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<SEC-DOCUMENT>0000950123-08-012361.txt : 20081008
<SEC-HEADER>0000950123-08-012361.hdr.sgml : 20081008
<ACCEPTANCE-DATETIME>20081008115836
ACCESSION NUMBER:		0000950123-08-012361
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20081008
DATE AS OF CHANGE:		20081008

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-153624
		FILM NUMBER:		081113636

	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>424B3
<SEQUENCE>1
<FILENAME>y02003b3e424b3.htm
<DESCRIPTION>EXCHANGE OFFER PROSPECTUS
<TEXT>
<HTML>
<HEAD>
<TITLE>424B3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Filed Pursuant to Rule 424b(3)</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration No. 333-153624</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y02003b3y0200300.gif" alt="(ARCELORMITTAL LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Offer to Exchange</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">the following series of
    notes:</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">U.S.$1,500,000,000
    5.375%&#160;Notes due 2013</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">and</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">U.S.$1,500,000,000
    6.125%&#160;Notes due 2018</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">of</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">ArcelorMittal</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Material Terms of the Exchange
    Offer</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We are offering to exchange, commencing on October&#160;8, 2008,
    the U.S.$1,500,000,000 5.375%&#160;notes due 2013 and
    U.S.$1,500,000,000 6.125%&#160;notes due 2018 we sold previously
    in private offerings (the &#147;original notes&#148;) for new
    registered exchange notes due 2013 and 2018, respectively (the
    &#147;exchange notes&#148;).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The terms of the exchange notes are identical to the terms of
    the original notes, except for the transfer restrictions and
    registration rights relating to the original notes.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will exchange all original notes that are validly tendered
    and not validly withdrawn.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The exchange offer will expire at 5:00&#160;p.m., New York City
    time, on November&#160;7, 2008 unless we extend&#160;it.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You may withdraw tenders of original notes at any time before
    5:00&#160;p.m., New York City time, on the date of the
    expiration of the exchange offer.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will not receive any proceeds from the exchange offer.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will pay the expenses of the exchange offer.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    No dealer-manager is being used in connection with the exchange
    offer.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The exchange of notes will not be a taxable exchange for
    U.S.&#160;federal income tax purposes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>See &#147;Risk Factors&#148; beginning on page&#160;8 of this
    prospectus for a discussion of certain factors that you should
    consider before participating in the exchange offer.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission, or the
    &#147;SEC,&#148; nor any state securities commission has
    approved or disapproved of these securities or passed upon the
    accuracy or adequacy of this prospectus. Any representation to
    the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus is October&#160;8, 2008
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>About this Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>Notice to Prospective Investors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Incorporation of Certain Documents by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Enforceability of Civil Liabilities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Presentation of Financial Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    v
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Selected Consolidated Financial Data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Recent Developments</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>The Exchange Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Description of Exchange Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Form of Notes, Clearing and Settlement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>Validity of the Exchange Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus. No person has been
    authorized to provide you with different information. If anyone
    provides you with different or inconsistent information, you
    should not rely on it.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>We are not making the exchange offer in places where it is
    not permitted.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should not assume that the information contained in this
    prospectus is accurate as of any date other than the date on the
    front cover of this prospectus.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used in this prospectus, &#147;ArcelorMittal,&#148;
    &#147;we,&#148; &#147;our,&#148; &#147;us&#148; and &#147;the
    Company&#148; refer to ArcelorMittal and its consolidated
    subsidiaries, unless the context otherwise requires or unless
    otherwise specified.
