Market Risks and Financial Instruments Examine the quantitative and qualitative disclosure about market risk in Form 20-F of TIM PARTICIPACOES SA. See Item 11 or the notes to the financial statements which are usually presented after the financial statements. You may want to create a table(s) to organize your responses. 1 Exposure to risk a Does the firm report exposure to: currency risk and which currencies? b Does the firm report exposure to commodity price risk and which commodities? c Does the firm report exposure to interest rate risks and what type of risks? d Does the firm report exposure to equity price risk and the equity type? 2 Hedging of market risks a Which risks listed under IIA 1 (a-d) above does the firm hedge? Company's Form 20-F is in attachment