board, the Internal Audit and <I>Risk &amp; Compliance
</I>Officers, and the Independent Auditors. At each meeting of the Company's Board of Directors, the activities carried out by the Committee
in the respective month are reported.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The topics covered throughout the annual programming
of the CAE were classified as follows: (i) ordinary topics (resulting from the applicable legislation/regulation); (ii) recurrent topics
(arising from the work plan programmed for the CAE throughout the year); and (iii) extraordinary topics (not provided for in the previous
items and submitted at the request of the Company's management or the CAE members themselves).</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Within the organization indicated above, it
is important to highlight the statistical data on the productivity of the activities of the CAE, with special emphasis on some thopics
highlighted in yellow, flagged as topics of strategic potential for evaluation by CAE members, as shown below:</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_017.jpg" ALT=""></P>




<P STYLE="margin: 0"></P>


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<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif"><IMG SRC="image_018.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Among the activities carried out during the
exercise, it should be noted that the CAE:</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 36.55pt; text-align: justify">I. Analyzed the annual work plan
of the Independent Auditors and discussed the results of their activities in ten (10) topics during the year of 2023. The Ernst &amp;
Young Auditores Independentes S/S (&#8220;EY&#8221;) was the firm responsible for auditing the financial statements for the fiscal year
ended on December 31<SUP>st</SUP>, 2023, and for the planning and execution of the audits regarding the quarterly reports (&quot;ITRs&quot;),
according to the recognized standards, as well as responsible for the special revision of the ITRs (quarterly reports), submitted to
the CVM. Their opinion should ensure that these Financial Statements adequately represent the Company's equity and financial position,
in accordance with accounting practices adopted in Brazil, the Brazilian Corporate Law, the CVM Rules and the International Financial
Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB). The EY was also the auditor firm responsible
for reviewing Form 20-F (SEC) of the Company.</P>
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<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">II. Supervised the Company's Internal
Audit activities, in nine (9) topics during the year of 2023, analyzing the annual work plan and discussing the results of the activities
performed and the reviews carried out, and evaluated, through an evaluation questionnaire previously approved by the CAE, the performance
of the Company&#8217;s Internal Auditors.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">III. Supervised and analyzed the effectiveness,
quality and integrity of internal control mechanisms in five (5) topics during the year of 2023, in order to, among other purposes, monitor
compliance with the provisions relating to: (a) the presentation of the Financial Statements, including quarterly reports and other interim
statements; and (b) the information and valuation released based on adjusted accounting data and non-accounting data that add elements
that were not on the structure of the usual reports of the Financial Statements, especially regarding the internal controls which support
the Sarbanes-Oxley (&#8220;SOx&#8221;) certification.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">With regards to the internal controls,
the following main issues were monitored and recommended by the CAE: (i) monitoring of the internal control system as to its effectiveness
and improvement processes; (ii) analysis of the process of certification of internal controls - SOx with the Management and Independent
Auditors; (iii) Company procedures for full compliance with SOx requirements and intensive monitoring of remediation plans related to
the deficiencies pointed out by the Independent Audit in relation to the process of SOx Certification in the Company.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">The CAE found that the internal controls
are implemented in accordance with the nature, complexity and necessity of the operations and, in view of the information provided by
the Executive Board, the Internal Audit and the Independent Auditors, verified that there are no relevant facts or of a serious nature
that could put at risk the compliance with the applicable legal and regulatory rules.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">IV. The CAE was informed of the main
processes within the Company, evaluating its quality and the commitment of the members of the top management with its continuous improvement.
As a result of the meetings with the Company's internal areas, the CAE was able to offer suggestions to the Board of Directors to improve
processes, as well as to monitor their implementation, and the execution of recommendations for improvement which were identified during
the audit activities and in discussions with the business and control areas. Based on the information to which the CAE had access to,
the CAE believes that the internal controls system of the Company is adequate to the size and complexity of its business, as well as
structured to ensure the efficiency of its operations, of the systems that issue the financial reports and is in accordance with the
internal and external rules to which the transactions are subject to. The CAE has noted the importance of continuous improvement in the
internal control system.</P>
<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"></P>


