GERDAU SA

Ticker: GGB CUSIP: 373737105 Class: ADR

CARLSON CAPITAL L P's Holding History (CIK: 0001056973)

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

Q4 2015
Shares 19,000,009 Value ($000) $22,800 Avg Close — Range —
Q3 2015
Shares 23,854,596 Value ($000) $32,681 Avg Close — Range —
Q2 2015
Shares 21,000,000 Value ($000) $50,610 Avg Close — Range —
Q1 2015
Shares 15,550,000 Value ($000) $49,760 Avg Close — Range —
Q4 2014
Shares 12,250,400 Value ($000) $43,489 Avg Close — Range —
Q3 2014
Shares 4,575,600 Value ($000) $21,963 Avg Close — Range —
Q2 2014
Shares 1,899,900 Value ($000) $11,190 Avg Close — Range —
Q1 2014
Shares 3,275,000 Value ($000) $20,993 Avg Close — Range —
Q2 2013
Shares 2,785,200 Value ($000) $15,903 Avg Close — Range —