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<SEC-DOCUMENT>0000903423-07-001090.txt : 20071114
<SEC-HEADER>0000903423-07-001090.hdr.sgml : 20071114
<ACCEPTANCE-DATETIME>20071114143847
ACCESSION NUMBER:		0000903423-07-001090
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20071114
DATE AS OF CHANGE:		20071114
EFFECTIVENESS DATE:		20071114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArcelorMittal
		CENTRAL INDEX KEY:			0001243429
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-147382
		FILM NUMBER:		071243583

	BUSINESS ADDRESS:	
		STREET 1:		19 AVE DE LA LIBERTE
		STREET 2:		L-2930 LUXEMBOURG
		CITY:			R.C.S. LUXEMBOURG
		STATE:			N4
		ZIP:			00000
		BUSINESS PHONE:		35247922151

	MAIL ADDRESS:	
		STREET 1:		19 AVE DE LA LIBERTE
		STREET 2:		L-2930 LUXEMBOURG
		CITY:			R.C.S. LUXEMBOURG
		STATE:			N4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>arcelormittal-s8_1114.htm
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=1>As filed with the Securities and Exchange Commission on November 14, 2007</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=1>Registration No. 333- </font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=5>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=2>Washington, DC 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;margin-right:5%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>FORM S-8</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>REGISTRATION STATEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Under</font></b></i></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><i><b><font size=2>The Securities Act of 1933</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;margin-right:5%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=5>ArcelorMittal</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in its Charter)</font></p>


<table width="80%" border="0" align="center" cellpadding=0 cellspacing=0 style='border-collapse:collapse; '>
    <tr>
        <td width="50%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:12.0pt'><b><font size=2>Luxembourg</font></b><br> <font size=2>(State or Other Jurisdiction </font><br> <font size=2>of Incorporation or Organization)</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:12.0pt'><b><font size=2>Not Applicable</font></b><br> <font size=2>(I.R.S. Employer Identification No.)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>ArcelorMittal</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>19, Avenue de la Libert&#233;</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>L-2930 Luxembourg</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Grand Duchy of Luxembourg</font></b></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><b><font size=2>+352 4792-2414</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>(Address of Principal Executive Offices) (Zip Code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>ArcelorMittal Global Stock Option Plan</font></b></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=2>(Full Title of the Plan(s))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;margin-right:5%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Marc Jeske, Esq.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Mittal Steel USA Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1 S. Dearborn, 19th floor</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Chicago, Illinois 60603</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>(312) 899-3400</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>(Name, Address and Telephone Number, Including Area Code, of Agent For Service)</font></p>