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<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">V. Followed-up and supervised the
work carried out by the Company's Risk &amp; Compliance area in seven (7) topics, with emphasis on issues related to: (i) SOx Compliance
through monitoring the deficiencies pointed out by the Independent Auditor and the management of the Company; (ii) Compliance with Information
Technology and Corporate Security, highlighting the risks of Cyber Security and discussing the implementation in the Company of the adaptations
required by the General Law of Personal Data Protection (&#8220;LGPD&#8221;); (iii) Compliance of general and Commercial Processes of
the Company; fraud and corruption, ensuring adherence to laws, rules, standards and internal and external regulations. Within the Company's
Integrity and Anticorruption Program, the CAE also monitored the activities for maintenance of the ISO 37001 Certification obtained in
2020.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">VI. The CAE acknowledged of the main
amendment proposals related to the regulatory framework and to expected institutional changes, as well as of the main aspects of the political
and economic scenarios, with emphasis on the risks and challenges of the current situation which may affect the Company. To this end,
the CAE has monitored the main macro indicators that assist in an assessment of the risks of the external environment for the Company
at the limit of what is predictable by the best quantitative and qualitative techniques, always seeking to recommend mechanisms that provide
the Company with the necessary agility and resilience to adapt to rapid changes in macroeconomic scenarios.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">VII. During the performance of its
activities, the CAE regularly monitored issues related to: (i) customer satisfaction and the quality of services and staff contact; (ii)
incentives for innovation applied to products and services; (iii) transparency and accountability to stakeholders; (iv) ethical conduct
in business; (v) digital inclusion; (vi) dialogues and communication with stakeholder groups; (vii) management of electronic products;
(viii) investment in infrastructure; and (ix) development of new technologies.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">VIII. Throughout the year of 2023,
the CAE analyzed the Company's Enterprise Risk Management (&#8220;ERM&#8221;) reports, focusing on the monitoring of the work plan to
review and update risk factors disclosed by the Company, management of financial risks, risk appetite of the Company and adequacy of
risk factors contained in the Company's <I>Formul&aacute;rio de Refer&ecirc;ncia</I>, on SOx/CVM risk inventory. This issue was brought
in four (4) topics during the year 2023. The Company's risk management structure foresees the analysis, by the CAE, based on the examination
performed by the Control and Risks Committee (&quot;CCR&quot;). Both are bodies of governance associated to the Board of Directors as
defined by the Company's By-laws.</P>
<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"></P>


