Research Disclosures & Disclaimers

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TIM (TIMS3.SA)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (R$)	Price Target (R$)	Rating
2022-04-01	14.44	18.00	Buy
2022-08-24	12.06	16.60	Buy
2022-10-17	11.93	15.50	Buy
2023-01-31	11.79	15.00	Buy
2023-04-05	12.78	15.50	Buy
2023-07-12	14.03	16.50	Buy
2023-08-03	14.28	16.70	Buy
2023-11-08	17.24	19.80	Buy
2024-01-15	17.46	19.90	Buy
2024-02-07	18.22	21.00	Buy
2024-04-03	18.03	21.50	Buy
2024-08-06	17.14	21.60	Buy
2024-12-08	16.11	17.00	Neutral
2025-02-11	16.93	18.50	Neutral

Disclosures

UBS Securities LLC makes a market in the securities and/or ADRs of this company.
UBS holds a long or short position of 0.5% or more of the listed shares of this company.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.