TSU's Dividend Pay out Ratio	(Dec 31 2019) IV. Quarter	0 III. Quarter	0 II. Quarter	0 I. Quarter	(Dec 31 2018) IV. Quarter
Earnings per Share	$ 14961.17	$ 0	$ 0	$ 0	$ 10.5
Dividend	$ 0.32	-	-	-	$ 0.24
Pay out Ratio	0 %	-	-	-	2.31 %

Dividend Pay out Ratio Comment

Due to increase of eps by 142387.37% year on year, Tim Participacoes Sa's dividend pay out ratio fell to 0%.

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Tim Participacoes Sa's

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