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:center;'><i><font size=2>Copies to</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Henk Scheffer, Esq.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>ArcelorMittal</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>19, Avenue de la Libert&#233;</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>L-2930 Luxembourg</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Grand Duchy of Luxembourg</font></b></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><b><font size=2>+352 4792-2414</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;margin-right:5%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:139.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr style='height:21.15pt'>
        <td  colspan="5" valign=bottom style='border:solid black .5pt;border-color:gray; padding:0in 5.75pt 0in 5.75pt;height:21.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><B><font SIZE=2>CALCULATION OF REGISTRATION FEE</font></B></p> </td> </tr>
    <tr style='height:12.45pt'>
        <td  colspan="5" valign=bottom style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt; height:12.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=bottom style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Title of Securities to be Registered</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Amount to be Registered (1)</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Proposed Maximum Offering Price per Share (2)(3)</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Proposed Maximum Aggregate Offering Price (2)(3)</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Amount of Registration Fee</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=bottom style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ordinary Shares</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>214,499 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$11.9375</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$2,560,581.80</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:24.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$78.60</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=top style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ordinary Shares</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>201,115 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:42.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$8.57</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,723,555.60</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:24.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$52.91</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=top style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ordinary Shares</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>269,320 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:42.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$2.26</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$608,663.20</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:24.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$18.69</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=top style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ordinary Shares</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,259,479 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:38.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$28.75</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$64,960,021.00</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:14.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1994.27</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=top style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ordinary Shares</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3,254,508 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:38.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$33.755</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$109,855,917.54</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:12.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$3,372.58</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=top style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ordinary Shares</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5,965,200 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:38.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$64.30</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:3pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$383,562,360.00&nbsp;&nbsp;</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$11,775.36</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=top style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ordinary Shares</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,244,444 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:38.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$74.375</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:3pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$166,930,522.50</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:9.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font size=2>$5,124.77</font></p> </td> </tr>
    <tr>
        <td width="29%" valign=bottom style='border:solid black .5pt;border-color:gray; border-top:none;padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>
        <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14,408,565 shares</font></p> </td>
        <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt; text-indent:42.75pt; text-align:left; margin-top:0pt; margin-bottom:0pt; font-weight: bold;'><font size=2>N/A</font></p> </td>
        <td width="17%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$730,201,631.64</font></p> </td>
        <td width="12%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:16.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$22,418</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="8%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>This Registration Statement covers shares (&#147;Shares&#148;) of ArcelorMittal (the &#147;Registrant&#148;):  (i) issuable pursuant to the exercise of options granted prior to the date hereof under the ArcelorMittal Global Stock Option Plan (the &#147;Plan&#148;), (ii) to be issued in the future under the Plan and (iii) pursuant to Rule 416 of the U.S. Securities Act of 1933, as amended (the &#147;Securities Act&#148;), any additional Shares, which become issuable under the Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant&#146;s receipt of consideration which results in an increase in the number of the outstanding Shares of the Registrant.  </font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="8%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>With respect to the 12,164,121 Shares subject to issuance upon the exercise of options issued prior to the date hereof, calculated pursuant to Rule 457(h) under the Securities Act based on the respective prices at which such options may be exercised as set forth in the table.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="8%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>With respect to 2,244,444 Shares to be issued in the future under the Plan, calculated pursuant to Rule 457(c) and 457(h) based on a price of $74.375 per share, which is the average of the high and low prices reported on the New York Stock Exchange as of November 9th, 2007 solely for the purpose of calculating the registration fee. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-bottom:solid 1.5pt;padding-bottom:1;padding-top:0;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PART II.  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 3.  Incorporation of Documents By Reference.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Pursuant to General Instruction E to Form S-8, the Registrant hereby incorporates by reference herein the following documents:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:8.33%;text-align:justify;'><font size=2>(a)  The Annual Report on Form 20-F of Mittal Steel Company N.V., the predecessor of the Registrant, filed with the SEC on April 17, 2007, as amended on June 29, 2007 and July 3, 2007;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:8.33%;text-align:justify;'><font size=2>(b)  ArcelorMittal's current reports on Form 6-K, dated November 7, 2007, November 5, 2007, October 22, 2007, October 19, 2007, October 2, 2007, October 1, 2007,  September 13, 2007, September 10, 2007 and September 6, 2007, and Mittal Steel&#146;s current reports on Form&nbsp;6-K, dated August&nbsp;10, 2007, August&nbsp;2, 2007, August&nbsp;1, 2007 (containing a press release announcing an agreement to purchase shares in Arcelor Mittal Poland and an extract of Mittal Steel&#146;s press release announcing results for the second quarter and first half of 2007), June&nbsp;5, 2007, May&nbsp;25, 2007, May&nbsp;17, 2007, May&nbsp;16, 2007 (containing an extract of Mittal Steel&#146;s press release announcing first quarter 2007 earnings), April&nbsp;23, 2007, April&nbsp;20, 2007, April&nbsp;10, 2007, March&nbsp;16, 2007, February&nbsp;23, 2007, February&nbsp;22, 2007 (containing the audited
consolidated financial statements of Arcelor and its consolidated subsidiaries), February&nbsp;16, 2007, February&nbsp;14, 2007, January&nbsp;23, 2007, January&nbsp;19, 2007 and January&nbsp;10, 2007.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:8.33%;text-align:justify;'><font size=2>(c)  The description of the Registrant&#146;s shares contained in ArcelorMittal&#146;s Registration Statement on Form F-4 filed with the SEC on June 29, 2007 pursuant to the Securities Act.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:8.33%;text-align:left;'><font size=2>All documents filed by ArcelorMittal pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part hereof from the date of filing such documents.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:8.33%;text-align:left;'><font size=2>For purposes of this Registration Statement, any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 4.  Description Of Securities.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Not applicable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 5.  Interests Of Named Experts And Counsel.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Not applicable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 6.  Indemnification Of Directors And Officers.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:9pt; text-indent:5.67%;text-align:left;'><font size=2>The articles of association of ArcelorMittal provide that ArcelorMittal will, to the extent permitted by law, indemnify every director or member of the Group Management Board, as well as every former director or member of the Group Management Board, the fees, costs and expenses reasonably incurred by him or her in the defense or resolution (including a settlement) of all legal actions or proceedings, whether civil, criminal or administrative, he or she has been involved in his or her role as former or current director or member of the Group Management Board of ArcelorMittal. </font></p>

<p style=' margin-bottom:0pt; margin-top:9pt; text-indent:5.67%;text-align:left;'><font size=2>The right to indemnification does not exist in the case of gross negligence, fraud, fraudulent inducement, dishonesty or for a criminal offense or if it is ultimately determined that the director or </font></p>

<p style=' margin-bottom:0pt; margin-top:9pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:9pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:9pt;text-align:left;'><font size=2>member of the Group Management Board has not acted honestly, in good faith and with the reasonable belief that he or she was acting in the best interests of ArcelorMittal.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 7.  Exemption From Registration Claimed.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Not applicable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 8.  Exhibits</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following exhibits are filed herewith or are incorporated by reference to other filings:</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="8%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Articles of Association of ArcelorMittal</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.2</font></p></td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>ArcelorMittal Global Stock Option Plan</font></p></td>
    </tr>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.1</font></p></td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Inc. </font></p></td>
    </tr>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.2</font></p></td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Audit S. &#224;. r. l.</font></p></td>
    </tr>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.3</font></p></td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Audit S. &#224;. r. l.</font></p></td>
    </tr>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.4</font></p></td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Deloitte Accountants, B.V.</font></p></td>
    </tr>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.5</font></p></td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Ernst &amp; Young</font></p></td>
    </tr>
    <tr>
      <td nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>24.1</font></p></td>
      <td nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Power of Attorney (included on signature page(s))</font></p></td>
    </tr>
</table>



