<SEC-DOCUMENT>0001104659-20-130912.txt : 20201201
<SEC-HEADER>0001104659-20-130912.hdr.sgml : 20201201
<ACCEPTANCE-DATETIME>20201201115544
ACCESSION NUMBER:		0001104659-20-130912
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20201201
FILED AS OF DATE:		20201201
DATE AS OF CHANGE:		20201201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GERDAU S.A.
		CENTRAL INDEX KEY:			0001073404
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14878
		FILM NUMBER:		201360265

	BUSINESS ADDRESS:	
		STREET 1:		AV DOUTORA RUTH CARDOSO, 8,501
		STREET 2:		8TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			05425-070
		BUSINESS PHONE:		011-55-51-3323-2703

	MAIL ADDRESS:	
		STREET 1:		AV DOUTORA RUTH CARDOSO, 8,501
		STREET 2:		8TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			05425-070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERDAU SA
		DATE OF NAME CHANGE:	19981112
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2037398d1_6k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SECURITIES
EXCHANGE ACT OF 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated December 1, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number 1-14878</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GERDAU S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&#8217;s Name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Av. Dra. Ruth Cardoso, 8,501 &#8211; 8&deg;
andar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">S&atilde;o Paulo, S&atilde;o Paulo - Brazil
CEP 05425-070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify; font-size: 10pt">Form
20-F&nbsp; &#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 85%; text-align: justify; font-size: 10pt">Form
40-F &nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify; font-size: 10pt">Yes&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 90%; text-align: justify; font-size: 10pt">No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If &#8220;Yes&#8221;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 12%"><U>Exhibit</U></TD>
    <TD STYLE="width: 88%"><U>Description of Exhibit </U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="tm2037398d1_ex99-1.htm">99.1</A></TD>
    <TD><A HREF="tm2037398d1_ex99-1.htm">Notice to the Market, December
1, 2020</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="tm2037398d1_ex99-2.htm">99.2</A></TD>
    <TD><A HREF="tm2037398d1_ex99-2.htm">Press release, December 1, 2020</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused the Report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date:&nbsp;&nbsp;December 1, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">GERDAU S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt; width: 45%"><FONT STYLE="font-size: 10pt">/s/
    Harley Lorentz Scardoelli</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Harley Lorentz Scardoelli</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">
        Investor Relations Director</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2037398d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><IMG SRC="tm2037398d1_ex99-1img001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>GERDAU S.A.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Tax ID (CNPJ/MF): 33.611.500/0001-19</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NOTICE TO THE MARKET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt">Gerdau S.A.
(&#8220;<U>Company</U>&#8221; or &#8220;<U>Gerdau</U>&#8221;), in connection with the Notice to the Market dated November 27,
2019, notifies its shareholders and the general market of the conclusion, on November 30, 2020, after fulfillment of the
conditions precedent, including approval by Brazil&#8217;s antitrust authority (CADE), of the acquisition of 96.35% of the
shares issued by Sider&uacute;rgica Latino-Americana S.A. &#8211; SILAT (&#8220;<U>SILAT</U>&#8221;) by its subsidiary,
Gerdau A&ccedil;os Longos S.A. (&#8220;<U>Transaction</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt">SILAT, which is based
in Caucaia, in the metropolitan area of Fortaleza, Cear&aacute;, has annual installed production capacity of 600,000 tonnes of
rolled long steel products. With the Transaction, Gerdau strengthens its positioning in the region and reinforces its strategy
to better serve its clients in the Brazilian market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">S&atilde;o Paulo, December 01, 2020</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Harley Lorentz Scardoelli</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Executive Vice President</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investor Relations Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2037398d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2037398d1_ex99-2img001.jpg" ALT="" STYLE="height: 69; width: 250"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 33.05pt 0pt 52.05pt; text-align: center; text-indent: 0.05pt">GERDAU
S.A. ANNOUNCES RESULTS OF EARLY TENDER PERIOD OF THE CASH TENDER OFFER FOR CERTAIN OF THE OUTSTANDING 5.750% BONDS DUE 2021, 4.750%
BONDS DUE 2023, 5.893% BONDS DUE 2024 AND 4.875% BONDS DUE 2027 AND UPSIZING OF THE CASH TENDER OFFER</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>S&atilde;o Paulo, Brazil, December
1, 2020 </I></B>&#8211; Gerdau S.A. (Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) (&#8220;Gerdau&#8221; or the &#8220;Company&#8221;)
hereby announces the results of the early tender period under the previously announced offer by the Company to purchase for cash
(the &#8220;Tender Offer&#8221;) up to a maximum tender consideration of U.S. $230,000,000 (including the Early Tender Payment,
