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Tim S.a. ()

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Institutional Investors' Holdings

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No.	Name	Shares	Value	% Port
1.	Robeco Institutional Asset Management B.v.	4,518,568	$53,138,354	0.1%
2.	Itau Unibanco Holding S.a.	1,769,904	$25,585,873	0.79%
3.	Macquarie Group Ltd	1,722,402	$20,255,000	0.02%
4.	Goldman Sachs Group Inc	1,009,675	$11,873,778	0%
5.	Blackrock, Inc.	903,584	$10,626,146	0%