<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 9.  Undertakings</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="55%" style=' border-collapse:collapse'>
    <tr>
        <td width="15%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="85%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The undersigned Registrant hereby undertakes:</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:16.67%;text-align:justify;'><font SIZE=2>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a) (3) of the Securities Act;</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:16.67%;text-align:justify;'><font size=2>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:16.67%;text-align:justify;'><font size=2>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>provided, however, that paragraphs (A) and (B) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that, for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13 (a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURE</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Luxembourg, Grand Duchy of Luxembourg, on November 13, 2007.</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:62.5%; text-indent:-4.17%;text-align:left;'><b><font size=2>ArcelorMittal</font></b></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;/s/ Henk Scheffer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:62.5%;text-align:left;'><font size=2>Henk Scheffer</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:62.5%;text-align:left;'><font size=2>Company Secretary </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>POWER OF ATTORNEY</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Each person whose signature appears below hereby constitutes and appoints, jointly and severally, Henk Scheffer, his or her true and lawful attorney-in-fact and agent, with power of substitution and resubstitution for his or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) and supplements to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and hereby grants to such attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes may lawfully
do or cause to be done by virtue hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>


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      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Signature</font></u><u></u></p></td>
    <td width="38%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Title</font></u><u></u></p></td>
    <td width="26%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Date</font></u><u></u></p></td>
  </tr>
  <tr style='height:26.1pt'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:26.1pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Joseph J. Kinsch&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Joseph J. Kinsch</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 26.1pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director and </font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Chairman of the Board of Directors</font></p></td>
    <td width="26%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:26.1pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
  <tr style='height:30.15pt'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:30.15pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Lakshmi N. Mittal&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Lakshmi N. Mittal</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 30.15pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer, Director and President of the Board of Directors</font></p></td>
    <td width="26%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:30.15pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/&nbsp;Aditya Mittal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Aditya Mittal</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer </font><br>
          <font size=2>(Principal Financial Officer and Principal Accounting Officer)</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/&nbsp;Marc Jeske&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Marc Jeske</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Authorized Representative in the United States</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Vanisha Mittal Bhatia</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p></td>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:19.35pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Narayanan Vaghul&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Narayanan Vaghul</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 19.35pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:19.35pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Wilbur L. Ross</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p></td>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Lewis B. Kaden</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Fran&#231;ois H. Pinault</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 25.65pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:25.65pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p></td>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:30.15pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Jos&#233; R&#225;mon &#193;lvarez Rendueles</font><u></u></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Jos&#233; R&#225;mon &#193;lvarez Rendueles</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 30.15pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:30.15pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
  <tr style='height:.25in'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Sergio Silva de Freitas</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Sergio Silva de Freitas</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: .25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
  <tr style='height:.25in'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Georges Schmit</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Georges Schmit</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: .25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
  <tr style='height:.25in'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Edmond Pachura</font><u></u></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2> Edmond Pachura</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: .25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
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  <tr style='height:.25in'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Manuel Fern&#225;ndez L&#243;pez</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: .25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p></td>
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  <tr style='height:.25in'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Jean-Pierre Hansen</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Jean-Pierre Hansen</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: .25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:.25in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ John Castegnaro</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>John Castegnaro</font><u></u></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Antoine Spillmann</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Antoine Spillmann</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
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    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5ppt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ HRH Prince Guillaume de Luxembourg</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>HRH Prince Guillaume de Luxembourg</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 22.5ppt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:22.5ppt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
  <tr style='height:22.5pt'>
    <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Romain Zaleski</font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Romain Zaleski</font></p></td>
    <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
  </tr>
  <tr style='height:22.5pt'>
    <td valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/&nbsp;Michel Marti </font></u></p>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Michel Marti </font></p></td>
    <td style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
    <td style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>November 13, 2007</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>AUTHORIZED U.S. REPRESENTATIVE</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below on November 13, 2007, by the undersigned as the duly authorized representative of ArcelorMittal in the United States.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><u>/s/ Marc Jeske</u></font></p> </td> </tr>
    <tr >
        <td  nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top  nowrap >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Marc Jeske</font></p></td>
        <td  width="16%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="66%" ></td>

        <td width="3" ></td>

        <td width="15%" ></td>

        <td width="16%" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Index of Exhibits</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Exhibits (including those incorporated by reference):</font></p>