</DIV>
<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTICE TO
    PROSPECTIVE INVESTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    (&#147;EEA&#148;) which has implemented the Prospectus Directive
    (each, a &#147;Relevant Member State&#148;) an offer to the
    public of any exchange notes may not be made in that Relevant
    Member State except that an offer to the public in that Relevant
    Member State of any exchange notes may be made at any time under
    the following exemptions under the Prospectus Directive, if they
    have been implemented in that Relevant Member State:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;to legal entities which are authorized or regulated to
    operate in the financial markets (including, but not limited to,
    credit institutions, investment firms and other authorized or
    regulated financial institutions) or, if not so authorized or
    regulated, whose corporate purpose is solely to invest in
    securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;to fewer than 100 natural or legal persons (other than
    qualified investors as defined in the Prospectus Directive)
    subject to obtaining the prior consent of ArcelorMittal for any
    such offer;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;to any legal entity which has two or more of
    (1)&#160;an average of at least 250&#160;employees during the
    last financial year; (2)&#160;a total balance sheet of more than
    &#128;43,000,000 and (3)&#160;an annual net turnover of more
    than &#128;50,000,000, as shown, in the case of (2)&#160;and
    (3), in its last published annual or consolidated accounts,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provided that no such offer of exchange notes shall result in a
    requirement for the publication by ArcelorMittal of a prospectus
    pursuant to Article&#160;3 of the Prospectus Directive or
    supplement a prospectus pursuant to Article&#160;16 of the
    Prospectus Directive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of this provision, the expression an
    &#147;offer of exchange notes to the public&#148; in relation to
    any exchange notes in any Relevant Member State means the
    communication in any form and by any means of sufficient
    information on the terms of the offer and the exchange notes to
    be offered so as to enable an investor to decide to purchase or
    subscribe for exchange notes, as the same may be varied in that
    Member State by any measure implementing the Prospectus
    Directive in that Relevant Member State, and the expression
    &#147;Prospectus Directive&#148; means Directive 2003/71/EC and
    includes any relevant implementing measure in each Relevant
    Member State.
</DIV>
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information we file with it, which means that we can disclose
    important information to you by referring you to those
    documents. The information incorporated by reference is
    considered to be part of this prospectus, and certain later
    information that we file with the SEC will automatically update
    and supersede this information. We incorporate by reference the
    following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the year ended December&#160;31, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;333-146371),</FONT>
    which, excluding Item&#160;5 and Item&#160;18 thereof, we refer
    to as our &#147;2007
    <FONT style="white-space: nowrap">Form&#160;20-F&#148;;&#160;and</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our reports on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated May&#160;5, 2008 (Exhibit&#160;99.1 only), May&#160;14,
    2008 (Exhibits&#160;99.1, 99.2 and 99.3 only), June&#160;9,
    2008, June&#160;11, 2008, June&#160;16, 2008, June&#160;30,
    2008, July&#160;1, 2008, August&#160;4, 2008, August&#160;7,
    2008, August&#160;13, 2008, August&#160;14, 2008,
    August&#160;20, 2008, September&#160;3, 2008 (three reports),
    September&#160;17, 2008, September&#160;19, 2008,
    September&#160;22, 2008 and September&#160;30, 2008.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also incorporate by reference into this prospectus any future
    filings made with the SEC under Sections&#160;13(a), 13(c) or
    15(d) of the Exchange Act of 1934, as amended (which we refer to
    as the &#147;Exchange Act&#148;), before the 45th&#160;day
    following the consummation of the exchange offering, and, to the
    extent designated therein, reports on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    that we furnish to the SEC before the 45th&#160;day following
    the consummation of the exchange offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any statement contained in the 2007
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    or in the abovementioned
    <FONT style="white-space: nowrap">Form&#160;6-Ks</FONT>
    filed or furnished before the date of this prospectus shall be
    deemed to be modified or superseded for purposes of this
    prospectus to the extent that a statement contained in this
    prospectus 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may request a copy of any and all of the information that
    has been incorporated by reference in this prospectus and that
    has not been delivered with this prospectus, at no cost, by
    writing or telephoning us at our address or telephone number set
    forth under the caption &#147;Prospectus Summary&#160;&#151;
    Corporate Information.&#148; <B>To obtain timely delivery,
    investors must request this information no later than five
    business days before the date they must make their investment
    decision.</B>
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file reports, including annual reports on
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    and other information with the SEC pursuant to the rules and
    regulations of the SEC that apply to foreign private issuers.
