GERDAU SA

Ticker: GGB CUSIP: 373737105 Class: ADR

Nikko Asset Management Americas, Inc.'s Holding History (CIK: 0001480751)

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

Q2 2015
Shares 1,075,800 Value ($000) $2,722 Avg Close — Range —
Q1 2015
Shares 947,300 Value ($000) $3,022 Avg Close — Range —
Q4 2014
Shares 1,086,100 Value ($000) $3,899 Avg Close — Range —
Q3 2014
Shares 1,148,300 Value ($000) $5,581 Avg Close — Range —
Q2 2014
Shares 1,139,900 Value ($000) $6,771 Avg Close — Range —
Q1 2014
Shares 1,418,700 Value ($000) $9,080 Avg Close — Range —
Q4 2013
Shares 1,675,700 Value ($000) $12,936 Avg Close — Range —
Q3 2013
Shares 2,049,900 Value ($000) $15,456 Avg Close — Range —
Q2 2013
Shares 2,208,000 Value ($000) $12,828 Avg Close — Range —