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        <td width="15%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><b><font size=2>Exhibit Number</font></b></p> </td>
        <td width="54%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><b><font size=2>Description</font></b></p> </td>
        <td width="31%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><b><font size=2>Method of Filing</font></b></p> </td> </tr>
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        <td width="15%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>4.1</font></p> </td>
        <td width="54%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Articles of Association of ArcelorMittal</font></p> </td>
        <td width="31%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed as Exhibit 3.1 to the Registrant&#146;s Form F-4 filed by the Registrant with the Commission on September 28, 2007 (File No. 333-146371) and incorporated herein by reference</font></p> </td> </tr>
    <tr>
        <td width="15%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>4.2</font></p> </td>
        <td width="54%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>ArcelorMittal Global Stock Option Plan</font></p> </td>
        <td width="31%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed herewith</font></p> </td> </tr>
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        <td width="15%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>23.1</font></p> </td>
        <td width="54%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Inc. </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed herewith </font></p> </td> </tr>
    <tr>
        <td width="15%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>23.2</font></p> </td>
        <td width="54%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Audit S. &#224;. r. l.</font></p> </td>
        <td width="31%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>23.3</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Audit S. &#224;. r. l.</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed herewith</font></p></td>
    </tr>
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      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>23.4</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Deloitte Accountants, B.V.</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed herewith</font></p></td>
    </tr>
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      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>23.5</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Ernst &amp; Young</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed herewith</font></p></td>
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      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>24.1</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Powers of Attorney (included on signature page)</font></p></td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Filed herewith</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:18pt; margin-top:0.25pt;text-align:right;'><img src="arcelormittal-logo.jpg" width="312" height="140"><br>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:1.8pt;text-align:right;line-height:132.9167%;'><b><font size=3>This is the Legal plan document for ArcelorMittalShares.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:10.8pt;text-align:right;'><b><font size=3>Refer to the ArcelorMittalShares booklet</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=3>for a summary of the plan and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=3>an explanation of key plan features.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;border-bottom:solid 0.5pt;padding-bottom:1;padding-top:0;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>ArcelorMittal</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Global Stock Option Plan</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=3>Effective September 15, 1999</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>(as amended February 17, 2003, May 15, 2006, September 3, 2007 and November&nbsp;13,&nbsp;2007)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.28%;text-align:right;'><font size=6>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.28%;text-align:center;'><b><font size=2>TABLE OF CONTENTS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.28%;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:10pt; margin-top:0pt; margin-left:1.28%;text-align:right;'><b><font size=2>Page</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=6>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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        <td width="15%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Article 1.</font></p> </td>
        <td width="79%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Establishment, Objectives and Duration</font></p> </td>
        <td width="4%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td> </tr>
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        <td width="15%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Article 2.</font></p> </td>
        <td width="79%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Definitions</font></p> </td>
        <td width="4%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td> </tr>
    <tr>
        <td width="15%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Article 3.</font></p> </td>
        <td width="79%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Administration</font></p> </td>
        <td width="4%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4</font></p> </td> </tr>
    <tr>
        <td width="15%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Article 4.</font></p> </td>
        <td width="79%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Shares Subject to the Plan</font></p> </td>
        <td width="4%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4</font></p> </td> </tr>
    <tr>
        <td width="15%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Article 5.</font></p> </td>
        <td width="79%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Eligibility and Participation</font></p> </td>
        <td width="4%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td> </tr>
    <tr>
        <td width="15%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Article 6.</font></p> </td>
        <td width="79%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Awards</font></p> </td>
        <td width="4%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td> </tr>
    <tr>
        <td width="15%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Article 7.</font></p> </td>
        <td width="79%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>General Provisions</font></p> </td>
        <td width="4%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>i</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><b><font size=2>The ArcelorMittal Global Stock Option Plan</font></b></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:7.98%; text-indent:-7.98%;text-align:justify;line-height:110%;'><b><font size=2>Article 1.  Establishment, Objectives and Duration</font></b></p>


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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1.1</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Establishment of the Plan.</font></b><font size=2>  ArcelorMittal (previously known as Arcelor) (the &#147;Company&#148;), which is the legal successor of (pre-merger) ArcelorMittal (the legal successor of Mittal Steel Company N.V., formerly known as Ispat International N.V. as a result of the legal merger of Mittal Steel Company N.V. into (pre-merger) ArcelorMittal on September 3, 2007) as a result of the merger of (pre-merger) ArcelorMittal into Arcelor on November 13, 2007, has assumed the rights and liabilities of (pre-merger) ArcelorMittal including the worldwide stock option plan known as &#147;The ArcelorMittal Global Stock Option Plan&#148; (hereinafter referred to as the &#147;Plan&#148;), hereby restates and amends the Plan as set forth herein effective November 13, 2007.</font></p> </td> </tr></table>



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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1.2</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Purpose.</font></b><font size=2>  The purpose of the Plan is to advance the interests of the Company by giving certain key employees a stake in the Company&#146;s future growth and success, to increase such employees&#146; focus on the Company&#146;s stock price, and to strengthen the alignment of interest between such employees and the Company&#146;s shareholders through the increased ownership of shares of the Company&#146;s common stock.</font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1.3</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Duration of the Plan.</font></b><font size=2>  The Plan has become effective as of September 15, 1999 (the &#147;Effective Date&#148;).  The Plan shall terminate on September 14, 2009.  No Award may be granted after the termination date of the Plan, but Awards theretofore granted shall continue in force beyond that by a Participant pursuant to an Option.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:7.98%; text-indent:-7.98%;text-align:justify;line-height:110%;'><b><font size=2>Article 2.  Definitions</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized:</font></p>


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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.1</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Affiliate&#148;</font></b><font size=2> means any entity in which the Company has an ownership interest of fifty percent (50%) or more.</font></p> </td> </tr></table>



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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.2</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Award&#148;</font></b><font size=2> means a grant of an Option or SAR under the Plan.</font></p> </td> </tr></table>



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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.3</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&#147;</font><b><font size=2>Award Period</font></b><font size=2>&#148; means (i) the period commencing on and ending forty-two (42) days after September 15, 1999; and (ii) thereafter, a period commencing on and ending forty-two (42) days after the announcement of the results for the second quarter or the fourth quarter of the Company&#146;s financial years; provided that, if the Company is prevented by statute, order, regulation or government directive or insider dealing rules from granting Awards within any such periods then the Committee may grant Awards within the period of twenty-one (21) days after the lifting of such restriction.  The Committee may grant an Award outside these periods in order to recruit or retain an Eligible Employee.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.4</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Board&#148;</font></b><font size=2> or </font><b><font size=2>&#147;Board of Directors&#148;</font></b><font size=2> means the Board of Directors of the Company.</font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.5</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Committee&#148;</font></b><font size=2> means the Appointments, Remuneration and Corporate Governance Committee of the Board or such other committee appointed by the Board to administer the Plan.</font></p> </td> </tr></table>



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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.6</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Common Stock&#148;</font></b><font size=2> means the Shares of the Company.</font></p> </td> </tr></table>