    You may read and copy any materials filed with the SEC at its
    Public Reference Room at 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C. 20549. You may obtain information on the
    operation of the Public Reference Room by calling the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330.</FONT>
    Any filings we make electronically will be available to the
    public over the Internet on the SEC&#146;s website at
    www.sec.gov and on our web site at www.arcelormittal.com. The
    references above to our website and the website of the SEC are
    inactive textual references to the uniform resource locator
    (URL) and are for your reference only.
</DIV>
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is organized under the laws of the Grand Duchy of
    Luxembourg with its principal executive offices and corporate
    seat in Luxembourg. The majority of ArcelorMittal&#146;s
    directors and senior management are residents of jurisdictions
    outside the United States. The majority of ArcelorMittal&#146;s
    assets and the assets of these persons are located outside the
    United States. As a result, investors may find it difficult to
    effect service of process within the United States upon
    ArcelorMittal or these persons or to enforce outside the United
    States judgments obtained against ArcelorMittal or these persons
    in U.S.&#160;courts, including actions predicated upon the civil
    liability provisions of the U.S.&#160;federal securities laws.
    Likewise, it may also be difficult for an investor to enforce in
    U.S.&#160;courts judgments obtained against ArcelorMittal or
    these persons in courts in jurisdictions outside the
    United&#160;States, including actions predicated upon the civil
    liability provisions of the U.S.&#160;federal securities laws.
    It may also be difficult for an investor to bring an original
    action in a Luxembourg court predicated upon the civil liability
    provisions of the U.S.&#160;federal securities laws against
    ArcelorMittal&#146;s directors and senior management and
    <FONT style="white-space: nowrap">non-U.S.&#160;experts</FONT>
    named in this prospectus or the documents incorporated by
    reference herein.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus and the documents incorporated by reference
    herein contain forward-looking statements based on estimates and
    assumptions. Forward-looking statements include, among other
    things, statements concerning the business, future financial
    condition, results of operations and prospects of ArcelorMittal,
    including its acquired subsidiaries. These statements usually
    contain the words &#147;believes,&#148; &#147;plans,&#148;
    &#147;expects,&#148; &#147;anticipates,&#148;
    &#147;intends,&#148; &#147;estimates&#148; or other similar
    expressions. For each of these statements, you should be aware
    that forward-looking statements involve known and unknown risks
    and uncertainties. Although it is believed that the expectations
    reflected in these forward-looking statements are reasonable,
    there is no assurance that the actual results or developments
    anticipated will be realized or, even if realized, that they
    will have the expected effects on the business, financial
    condition, results of operations or prospects of ArcelorMittal.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These forward-looking statements speak only as of the date on
    which the statements were made, and no obligation has been
    undertaken to publicly update or revise any forward-looking
    statements made in this prospectus or elsewhere as a result of
    new information, future events or otherwise, except as required
    by applicable laws and regulations. In addition to other factors
    and matters contained or incorporated by reference in this
    prospectus, it is believed that the following factors, among
    others, could cause actual results to differ materially from
    those discussed in the forward-looking statements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ArcelorMittal&#146;s ability to manage its growth;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ArcelorMittal&#146;s ability fully to realize anticipated cost
    savings, revenue enhancements and other benefits from the
    acquisition by Mittal Steel of Arcelor;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Mr.&#160;Lakshmi N. Mittal&#146;s ability to exercise
    significant influence over the outcome of shareholder voting;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any loss or diminution in the services of Lakshmi N. Mittal,
    ArcelorMittal&#146;s Chairman and Chief Executive Officer;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any downgrade of ArcelorMittal&#146;s credit rating;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ArcelorMittal&#146;s ability to operate within the limitations
    imposed by its financing arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ArcelorMittal&#146;s ability to refinance existing debt and
    obtain new financing on acceptable terms to finance its growth;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mining risks;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that non-fulfillment or breach of transitional
    arrangements may result in the restitution of aid granted to
    some of ArcelorMittal&#146;s subsidiaries;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ArcelorMittal&#146;s ability to fund under-funded pension
    liabilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased cost of wages and the risk of labor disputes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic conditions, whether globally, nationally or in
    the markets in which ArcelorMittal conducts business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk of disruption or volatility in the economic, political
    or social environment in the countries in which ArcelorMittal
    conducts business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fluctuations in currency exchange rates, commodity prices,