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<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">IX. Within its attributions, provided
by the Company's By-laws and the CAE&#8217;s Internal Rules, the CAE previously examined, evaluated and opined on fourteen (14) agreements
of different types between the Company, on one side, and related parties, on the other side. All the agreements entered into, strictly
followed the governance process required to comply with both the internal rules of the Company's Compliance area and the standards of
CVM and SEC regulations. The relevant information on the agreements are duly disclosed in the Company's <I>Formul&aacute;rio de Refer&ecirc;ncia</I>.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">X. As part of its duties, the CAE
analyzed, in six (6) topics during the year 2023, the reports regarding the complaints received by the Company&#8217;s Whistleblowing
Channel its respective envisaged actions for improvement. The reports, which are divided by typology, are filed at the Company's headquarters.</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">XI. In addition to the eighteen (18)
reported meetings for the proper performance of their duties, the CAE members participated in at least two (2) private meetings, of one
(1) hour each, with the Internal Audit area of the Company, and one (1) private meeting with the Independent Auditors, of one (1) hour,
without the participation of the top management or other managers of the organization, to assess possible retrenchment or risk of a breach
of independence, of any kind of interference by management, giving to the Committee the opening to express any concerns that need to be
assessed in the development of the audit work.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 22.9pt; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>3.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: white">&nbsp;&nbsp;
    </FONT></B><B><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">Items discussed with the Independent Auditors
    considering the Audit Report (ISA 701) presentation form</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As determined by the auditing standards (ISA
260), which provide for communication with those charged with the Company's governance, the auditor must communicate, among other matters,
the following: (i) their responsibilities in relation to the audit of the financial statements; (ii) overview of its Audit Plan for the
fiscal year; (iii) its view on the significant qualitative aspects of the Company's accounting practices, including accounting policies
and estimates, and disclosures in the financial statements; (iv) significant difficulties encountered during the audit, if any; (v) aspects
of independence, including formal confirmation of its independence from the Company; (vi) written notice to the persons in charge of
governance of the significant findings arising from the audit; and (vii) as determined by ISA 701, communicate which Key Audit Matters
(&#8220;KAMs&#8221;) to be considered in the Independent Auditor's Report.</P>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In view of the foregoing, in order to comply
with the protocol and/or request for communication between the auditors and those in charge with the Company's governance, the CAE held
periodic meetings with the Company's Independent Auditors in order to monitor the progress of the auditors' work in relation to the Company's
financial statements and internal financial reporting controls (SOx), so that all of the above, among others, were formally evaluated
by the CAE with the Independent Auditors.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Specifically, in relation to the KAMs, the CAE
interacted with the Independent Auditors in order to understand the judgment of the auditors to determine these matters as KAMs, as well
as an understanding of the audit approach defined by the Independent Auditors as an audit response to these KAMs.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, in addition to all interaction with
the Independent Auditors, the CAE carried out the following activities throughout the year to evaluate the areas considered as KAMs by
the Independent Auditors:</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 22.9pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>3.1.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: white">&nbsp;
    </FONT></B><B><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">Provision for tax contingencies (Explanatory
    Note 24 - &#8220;Provision for tax judicial and administrative lawsuits&#8221;)</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CAE reviewed quarterly the evolution of
tax contingencies and followed up the forecasts provided by those responsible for the Tax, Civil, Labor and Regulatory areas of the Company.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 8.55pt; text-align: justify; text-indent: -8.55pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>4.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">Other Activities</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 15.65pt; text-align: justify; text-indent: -15.65pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>4.1.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: white">&nbsp;&nbsp;
    </FONT></B><B><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">Review of Form 20-F and the <I>Formul&aacute;rio
    de Refer&ecirc;ncia</I></FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">With regards to the revision work of Form 20-F
(SEC), the members of the CAE formally met once (1) in April 2023 and analyzed, in May, the content of the <I>Formul&aacute;rio de Refer&ecirc;ncia</I>
(CVM) reported by the Company's executives.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 22.7pt; text-align: justify; text-indent: -22.7pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>4.2.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: white">&nbsp;&nbsp;
    </FONT></B><B><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">Evaluation of the Report on the Brazilian Code
    of Corporate Governance &#8211; Publicly-held Companies</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The members of the CAE met with executives
of the Company to evaluate the Company's adherence to certain governance practices set forth in the Brazilian Code of Corporate Governance
&#8211; Publicly-held Companies, in compliance with CVM Resolution No. 80, of March 29<SUP>th</SUP>, 2022, which amended and added provisions
to CVM Resolution No. 168, 2022.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 22.9pt; text-align: justify; text-indent: -22.9pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>4.3.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: white">&nbsp;&nbsp;
    </FONT></B><B><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">Assessment of Independent Auditors and Internal
    Audit</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The members of the CAE evaluated the quality
of the work of the Company's Independent Auditors and Internal Audit, by means of an evaluation questionnaire previously approved by the
CAE.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #244061">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt/16.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: White"><B>5.
    Conclusions and recommendations </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company's CAE members, in the exercise
of their duties and legal responsibilities, analyzed the Financial Statements, together with the Independent Auditors' report and the
annual management report for the fiscal year ended December 31<SUP>st</SUP>, 2023 (&quot;Annual Financial Statements of 2023&quot;).</P>

<P STYLE="font: 12pt/16.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Considering the information provided by the
Company's management and provided by the Company's management and Independent Auditors, and the proposed allocation of the results for
the year 2023, the CAE concluded that this information and documents adequately reflect, in all material respects, the Company's equity
and financial positions.</P>