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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.7</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Disability&#148;</font></b><font size=2> or </font><b><font size=2>&#147;Disabled&#148;</font></b><font size=2> means qualifying for benefits under a long term disability pay plan maintained by the Company or any Affiliate, or as required by or available under applicable law, or in absence of any such plan or law, as determined by the Committee.</font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.8</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Dutch Transfer Agent&#148;</font></b><font size=2> means ABN AMRO Bank N.V., or any such other institution that the Board may designate from time to time.</font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.9</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Eligible Employee&#148;</font></b><font size=2> means senior management of the Company or any of its Affiliates.</font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.10</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;European Shares&#148;</font></b><font size=2> means Shares of the Company that are in registered form on the Dutch shareholder sub-registry maintained by the Company&#146;s Dutch Transfer Agent and admitted to trading on a regulated market in the European Union.</font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.11</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Fair Market Value&#148;</font></b><font size=2> means the average of the high and low prices of a share of Common Stock on the New York Stock Exchange on the last day on which a trade occurred preceding the relevant date, or as otherwise determined by the Committee.</font></p> </td> </tr></table>



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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.12</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Grant Date&#148;</font></b><font size=2> means such date, as determined by the Committee, upon which Awards are granted to Participants pursuant to the terms of this Plan.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.13</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Luxembourg Shares&#148; </font></b><font size=2>means the Shares, other than the European Shares and the New York Shares, that are in registered form on the Luxembourg registry (</font><i><font size=2>registre des actionnaires</font></i><font size=2>).</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.14</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;New York Shares&#148;</font></b><font size=2> means the Shares of the Company that are in registered form on the New York shareholder sub-registry maintained by the Company&#146;s U.S. Transfer Agent and traded on the New York Stock Exchange.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.15</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Option&#148;</font></b><font size=2> means a right to purchase a specified number of, at the election of the Company, existing or newly-issued shares of Common Stock at the Option Exercise Price.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.16</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Option Exercise Price&#148;</font></b><font size=2> means the price at which a share of Common Stock may be purchased by a Participant pursuant to an Option.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.17</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Participant&#148;</font></b><font size=2> means an Eligible Employee who is an employee (including a director or an officer) of the Company or any of its Affiliates and who has been selected by the Committee, in its sole discretion, to receive an Award or who has outstanding an Award granted under the Plan, or where the context so requires, a former Eligible Employee or any person becoming entitled to any such Award in consequence of the death of the original Participant.</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.18</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;Retirement&#148;</font></b><font size=2> means, strictly for purpose of this Plan, retirement at age 60, or otherwise with the consent of the Committee.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.19</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;SAR&#148;</font></b><font size=2> means an Award pursuant to which the Participant receives a right to a cash settlement payment upon exercise equal to the excess of the Fair Market Value of one share of Common Stock on the date of exercise over the SAR Exercise Price multiplied by the number of SARs granted.</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.20</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;SAR Exercise Price&#148;</font></b><font size=2> shall have the meaning ascribed to such term in Section 6.1(b).</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.21</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&#147;</font><b><font size=2>Shares</font></b><font size=2>&#148; means shares in the share capital of the Company.</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.22</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#147;U.S. Transfer Agent&#148;</font></b><font size=2> means the Bank of New York, or any such other institution that the Board may designate from time to time.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:7.98%; text-indent:-7.98%;text-align:justify;line-height:110%;'><b><font size=2>Article 3.  Administration</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Plan and all Awards granted pursuant hereto shall be administrated by the Committee.  The Committee may, from time to time, adopt rules and regulations for carrying out the provisions and purposes of the Plan.  The Committee, in its absolute discretion, shall have the power to interpret and construe the Plan; provided, however, that the Committee or the Board may designate persons other than members of the Committee to carry out such responsibilities of the Committee under the Plan as it may deem appropriate.  Any interpretation or construction of any provision of this Plan by the Committee shall be final and conclusive upon all parties.  No member of the Committee or the Board shall be liable for any action or determination made hereunder in good faith.</font></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:7.98%; text-indent:-7.98%;text-align:justify;line-height:110%;'><b><font size=2>Article 4.  Shares Subject to the Plan</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4.1</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Shares Available for Awards</font></b><font size=2>.  The number of shares of Common Stock available with respect to all Awards granted under the plan shall not exceed twenty million (20,000,000) in the aggregate, subject to adjustment under section 4.2 herein.</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4.2</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Changes in Capitalization</font></b><font size=2>.  In the event there are any changes in the Common Stock or the capitalization of the Company through a corporate transaction, such as any merger, any acquisition through the issuance of Common Stock, any consolidation, any separation of the Company (including a spin-off or other distribution of Common Stock), any reorganization of the Company, or any partial or complete liquidation of the Company, </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%; text-indent:-7.98%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:15.95%;text-align:justify;line-height:110%;'><font size=2>recapitalization, stock dividend, stock split, or other change in the corporate structure of the Company, appropriate adjustments and changes shall be made by the Committee, to the extent necessary to preserve the benefit to the Participant contemplated hereby, to reflect such changes in (i) the aggregate number of shares of Common Stock subject to the Plan; (ii) the number of shares of Common Stock for which Awards may be granted or awarded to any Participant; (iii) the number of Options and the Option Exercise Price with respect to outstanding Options; (iv) the number of SARs and the SAR Exercise Price with respect to the outstanding SARs; and (v) such other provisions of the Plan as may be necessary and equitable to carry out the foregoing purposes.</font></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:7.98%; text-indent:-7.98%;text-align:justify;line-height:110%;'><b><font size=2>Article 5.  Eligibility and Participation</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>An Award may be granted by the Committee, in its discretion, only to an Eligible Employee who is actively employed (including appointed as a director or an officer) by the Company or any Affiliate on the Grant Date.  The granting of Awards under the terms of this Plan is made at the sole discretion of the Committee and does not entitle a Participant to receive future Awards.  The adoption of this Plan shall not be deemed to give any Eligible Employee any right to be granted an Award, except to the extent as may be determined by the Committee.</font></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:7.98%; text-indent:-7.98%;text-align:justify;line-height:110%;'><b><font size=2>Article 6.  Awards</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6.1</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Awards</font></b><font size=2>.  The Award to each Participant under the Plan shall consist of either Options, or SARs.  The Committee shall determine (i) the number of shares of Common Stock to be covered by each Award; (ii) when Awards are first exercisable and the period of exercise; (iii) the exercise price; and (iv) any withholding requirements.  An Award may only be granted in an Award Period.  The Award shall be evidenced by the issue of a certificate in a form as may be amended by the Committee from time to time and which shall contain details of the number of shares of Common Stock covered by the Award and the terms and conditions of the Award.  No consideration shall be payable for the Award.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:23.93%; text-indent:-7.98%;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>a.</font></td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><b><font size=2>Term of Award. </font></b><font size=2>The term of each Award shall be no more then ten (10) years from the Grant Date, except as provided in Section 6.1.h.</font></td>
    </tr>
    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>b.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exercise Price.  </font></b><font size=2>The Option Exercise Price, or the SAR Exercise Price with respect to SARs, shall not be less than the Fair Market Value of the Common Stock on the Grant Date.  Notwithstanding the immediately preceding sentence, the Option Exercise Price or the SAR Exercise Price, as the case may be, may never be less than the par value of the Common Stock.</font></p> </td> </tr></table>