if applicable) of certain of the outstanding 5.750% Bonds due 2021 (the &#8220;2021 Bonds&#8221;) issued by Gerdau Trade Inc. (&#8220;GTI&#8221;),
4.750% Bonds due 2023 (the &#8220;2023 Bonds&#8221;) issued by GTI, 5.893% Bonds due 2024 (the &#8220;2024 Bonds&#8221;) issued
jointly by Gerdau Holdings, Inc. (&#8220;GHI&#8221;) and GTL Trade Finance Inc., (&#8220;GTL&#8221;) and the 4.875% Bonds due 2027
(the &#8220;2027 Bonds&#8221;, and together with the 2021 Bonds, the 2023 Bonds and the 2024 Bonds, the &#8220;Bonds&#8221; and
each, a &#8220;series&#8221; of Bonds) issued by GTI (GTI, GHI and GTL, collectively, the &#8220;Offerors&#8221;). The Tender Offer
is being made pursuant to the offer to purchase dated November 16, 2020 (the &#8220;Offer to Purchase&#8221;). Capitalized terms
used but not defined in this press release shall have the meanings assigned to them in the Offer to Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tender Offer was oversubscribed as
of 5:00 P.M., New York City time, on the Early Tender Date. The Offerors have agreed, however, to increase the tender offer to
accept for purchase an aggregate of U.S. $300,007,000 principal amount of the Bonds, so that the &#8220;Aggregate Maximum Tender
Consideration&#8221; (as defined in the Offer to Purchase) has been increased to U.S.$ 335,887,519.22. Accordingly, the Company
will not accept for purchase any additional Bonds tendered after the Early Tender Date. As the Tender Offer was oversubscribed,
Bonds tendered at or prior to the Early Tender Date were accepted in accordance with the Acceptance Priority Level (as defined
in the Offer to Purchase) and proration, in the amounts set forth in the table below. No 2023 Bonds or 2027 Bonds were accepted
for purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal amount of each series of
Bonds that were validly tendered and not validly withdrawn in the Tender Offer as of the Early Tender Date and the principal amount
of each series of Bonds that have been accepted for purchase by the Company are set forth in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 11%; border: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Bonds</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP / ISIN Nos.</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Outstanding<BR>
Principal<BR>
Amount</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt; padding-left: 1.8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Acceptance Priority</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Level</B></P></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount Tendered</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount Accepted</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.750% Bonds due 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G3925DAA8 / USG3925DAA84<BR>
37373WAA8 / US37373WAA80 </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.$394,643,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt; padding-left: 1.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. $29,056,000 </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. $29,056,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.893% Bonds due 2024</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G24422AA8 / USG24422AA83<BR>
36249SAA1 / US36249SAA15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.$626,403,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt; padding-left: 1.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. $349,433,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. $270,951,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.750% Bonds due 2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">G3925DAB6 / USG3925DAB67</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">37373WAB6 / US37373WAB63</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.$517,968,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt; padding-left: 1.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. $74,993,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. $0</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.875% Bonds due 2027</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">G3925DAD2 / USG3925DAD24</P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">37373WAD2 / US37373WAD20</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">U.S.$650,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt; padding-left: 1.8pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">U.S. $96,059,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">U.S. $0</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tender Offer is subject to, and conditioned
upon, the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gerdau will deliver cash with respect to
such validly tendered and accepted Bonds on December 2, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Early Settlement Date, eligible
holders of Bonds that were validly tendered prior to the Early Tender Date, and whose Bonds were accepted for purchase, will be
entitled to receive total consideration of (i) U.S. $1,008.62 for each U.S. $1,000 principal amount of the 2021 Bonds and (ii)
U.S. $1,131.50 for each U.S. $1,000 principal amount of the 2024 Bonds, which includes, in each case, the Early Tender Payment
of U.S. $50.00 per U.S. $1,000 principal amount of the Bonds. In addition, such eligible holders will be entitled to receive a
cash payment equal to the accrued and unpaid interest on such Bonds up to, but not including, the Early Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tender Offer will expire at 11:59 p.m.
