TELEFONICA BRASIL SA

CUSIP: 87936R106 Class: COM

Graham Capital Management, L.P.'s Holding History (CIK: 0001315421)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014
Shares 12,500 Value ($000) $256 Avg Close — Range —
Q1 2014
Shares 10,000 Value ($000) $212 Avg Close — Range —