<P STYLE="font: 12pt/16.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">For this reason, they unanimously recommended
the approval of the aforementioned documents by the Company's Board of Directors for referral to the Annual Shareholders' Meeting, pursuant
to the Brazilian Corporation Law.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Rio de Janeiro (RJ), February 6<SUP>th</SUP>,
2024.</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt TIM Sans; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Gesner
    Jos&eacute; de Oliveira Filho</B></FONT></P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Coordinator of the Statutory Audit Committee</P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>HERCULANO AN&Iacute;BAL ALVES</B></P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Member of the Statutory Audit</P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Committee</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FLAVIA
    MARIA BITENCOURT</B></FONT></P>
    <P STYLE="font: 12pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Member of the Statutory Audit Committee</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATUTORY OFFICERS&#8217; STATEMENT</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Alberto Mario Griselli </B>(Chief Executive
Officer and Investor Relations Officer), <B>Andrea Palma Viegas Marques</B> (Chief Financial Officer), <B>Bruno Mutzenbecher Gentil </B>(Business
Support Officer), <B>Maria Antonietta Russo </B>(People, Culture &amp; Organization Officer), <B>Mario Girasole </B>(Regulatory and Institutional
Affairs Officer) and <B>Fabiane Reschke </B>(Legal Officer), as Statutory Officers of TIM S.A., declare, in accordance with Section 27,
paragraph 1, item V of CVM Resolution Nr. 80 of March 29<SUP>th</SUP>, 2022, that they have reviewed, discussed and agreed with the opinion
expressed on the Company&#8217;s Independent Auditors&#8217; Report regarding the Company&#8217;s Financial Statements for the year ended
December 31<SUP>st</SUP>, 2023.</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">Rio de Janeiro, February 6<SUP>th</SUP>, 2023.</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ALBERTO MARIO GRISELLI</B></P>
    <P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><I>Diretor Presidente
    e Diretor de Rela&ccedil;&otilde;es com Investidores</I> (Chief Executive Officer and </FONT><FONT STYLE="font-size: 11.5pt">Investor
    Relations Officer</FONT><FONT STYLE="font-size: 11pt">)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANDREA PALMA VIEGAS MARQUES</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Diretora Financeira</I> (Chief Financial Officer)</P></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARIO GIRASOLE</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">Regulatory and Institutional Affairs Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BRUNO MUTZENBECHER GENTIL</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">Business Support Officer</P></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FABIANE RESCHKE</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Diretora Jur&iacute;dica</I> (Legal Officer)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARIA ANTONIETTA RUSSO</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">People, Culture &amp; Organization Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="2" STYLE="font: 12pt/150% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B></B></P><P STYLE="font: 12pt TIM Sans; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P><P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATUTORY OFFICERS&#8217; STATEMENT</B></P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Alberto Mario Griselli </B>(Chief Executive
Officer and Investor Relations Officer), <B>Andrea Palma Viegas Marques</B> (Chief Financial Officer), <B>Bruno Mutzenbecher Gentil </B>(Business
Support Officer), <B>Maria Antonietta Russo </B>(People, Culture &amp; Organization Officer), <B>Mario Girasole </B>(Regulatory and Institutional
Affairs Officer) and <B>Fabiane Reschke </B>(Legal Officer), as Statutory Officers of TIM S.A., declare, in accordance with article 27,
paragraph 1, item VI of CVM Resolution Nr. 80 of March 29<SUP>th</SUP>, 2022, that they have reviewed, discussed and agreed with the Company&#8217;s
Financial Statements for the year ended December 31<SUP>st</SUP>, 2023.&#9;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">Rio de Janeiro, February 6<SUP>th</SUP>, 2024.</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt TIM Sans; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ALBERTO MARIO GRISELLI</B></P>
    <P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><I>Diretor Presidente
    e Diretor de Rela&ccedil;&atilde;o com Investidores </I>(Chief Executive Officer and </FONT><FONT STYLE="font-size: 11.5pt">Investor Relations
    Officer</FONT><FONT STYLE="font-size: 11pt">) </FONT></P></TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANDREA PALMA VIEGAS MARQUES</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Diretora Financeira</I> (Chief Financial Officer)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARIO GIRASOLE</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">Regulatory and Institutional Affairs Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BRUNO MUTZENBECHER GENTIL</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">Business Support Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FABIANE RESCHKE</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Diretora Jur&iacute;dica</I> (Legal Officer)</P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARIA ANTONIETTA RUSSO</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center">People, Culture &amp; Organization Officer</P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>























































































































































<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->162<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TIM S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    February 9, 2024</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 39%; border-bottom: black 1pt solid; padding-right: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alberto
Mario Griselli</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alberto
Mario Griselli</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Executive Officer, Chief Financial Officer and Investor Relations Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt/13.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