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    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>c.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Limitations on Exercise.  </font></b><font size=2>Awards do not provide the Participant with any rights or interests until they vest and become exercisable in accordance with the following:</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="23%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>i.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>An Award shall vest in its entirety upon the Participants termination of employment due to death, Disability or Retirement; or</font></p> </td> </tr></table>



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    <tr>
        <td width="23%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>ii.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Otherwise, one-third of the Award shall vest, on a cumulative basis, upon each of the first, second and third anniversaries of the Grant Date, provided the Participant has continued in the employment of the Company or an Affiliate through such anniversary or anniversaries.</font></p> </td> </tr></table>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>Awards which are exercisable at the time of termination of employment continue to be exercisable until terminated as described in Section 6.1.d.</font></td>
    </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>Awards which are not and do not become exercisable at the time of the Participant&#146;s termination of employment shall, coincident therewith, terminate and be of no force or effect.</font></td>
    </tr>
    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>d.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Termination of Awards.  </font></b><font size=2>Except as otherwise provided under the terms of an Award, the Awards, which become exercisable as provided in Section 6.1.c above, shall terminate and be of no force or effect as follows:</font></p> </td> </tr></table>



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    <tr>
        <td width="23%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>i.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>If the Participant&#146;s employment terminates during the term of an Award by reason of death, Disability, or Retirement, the Award terminates and has no force or effect upon the earlier of (a) three (3) years after the date of termination, or (b) the expiration of the term of the Award as provided in Section 6.1.a;</font></p> </td> </tr></table>



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    <tr>
        <td width="23%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>ii.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>If the Participant&#146;s employment terminates during the term of an Award for any other reason, the Award terminates and has no force or effect upon the earlier of (a) three (3) months after the date of termination, or (b) the expiration of the term of the Award as provided in Section 6.1.a; and</font></p> </td> </tr></table>



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    <tr>
        <td width="23%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>iii.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>If the Participant continues in the employ of the Company or an Affiliate through the term of an Award, the Award terminates and has no force or effect upon the expiration of its term as provided in Section 6.1.a.</font></p> </td> </tr></table>



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    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>e.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Non-transferability.  </font></b><font size=2>No Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.  Further, all Awards granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>6</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>f.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exercise of Options.  </font></b><font size=2>Options may be exercised through the tOptions portal on the Internet, in accordance with the applicable procedures.  Such election: (a) shall be executed by the Participant or his or her legal representative; (b) shall specify the number of Options being exercised and thus the number of full shares of Common Stock then elected to be purchased with respect to the Options; and (c) shall be accompanied by payment in full of the Option Exercise Price for the shares of Common Stock to be purchased.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>The shares of Common Stock delivered to a Participant who has exercised his or her Option shall be European Shares or New York Shares, to be determined, in its sole discretion, by the Company. In addition, in its sole discretion, the Company may elect to deliver newly-issued Shares to satisfy its obligations to a Participant.</font></td>
    </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>As promptly as practicable after receipt of the election to exercise, the Dutch Transfer Agent or U.S. Transfer Agent, as the case may be, shall cause the registration or other qualification of the shares of Common Stock delivered to a Participant. The Dutch Transfer Agent or U.S. Transfer Agent, as the case may be, shall also cause to be issued and delivered to the Participant or his or her legal representative, as the case may be, certificates for the shares of Common Stock so purchased. Such certificates shall be issued in the Participant&#146;s name (or, at the discretion of the Participant, jointly in the names of the Participant and the Participant&#146;s spouse).</font></td>
    </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>The Option Exercise Price shall be payable in full either: (a) in cash or its equivalent (acceptable cash equivalents shall be determined at the sole discretion of the Committee); or (b) by tendering previously acquired shares of Common Stock having an aggregate Fair Market Value at the time of exercise equal to the total Option Exercise Price (provided that the shares of Common Stock which are tendered must have been held by the Participant for at least six months prior to their tender to satisfy the Option Exercise Price); or (c) by a combination of (a) and (b).</font></td>
    </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>Subject to the approval of the Committee (as defined in the Plan), the Participant may be permitted to exercise pursuant to a &#147;cashless exercise&#148; procedure, as permitted under United States Federal Reserve Board&#146;s Regulation T, subject to securities law restrictions, or by any other means which the Committee, in its sole discretion, determines to be consistent with the Plan&#146;s purpose and applicable law.</font></td>
    </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>After the Participant has exercised his Options and the relevant shares of Common Stock have been duly delivered, these Shares shall be freely transferable, subject to the restrictions provided by the articles of association of the Company and the applicable law.</font></td>
    </tr>
</table>


