GERDAU SA

Ticker: GGB CUSIP: 373737105 Class: ADR

ADAGE CAPITAL PARTNERS GP, L.L.C.'s Holding History (CIK: 0001165408)

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

Q2 2016
Shares 11,873,369 Value ($000) $21,610 Avg Close — Range —
Q1 2016
Shares 16,123,369 Value ($000) $28,700 Avg Close — Range —
Q4 2015
Shares 6,600,000 Value ($000) $7,920 Avg Close — Range —
Q3 2015
Shares 5,600,000 Value ($000) $7,672 Avg Close — Range —
Q2 2015
Shares 5,600,000 Value ($000) $13,496 Avg Close — Range —
Q1 2015
Shares 4,600,000 Value ($000) $14,720 Avg Close — Range —
Q3 2014
Shares 1,000,000 Value ($000) $4,800 Avg Close — Range —
Q1 2013
Shares 3,000,000 Value ($000) $23,130 Avg Close — Range —