    energy prices and interest rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk of disruptions to ArcelorMittal&#146;s operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk of unfavorable changes to, or interpretations of, the
    tax laws and regulations in the countries in which ArcelorMittal
    operates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that ArcelorMittal may not be able fully to utilize its
    deferred tax assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    damage to ArcelorMittal&#146;s production facilities due to
    natural disasters;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that ArcelorMittal&#146;s insurance policies may
    provide limited coverage;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk of product liability claims adversely affecting
    ArcelorMittal&#146;s operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    international trade actions or regulations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that U.S.&#160;investors may have difficulty enforcing
    civil liabilities against ArcelorMittal and its directors and
    senior management;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that a downturn in global economic conditions may have
    an adverse effect on the results of ArcelorMittal;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ArcelorMittal&#146;s ability to operate successfully within a
    cyclical industry;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iv
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that changes in demand for and supply of steel products
    in China and other developing economies may result in falling
    steel prices;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk of significant supply shortages and increasing costs of
    raw materials, energy and transportation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased competition from substitute materials, such as
    aluminum;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    legislative or regulatory changes, including those relating to
    protection of the environment and health and safety, and those
    resulting from international agreements and treaties related to
    trade, accession to the European Union (&#147;EU&#148;) or
    otherwise.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of these factors are discussed in more detail in this
    prospectus, including under &#147;Risk Factors,&#148; and in the
    documents incorporated by reference herein.
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRESENTATION
    OF FINANCIAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Definitions
    and Terminology</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless indicated otherwise, or the context otherwise requires,
    references herein to &#147;ArcelorMittal,&#148; &#147;we,&#148;
    &#147;us,&#148; &#147;our&#148; and &#147;the Company&#148; or
    similar terms are to ArcelorMittal, formerly known as Mittal
    Steel Company N.V. (&#147;Mittal Steel&#148;) or as Ispat
    International N.V., and its subsidiaries (which include LNM
    Holdings N.V. and its subsidiaries and International Steel Group
    Inc. and its subsidiaries).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All references herein to &#147;Arcelor&#148; refer to Arcelor, a
    <I>soci&#233;t&#233; anonyme</I> incorporated under Luxembourg
    law, which was acquired by Mittal Steel on August&#160;1, 2006,
    having its registered office at 19, avenue de la Libert&#233;,
    <FONT style="white-space: nowrap">L-2930</FONT>
    Luxembourg, Grand Duchy of Luxembourg, and, where the context
    requires, its consolidated subsidiaries. All references herein
    to &#147;Arcelor Brasil&#148; refer to the former Arcelor Brasil
    S.A. (the current ArcelorMittal Brasil S.A.), a majority-owned
    subsidiary of Arcelor. All references herein to
    &#147;Sicartsa&#148; refer to the operations of ArcelorMittal
    las Truchas S.A. de C.V. (formerly Siderurgia L&#225;zaro
    C&#225;rdenas las Truchas S.A. de C.V.) in Mexico, which was
    acquired by the Company on April&#160;20, 2007. All references
    herein to &#147;ArcelorMittal Kryviy Rih&#148; refer to the
    operations of Kryvorizhstal in the Ukraine, which was acquired
    by the Company on November&#160;25, 2005. &#147;ISG&#148; refers
    to International Steel Group Inc. and its subsidiaries as it
    existed prior to its acquisition by Mittal Steel on
    April&#160;15, 2005. Following the acquisition of ISG by Mittal
    Steel, ISG&#146;s name was changed to &#147;Mittal Steel USA
    ISG&#160;Inc.,&#148; the operations were merged with Ispat
    Inland on December&#160;31, 2005 and the name of the surviving
    entity was changed to Mittal Steel USA Inc. and then to
    ArcelorMittal USA following Mittal Steel&#146;s acquisition of
    Arcelor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Financial
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The audited consolidated financial statements of ArcelorMittal
    (of which Mittal Steel is the predecessor) and its consolidated
    subsidiaries, including the consolidated balance sheets as of
    December&#160;31, 2006 and 2007, and the consolidated statements
    of income, changes in equity and cash flows for each of the
    years ended December&#160;31, 2005, 2006 and 2007 are contained
    in our report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008 and have been incorporated by
    reference in this prospectus. The redefinition of the operating
    responsibilities of all members of the Group Management Board
    announced on April&#160;21, 2008 resulted in a change in the
    composition of the reportable segments. ArcelorMittal has
    prepared the information required by Item&#160;5 of
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the three years ended December&#160;31, 2007 and the
    ArcelorMittal consolidated financial statements for the three
    years ended December&#160;31, 2007, retrospectively adjusted for
    the changes in the composition of the reportable segments.
