GERDAU SA

Ticker: GGB CUSIP: 373737105 Class: ADR

Northwest & Ethical Investments L.P.'s Holding History (CIK: 0002033536)

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

Q1 2011
Shares 6,900 Value ($000) $86 Avg Close — Range —
Q4 2010
Shares 6,900 Value ($000) $97 Avg Close — Range —
Q3 2010
Shares 8,200 Value ($000) $112 Avg Close — Range —
Q2 2010
Shares 8,200 Value ($000) $108 Avg Close — Range —
Q1 2010
Shares 8,200 Value ($000) $134 Avg Close — Range —
Q4 2009
Shares 8,200 Value ($000) $140 Avg Close — Range —
Q3 2009
Shares 8,200 Value ($000) $110 Avg Close — Range —