TIM Participações S.A. ("TIM") announced that its Annual Report on Form 20-F (the "20-F")
, reporting its financial and operational data for 2011, was filed with the U.S. Securities and Exchange Commission, or the SEC, and the Brazilian Securities and Exchange Commission, the Comissão de Valores Mobiliários, or CVM, on May 14, 2012.
The 20-F contains detailed information about TIM, including certifications under the U.S. Sarbanes-Oxley Act ("SOX"), which attest to the effectiveness of TIM's internal controls and procedures. TIM's independent auditors, PricewaterhouseCoopers, issued an audit opinion on the financial statements and the effectiveness of internal controls over financial reporting as of December 31, 2011.
In addition to publishing the 20-F, TIM also advises that, following the allegations raised by the Milan Public Prosecutor against TIM's controlling shareholder and TIM's former chief executive officer, and the possible implications for the financial reports of TIM, these allegations were reported to the SEC pursuant to Form 12b-25 to request a delay in the filing of its 20-F for up to 15 calendar days. During this period, a limited internal review of TIM's operations was conducted by an independent auditing firm in relation to the effectiveness of internal controls over financial reporting and SOX certifications, with reference to the filing of the 20-F. Based on the review, nothing came to the attention of the independent auditing firm that caused it to believe that there were any inaccuracies in financial statements or operational data or internal controls and procedures that would prevent the certification of TIM's financial information for 2011.
TIM reiterates its commitment to the highest degree of corporate governance, evidenced by its recent accession to the Novo Mercado segment of BM&FBOVESPA, followed by the adoption of leading practices in corporate governance.