    ArcelorMittal furnished this information to the SEC in a report
    of foreign private issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008. We refer to this report of
    foreign private issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    as the &#147;Report of Foreign Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008&#148;, and to the consolidated
    financial statements for the years ended December&#160;31, 2005,
    2006 and 2007 contained therein as the &#147;ArcelorMittal
    Consolidated Financial Statements.&#148; The unaudited condensed
    consolidated financial statements as of and for the six-month
    periods ended June&#160;30, 2007 and 2008 have been incorporated
    by reference in this prospectus. The ArcelorMittal consolidated
    financial statements were prepared in accordance with
    International Financial Reporting Standards as issued by the
    International Accounting Standards Board (&#147;IFRS&#148;).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    v
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our results of operations and financial condition as of and for
    the years ended December&#160;31, 2006 and 2007, and the
    comparability between them, have been significantly affected by
    our August 2006 acquisition of Arcelor. For purposes of
    comparing our 2006 and 2007 results, we have prepared unaudited
    pro forma financial information for the year ended
    December&#160;31, 2006 that present our results of operations as
    if the acquisition had taken place on January&#160;1, 2006, as
    described under &#147;Item&#160;5. Operating and Financial
    Review and Prospects&#148; in the Report of Foreign Private
    Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial information and certain other information
    presented in a number of tables in this prospectus have been
    rounded to the nearest whole number or the nearest decimal.
    Therefore, the sum of the numbers in a column may not conform
    exactly to the total figure given for that column. In addition,
    certain percentages presented in the tables in this prospectus
    reflect calculations based upon the underlying information prior
    to rounding and, accordingly, may not conform exactly to the
    percentages that would be derived if the relevant calculations
    were based upon the rounded numbers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus and the documents incorporated by reference
    herein include industry data and projections about our markets
    obtained from industry surveys, market research, publicly
    available information and industry publications. Statements on
    ArcelorMittal&#146;s competitive position contained in this
    prospectus and the documents incorporated by reference herein
    are based primarily on public sources including, but not limited
    to, publications of the International Iron and Steel Institute.
    Industry publications generally state that the information they
    contain has been obtained from sources believed to be reliable
    but that the accuracy and completeness of such information is
    not guaranteed and that the projections they contain are based
    on a number of significant assumptions. We have not
    independently verified this data or determined the
    reasonableness of such assumptions. In addition, in many cases
    we have made statements in this prospectus and the documents
    incorporated by reference herein regarding our industry and our
    position in the industry based on internal surveys, industry
    forecasts and market research, as well as our own experience.
    While these statements are believed to be reliable, they have
    not been independently verified, and we do not make any
    representation or warranty as to the accuracy or completeness of
    such information set forth in this prospectus or incorporated by
    reference herein.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    vi
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights selected information from this
    prospectus and the documents incorporated by reference and does
    not contain all of the information that may be important to you.
    You should carefully read this entire prospectus and the
    documents incorporated by reference</I>, including <I>the risk
    factors and financial statements.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is the world&#146;s largest and most global steel
    producer. It results from the combination in 2006 of Mittal
    Steel and Arcelor, a <I>soci&#233;t&#233; anonyme
    </I>incorporated under Luxembourg law, which was acquired by
    Mittal Steel on August&#160;1, 2006, at the time respectively
    the world&#146;s largest and second largest steel companies by
    production volume.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal produces a broad range of high-quality finished,
    semi-finished carbon steel products and stainless steel
    products. Specifically, ArcelorMittal produces flat products,
    including sheet and plate, long products, including bars, rods
    and structural shapes, and stainless steel products.
