TIM PARTICIPAÇÕES S.A.
Publicly Held Company
MATERIAL EVENT NOTICE
TIM PARTICIPAÇÕES S.A. ("Company"), in light of official letter CVM/SEP.GEA-2/N° 148/07 and based on the provisions of the Brazilian Law No. 6.404/76 and CVM Instruction No. 358/02, hereby informs its shareholders, the market in general and other interested parties, about official letter CVM/SRE/SEP/N° 2/2009, received by the Company on January, 22nd, 2009, at 18:17 hours, informing about the decision made by the Registry of Public Offering Superintendency ("Superintendência de Registro de Valores Mobiliários") regarding an investors Complaint, pursuant to the transcription of its content, as follows:
"Reference is made to the agreement executed on April 28th, 2007 (Stock Sale Purchase Agreement), in which the companies Telefonica S.A., Assicurazioni Generali S.p.A., Sintonia S.A., Intesa SanPaolo S.p.A. and Mediobanca S.p.A. purchased from Pirelli e C. S.p.A. and Sintonia S.A. 100% of Olimpia S.p.A.`s capital stock, through an italian company controlled by them, named Telco S.p.A. As a matter of fact, according to the understanding of the Registry of Public Offering Superintendency ("Superintendência de Registro de Valores Mobiliários"), in SRE Order MEMO/SER/GER-1/N° 12/2009, Telco, the acquirer of the indirect control of TIM Participações S.A., has the legal obligation to do a Tender Offer for the minority shareholders of the Brazilian publicly held Company, pursuant to the section 254-A of the Brazilian Law No.6.404/76. Furthermore, it was concluded that the control of Telecom Italia was in fact exercised by Olimpia and now it has been exercised by Telco. Consequently, the immediate disclosure of a Material Event Notice is determined, pursuant to the provided for in section 10 of the CVM Instruction No. 358/02, noticing to the market the understanding above, before the opening of the Italian Stock Exchange. It is important to mention, moreover, that the deadline to be respected by the acquirer of the indirect control of TIM Participações S.A. is counted from the date of the issuance of this official letter. Finally, we inform that, according to CVM Resolution No. 463/03, it is applicable an appeal to CVM Board of Commissioners from the understanding herein."
We also take this opportunity to clarify, since the Company shall not take any measure regarding the official letter, but to inform to the market in general in due time, it has forwarded this official letter to its indirect controller, Telecom Italia S.p.A, in order to take all the measures it deems necessary and useful to this situation.
We hope we have clarified the requested information and remain at your disposal for any additional clarification that may be required in this regard.
Rio de Janeiro, January 22, 2009.
TIM PARTICIPAÇÕES S.A.
Chief Financial and Investors Relations Officer