TIM PARTICIPACOES S A

CUSIP: 88706P205 Class: ADR

LEUTHOLD GROUP, LLC's Holding History (CIK: 0001170152)

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

Q2 2015
Shares 12,073 Value ($000) $198 Avg Close — Range —
Q1 2015
Shares 12,073 Value ($000) $200 Avg Close — Range —
Q4 2014
Shares 12,073 Value ($000) $268 Avg Close — Range —
Q3 2014
Shares 12,073 Value ($000) $316 Avg Close — Range —
Q2 2014
Shares 12,073 Value ($000) $350 Avg Close — Range —
Q1 2014
Shares 12,073 Value ($000) $313 Avg Close — Range —
Q4 2013
Shares 13,593 Value ($000) $357 Avg Close — Range —
Q3 2013
Shares 9,897 Value ($000) $233 Avg Close — Range —