Here you can find the main information for the TIM ADRs listed on the New York Stock Exchange (NYSE). In addition to increasing the liquidity of Bradesco stock, this initiative has provided more transparent information to investors (especially foreign investors) since the TIM’s financial statements filed with the US Securities and Exchange Commission, or “SEC”, are prepared in accordance with financial standards International Financial Reporting Standards (IFRS) issued by the IASB.

Each TIM ADR represents five TIM common shares, ie a 1:5 ratio. ADRs are priced and traded in dollars on the US stock market. The payment of dividends relating to these shares is also made in US dollars.

1) What is an American Depositary Receipt (ADR)?

ADRs are a negotiable US dollar denominated certificate representing ownership of shares in a non-US company. ADRs are quoted and traded in U.S. dollars in the U.S. securities market. ADRs were specifically designed to facilitate the purchase, holding and sale of non-U.S. securities by U.S. investors.

2) What is the Difference Between ADR and ADS?

An American Depositary Receipt (ADR) is the actual physical certificate whereas an American Depositary Share (ADS) is the actual share. An ADR can represent any number of ADSs. the term “ADR” is often used to mean both the certificates and the securities themselves.

3) What are the Existing ADR Types? What Type is TIM’s ADR?

Each ADR is associated with a level. Each level represents the different structures and reporting requirements associated with a specific ADR Program. there are three different ADR Levels:

  • Level I: the Level I ADR structure provides issuers with a simple and efficient means of building a core group of U.S. investors with minimal regulatory and reporting requirements. the ADRs are traded on the over-the-counter “Pink Sheet” market and on some exchanges outside the U.S. Generally, the establishment of a Level I program is considered a first step by issuers entering the U.S. public equity market. Shares used: Existing shares.
  • Level II: Level II ADR structures are traded on an exchange (NYSE, NASDAQ, Amex) in reliance upon Securities Act registration (Form F-6) and Exchange Act reporting (Form 20-F/Form 6-K) requirements. At the TIMe of listing, the issuer did not register a public offering. Level II programs require a greater degree of SEC reporting than a Level I. issuers must reconcile their accounting to U.S. GAAP and meet the listing requirements of a particular U.S. exchange. Shares used: Existing shares.
  • Level III: the Level III ADR structure is a simultaneous public offering and listing of equity securities on a U.S. exchange. the issuer registers the offering under the 1933 Securities Act (F-1/F-3) and subsequently registers and reports under the 1934 Exchange Act. issuers must provide a full reconciliation of their accounting to U.S. GAAP, and meet exchange listing requirements. Unless an exemption is available, the Level III program requirements must be met where a non-U.S. issuer — which does not previously have a listed ADR program in existence — intends to publicly acquire a U.S. company using ADRs as the transaction currency Shares used: New shares.

TIM’s ADRs are in the Level II traded at NYSE.

4) What are the Benefits Of ADRs To Us Investors?

U.S. investors may prefer to purchase ADRs rather than ordinary shares in the issuer’s home market because ADRs trade, clear and settle according to U.S. market conventions. One of ADRs’ top advantages is the facilitated diversification into foreign securities. ADRs also allow easy comparison to securities of similar companies as well as access to price and trading information.

5) What Companies issue ADRs?

ADR issuers are typically large multinational corporations. Any non-U.S. company seeking to raise capital in the U.S. or increase their base of U.S. investor can issue ADRs.

6) What is the Difference Between A Registered Holder and A Beneficial ADR Holder?

ADRs can be held through banks or brokers, in which case the investor is a “beneficial holder”. Alternatively, ADRs can be held directly through the ADR depositary, in which case the investor is a “registered holder” and is listed on the company’s shareholder register that is maintained by ADR depositary. Registered holders may hold their ADRs either physically in the form of a certificate or in dematerialized form, evidenced by an account statement.

7) How are ADR Dividends Paid and Taxed?

Dividends are paid in U.S. dollars and are generally taxable, just like dividends on U.S. shares. In addition, taxes may be withheld by the ADR company‘s local government. Depending on individual circumstances, foreign taxes withheld might be applied as a credit against U.S. taxes, or tax reclaim opportunities may be offered.

8) What are ADR Voting Rights?

As an ADR holder on the record date, the investor will be entitled to vote the equivalent number of underlying shares. Registered holders will receive the proxy card and other relevant documentation through JP Morgan. Beneficial holders will receive the material through their bank/broker.

9) How do I Convert My Ordinary Shares Into ADRs?

Concerning questions related to conversions of ADRs, please contact the following JP Morgan phones: +1 212 552 8925/ +1 212 552 8926 ou +55 11 4950 3650, or email DRX_depo@jpmorgan.com.

10) What are TIM ADR Ticker Symbol, CUSIP Code and ISIN Code?

Ticker: TIMB

CUSIP Code: 88706T108

ISIN Code: US88706T1088

11) What is TIM ADR Ratio?

The relation between the number of TIM ADRs and the number of ordinary shares is 1:5. Every TIM ADR represents 5 ordinary shares.

12) Where are TIM ADRs Traded?

TIM ADR are traded in the New York Stock Exchange (NYSE).

13) Who is TIM’s Depositary For ADRs?

JP Morgan Chase Bank. the depositary bank plays a key role in issuance as well as cancellation of ADRs. It also maintains the ADR holder register, distributes the dividends in US dollars (if applicable) and facilitates the exercise by the ADRs holders of their voting rights.

14) How May I Check How Many ADRs I Hold?

If you do not hold via a broker, bank or nominee, please contact our transfer agent:

JP Morgan Chase Bank N.A.
P.O. Box 64504
St. Paul, MN 55164-0854, USA
Toll-free number: +1 (800) 990-1135
Direct Dial (from outside of the USA): +1 (651) 453-2128

15) How do I Obtain Historical Share Prices Of TIM’s ADRs, For the Purpose Of Completing My Tax Return?

Historical share prices for TIM’s ADRs can be found on JP Morgan website (https://www.ADR.com).

ADR Contact Information
JP Morgan Chase Bank N.A.
P.O. Box 64504
St. Paul, MN 55164-0854, USA

Toll-free number: +1 (800) 990-1135
Direct Dial (from outside of the USA): +1 (651) 453-2128