GERDAU SA

Ticker: GGB CUSIP: 373737105 Class: ADR

Janney Montgomery Scott LLC's Holding History (CIK: 0001329948)

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

Q4 2015
Shares 12,400 Value ($000) $15 Avg Close — Range —
Q3 2015
Shares 13,900 Value ($000) $19 Avg Close — Range —
Q2 2015
Shares 11,900 Value ($000) $28,679 Avg Close — Range —