GERDAU SA

Ticker: GGB CUSIP: 373737105 Class: ADR

PICTON MAHONEY ASSET MANAGEMENT's Holding History (CIK: 0001539041)

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

Q1 2015
Shares 166,700 Value ($000) $534 Avg Close — Range —
Q4 2014
Shares 393,200 Value ($000) $1,396 Avg Close — Range —
Q1 2014
Shares 96,600 Value ($000) $620 Avg Close — Range —
Q4 2013
Shares 1,669,900 Value ($000) $13,091 Avg Close — Range —