Gerdau S.A. announced the results of the early tender period under the previously announced offer by the Company to purchase for cash (the "Tender Offer") up to a maximum tender consideration of U.S.D 230,000,000 (including the Early Tender Payment, if applicable) of certain of the outstanding 5.750% Bonds due 2021 (the "2021 Bonds") issued by Gerdau Trade Inc. ("GTI"), 4.750% Bonds due 2023 (the "2023 Bonds") issued by GTI, 5.893% Bonds due 2024 (the "2024 Bonds") issued jointly by Gerdau Holdings Inc. ("GHI") and GTL Trade Finance Inc., ("GTL") and the 4.875% Bonds due 2027 (the "2027 Bonds", and together with the 2021 Bonds, the 2023 Bonds and the 2024 Bonds, the "Bonds" and each, a "series" of Bonds) issued by GTI (GTI, GHI and GTL, collectively, the "Offerors"). The Tender Offer is being made pursuant to the offer to purchase dated November 16, 2020 (the "Offer to Purchase"). Capitalized terms used but not defined in this press release shall have the meanings assigned to them in the Offer to Purchase. 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.D 300,007,000 principal amount of the Bonds, so that the "Aggregate Maximum Tender Consideration" (as defined in the Offer to Purchase) has been increased to U.S.D 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. 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.D 1,008.62 for each U.S.D 1,000 principal amount of the 2021 Bonds and (ii) U.S.D 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.D 50.00 per U.S.D 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.