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    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>g.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Stock Appreciation Rights.  </font></b><font size=2>The Committee may grant SAR&#146;s in lieu of Options under the Plan.  SARs may be exercised through the </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:23.93%; text-indent:-7.98%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:23.93%;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>7</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:23.93%;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:23.93%;text-align:justify;line-height:110%;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>tOptions portal on the Internet, in accordance with the applicable procedures. Such election: (a) shall be executed by the Participant or his or her legal representative, and (b) shall specify the number of SARs being exercised. As promptly as practicable after receipt of the election to exercise, the Participant or his or her legal representative, as the case may be, shall be paid a cash settlement payment equal to the difference between the SAR Exercise Price and the Fair Market Value of the Common Stock on the date of exercise multiplied by the number of SARs being exercised.</font></td>
    </tr>
    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>h.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Additional Terms.  </font></b><font size=2>The Board may, in its discretion: (a) establish local country plans as subplans to this Plan, each of which may be attached as an appendix hereto; and (b) take any action, before or after an Award is made, which it deems advisable to obtain or comply with any necessary local government regulatory exemptions or approvals; provided that the Board may not take any action hereunder which would violate any securities law or any governing statute.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:7.98%; text-indent:-7.98%;text-align:justify;line-height:110%;'><b><font size=2>Article 7.  General Provisions</font></b></p>


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        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.1</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>No Additional Rights</font></b><font size=2>.  Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant&#146;s employment at any time, or confer upon any Participant any right to continue in the employ of the Company.</font></p> </td> </tr></table>


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    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>No employee shall have the right to be selected to receive an Award under this Plan or having been so selected, to be selected to receive a future Award.</font></td>
    </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>Neither the Award nor any benefits arising under this Plan shall constitute part of a Participant&#146;s employment contract with the Company or any Affiliate, and accordingly, this plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to liability on the part of the Company or any Affiliate for severance payments.</font></td>
    </tr>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.2</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>No Effect on Other Benefits</font></b><font size=2>.  The receipt of Awards under the Plan shall have no effect on any benefits and obligations to which Participant may be entitled from the Company or any Affiliate, under another plan or otherwise, or preclude a Participant from receiving any such benefits.</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.3</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Rights as a Stockholder</font></b><font size=2>.  A Participant shall have none of the rights of a shareholder with respect to shares of Common stock covered by any Award until the Participant becomes the record holder of such shares as determined by the records of the Dutch Transfer Agent or US Transfer Agent, as the case may be.</font></p> </td> </tr></table>



