SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

Holdings History for TELEFONICA BRASIL SA FSPONSORED ADR 1 ADR REPS 2 ORD SHS - COM (VIV)

Symbol: VIV on NYSE
Investment type: Equity / COM

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
31 Mar 2016		-2.8%	$0	0	-145,000	-100%	$11.86	Q1 2016
31 Dec 2015	2.8%	0%	$1,309,000	145,000	0		$9.03	Q4 2015
30 Sep 2015	2.9%	+2.9%	$1,324,000	145,000	+145,000	NEW	$9.13	Q3 2015

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.