New York City time, on December 14, 2020, unless extended or earlier terminated. The withdrawal deadline for the Tender Offer was
5:00 p.m., New York City time, on November 30, 2020 and so has passed. Accordingly, Bonds tendered (in the past or future) in the
Tender Offer may no longer be withdrawn, except if required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Information and Tender Agent for the
Tender Offer is D.F. King &amp; Co. To contact the Information and Tender Agent, banks and brokers may call (866) 207-3636 or
email <U>gerdau@dfking.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dealer Managers for the Tender Offer
are BofA Securities, Inc. and Goldman Sachs &amp; Co. LLC (the &#8220;Dealer Managers&#8221;). Any questions or requests for assistance
may be directed to BofA Securities, Inc. at Collect: +1 (646) 855-8988 or U.S. Toll-Free: +1 (888) 292-0070, or Goldman Sachs
 &amp; Co. LLC at U.S.: +1 (212) 357-1452 or by email at <U>GS-LM-NYC@gs.com</U>. In addition, Holders may contact their broker,
dealer, commercial bank, trust company or other nominee for assistance concerning the Tender Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Documents in connection with the Tender
Offer are available at the offices of the Information Agent, D.F. King &amp; Co., Inc., 48 Wall Street, 22nd Floor, New York, New
York 10005, Attn: Andrew Beck.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice does not constitute or form
part of any offer or invitation to purchase, or any solicitation of any offer to sell, the Bonds or any other securities in the
United States or any other country, nor shall it or any part of it, or the fact of its release, form the basis of, or be relied
on or in connection with, any contract therefor. The Tender Offer is made only by and pursuant to the terms of the Offer to Purchase
and the information in this notice is qualified by reference to the Offer to Purchase. None of the Dealer Managers or the Information
and Tender Agent make any recommendations as to whether Holders should tender their Bonds pursuant to the Tender Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice to the market does not represent
an offer to sell securities or a solicitation to buy securities in the United States or in any other country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice to the market is released
for disclosure purposes only, in accordance with applicable legislation. It does not constitute marketing material and should
not be interpreted as advertising an offer to sell or soliciting any offer to buy securities issued by any of the Offerors.
This notice to the market is not for distribution in or into or to any person located or resident in the United States, its
territories and possessions, any state of the United States or the District of Columbia or in any jurisdiction where it is
unlawful to release, publish or distribute this announcement, other than any exemption thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Forward-Looking Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice includes and references &#8220;forward-looking
statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to, among
other things, the Offerors&#8217; business strategy, goals and expectations concerning its market position, future operations,
margins and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Offerors believe the assumptions
upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and
the forward-looking statements based on these assumptions could be incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The matters discussed in these forward-looking
statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially
from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offerors undertake no obligation to
update any of their forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tm2037398d1_ex99-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2037398d1_ex99-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !- +X# 2(  A$! Q$!_\0
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M\A4VCQ6GQ.^%5MHPN$CU73$1!N.<,@PC'U5EQD^I-;KX(M[7,W\31Y?IVO\
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M!N/K@-BM>YU[2[.TBN[K4K:&WFYCD:0 ..O![T2Z_I4$%O/+J-JD-QGR9&E
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-_B:Z.BDY75AI:G__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2037398d1_ex99-2img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2037398d1_ex99-2img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !( 04# 2(  A$! Q$!_\0
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M4=-NC=65]/!.22SI(03SW]1[444_9(6JZEW4?%^OZM#Y-[JUS+%DYC,F%/U
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;XI[HU8H8X(Q'%&L: 8"J, 4^BBD,**** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