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    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.4</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Continuation of Employment</font></b><font size=2>.  This Agreement shall not confer upon the Participant any right to continuation of employment by the Company, nor shall this Agreement interfere in any way with the Company&#146;s right to terminate the Participant&#146;s employment at any time.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%; text-indent:-7.98%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>8</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:15.95%;text-align:justify;line-height:110%;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.5</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Binding Effect</font></b><font size=2>.  Any decision made or action taken by the Company, the Board, or by the Committee arising out of or in connection with the construction, administration, interpretation, and effect of the Plan shall be conclusive and binding upon all persons, including the Company, its shareholders, employees, Participants, and their estates and beneficiaries.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.6</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Inalienability of Benefits and Interests</font></b><font size=2>.  No benefit payable under, or interest in, the Plan, other than by will or by the laws of descent and distribution, shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any such attempted action shall be void and no such benefits or interest shall be in any manner liable for or subject to debts, liabilities, engagements, or torts of any Participant or beneficiary.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'><b><font size=2>7.7</font></b></td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><b><font size=2>Requirements of Law</font></b><font size=2>. The granting of Awards and the issuance of shares of Common Stock under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.</font></td>
    </tr>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.8</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Withholding</font></b><font size=2>.  The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all taxes required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.9</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Amendments</font></b><font size=2>.  The Board of Directors may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part; however, no amendment, suspension or termination of the Plan shall be permitted that would impair or diminish, in any material respect, any outstanding Award without the written consent of the Participant to whom such Award was granted.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.10</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Delivery of Title</font></b><font size=2>.  The Company shall have no obligation to issue or deliver evidence of title for shares of Common Stock under the Plan prior to:</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>a.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="15%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>b.</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Completion of any registration or other qualification of the shares of Common Stock under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.11</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Listing</font></b><font size=2>.  The Company may use reasonable endeavors to register the shares of Common Stock allotted pursuant to the exercise of an Option with the United </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%; text-indent:-7.98%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>9</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:15.95%;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:6pt; margin-left:15.95%;text-align:justify;line-height:110%;'>&nbsp;</p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'><font size=2>States Securities and Exchange Commission or to effect compliance with the registration, qualification, and listing requirements of any national or foreign securities laws, stock exchange, or automated quotation system.</font></td>
    </tr>
    <tr>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.12</font></b></p> </td>
        <td  valign=top style='padding:6.0pt 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Governing Law</font></b><font size=2>.  Except for any subplan established pursuant to Section 6.1.h, the Plan and all agreements hereunder shall be construed in accordance with and governed by the laws of state of New York.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>10</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:145.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>arcelormittal-s8ex231_1114.htm
<TEXT>
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<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'> <b><font size=2>Exhibit 23.1</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We consent to the incorporation by reference into this Registration Statement of our report dated February 8, 2005, with respect to the Consolidated Financial Statements of Ispat Iscor Limited and subsidiaries for the year ended December 31, 2004, which report appears in the December 31, 2006 annual report on Form 20-F/A of Mittal Steel Company N.V. , and to the reference to our firm under the heading &quot;Experts&quot; in the Registration Statement.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pretoria, South Africa</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>November 12, 2007</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2">/s/ KPMG Inc. </font></p>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>arcelormittal-s8ex232_1114.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Exhibit 23.2</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board of Directors and Shareholders of Arcelor S.A.:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We consent to the incorporation by reference into this Registration Statement of our report dated February 20, 2007, with respect to the consolidated balance sheets of Arcelor S.A. and subsidiaries as of December&nbsp;31, 2005 and 2004, and the related consolidated statements of income, cash flows, and changes in shareholders&#146; equity for each of the years in the three-year period ended December&nbsp;31, 2005, which report appears in Form 6-K of Mittal Steel Company N.V., and to the reference to our firm under the heading &#147;Experts&#148; in the Registration Statement. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>/s/ KPMG Audit S.&#224; r. l.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>City of Luxembourg</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Luxembourg</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>November 13, 2007</font></p>
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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>arcelormittal-s8ex233_1114.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Exhibit 23.3</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board of Directors and Shareholders of Arcelor S.A.:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We consent to the incorporation by reference into this Registration Statement of our report dated April 16, 2007, with respect to the consolidated balance sheet of Arcelor S.A. and subsidiaries (&#147;the Group&#148;) as of December 31, 2006, and the related consolidated income statement, statement of cash flows, and statement of changes in shareholders&#146; equity for the five months ended December 31, 2006, prepared in conformity with International Financial Reporting Standards (&#147;IFRS&#148;) as adopted by the European Union, which report appears in the December 31, 2006 annual report on Form 20-F/A of Mittal Steel Company N.V., and to the reference to our firm under the heading &#147;Experts&#148; in the Registration Statement.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Our qualified report dated April 16, 2007 contains an explanatory paragraph that states the following:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font size=2>IAS 34 requires that interim financial statements be represented with comparative financial information. These consolidated interim financial statements have been prepared solely for the purposes of consolidating the Group into the consolidated financial statements of Mittal Steel Company N.V. as of and for the year ended December 31, 2006. Accordingly, no comparative financial information is presented.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Our report dated April 16, 2007 also contains the following explanatory paragraph:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font size=2>The consolidated financial statements are based on the historical values of Arcelor S.A.&#146;s assets and liabilities prior to its acquisition by Mittal Steel Company N.V and, accordingly, do not include the purchase price adjustments to such amounts reflected in the consolidated financial statements of Mittal Steel Company N.V. as a result of such acquisition.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>/s/ </font><b><font size=2>KPMG Audit S.&#224; r.l.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>City of Luxembourg</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Luxembourg</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>November 13, 2007</font></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>arcelormittal-s8ex234_1114.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
"http://www.w3.org/TR/html4/loose.dtd">
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<head>
<title>Untitled Document</title>
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<body>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Exhibit 23.4</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated April 16, 2007 relating to the financial statements of Mittal Steel Company N.V. and subsidiaries (which report expresses an unqualified opinion and includes an explanatory paragraph relating to the differences between International Financial Reporting Standards as adopted by the European Union and accounting principles generally accepted in the United States of America), and management&#146;s report on the effectiveness of internal control over financial reporting dated April 16, 2007, appearing in Amendment No. 2 to the Annual Report on Form 20-F/A of Mittal Steel Company N.V. and subsidiaries for the year ended December 31, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>/s/ Deloitte Accountants B.V.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Rotterdam, The Netherlands</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>November 13, 2007</font> </p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>7
<FILENAME>arcelormittal-s8ex235_1114.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
"http://www.w3.org/TR/html4/loose.dtd">
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<body>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Exhibit 23.5</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We consent to the incorporation by reference into this Registration Statement (Form S-8) pertaining to the ArcelorMittal Global Stock Option Plan of our report dated February 9, 2005, with respect to the consolidated statements of income, comprehensive income, shareholder&#146;s equity and cash flows of Mittal Steel Holdings N.V. (formerly LNM Holdings N.V.) and subsidiaries for the year ended December 31, 2004, included in Mittal Steel Company N.V.&#146;s Annual Report (Form 20-F/A) for the year ended December 31, 2006, filed with the Securities and Exchange Commission.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Rotterdam, November 12, 2007</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>for Ernst &amp; Young Accountants</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>/s/ M. Coenradie</font></p>
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<TYPE>GRAPHIC
<SEQUENCE>8
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