    ArcelorMittal sells its products primarily in local markets and
    through its centralized marketing organization to a diverse
    range of customers in approximately 170 countries, including the
    automotive, appliance, engineering, construction and machinery
    industries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is the largest steel producer in the Americas,
    Africa, and Europe and the second largest producer in the
    Commonwealth of Independent States (the &#147;CIS&#148;), and it
    has a growing presence in Asia, particularly in China.
    ArcelorMittal has steelmaking operations in 20 countries on four
    continents, including 65 integrated, mini-mill and integrated
    mini-mill steelmaking facilities. As of June&#160;30, 2008,
    ArcelorMittal had approximately 322,000&#160;employees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal operates its business in six reportable operating
    segments: Flat Carbon Americas; Flat Carbon Europe; Long Carbon
    Americas and Europe; Asia, Africa and CIS; Stainless Steel; and
    ArcelorMittal Steel Solutions and Services (trading and
    distribution). ArcelorMittal&#146;s steelmaking operations have
    a high degree of geographic diversification. Approximately 35%
    of its steel is produced in the Americas, approximately 46% is
    produced in Europe and approximately 19% is produced in other
    countries, such as Kazakhstan, Algeria, Morocco and South
    Africa. In addition, ArcelorMittal&#146;s sales are spread over
    both developed and developing markets, which have different
    consumption characteristics.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal had sales of approximately U.S.$67.6&#160;billion
    for the six months ended June&#160;30, 2008 and approximately
    U.S.$105.2&#160;billion for the year ended December&#160;31,
    2007. ArcelorMittal had steel shipments of approximately
    59.0&#160;million tonnes and crude steel production of
    approximately 60 tonnes in the first six months of 2008 and
    approximately 109.7&#160;million tonnes of steel shipments and
    approximately 116.4&#160;million tonnes of crude steel
    production in 2007. &#147;Tonnes&#148; are metric tonnes and are
    used in measurements involving iron ore, iron ore pellets,
    direct reduced iron, hot metal, coke, coal, pig iron and scrap.
    A metric tonne is equal to 1,000 kilograms or 2,204.62 pounds.
    ArcelorMittal&#146;s net income attributable to equity holders
    of the parent for the six months ended June&#160;30, 2008 was
    U.S.$8.2&#160;billion or U.S.$5.87 per share and, for the year
    ended December&#160;31, 2007, was U.S.$10.4&#160;billion, or
    U.S.$7.41 per share. As of June&#160;30, 2008, ArcelorMittal had
    equity of U.S.$67.1&#160;billion, total debt of
    U.S.$38.2&#160;billion and cash and cash equivalents, including
    short-term investments and restricted cash, of
    U.S.$7.5&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s shares are listed and traded on the New
    York Stock Exchange, or NYSE (symbol &#147;MT&#148;), are
    admitted to trading on the Luxembourg Stock Exchange&#146;s
    regulated market and listed on the Official List of the
    Luxembourg Stock Exchange (symbol &#147;MTL&#148;), and are
    admitted to listing and trading on Euronext Amsterdam by NYSE
    Euronext (symbol &#147;MT&#148;), Euronext Brussels by NYSE
    Euronext (symbol &#147;MTBL&#148;), Euronext Paris by NYSE
    Euronext (symbol &#147;MTP&#148;) and the stock exchanges of
    Madrid, Barcelona, Bilbao and Valencia (symbol &#147;MTS&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s success has been built on a consistent
    strategy that emphasizes size and scale, vertical integration,
    product diversity, continuous growth in higher value products
    and a strong customer focus. We intend to
</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    continue to play a leading role in the consolidation of the
    global steel industry and to be the global leader in this
    industry, in particular through the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Three-dimensional strategy for sustainability and
    growth.</I>&#160;&#160;ArcelorMittal has unique geographical and
    product diversification coupled with upstream and downstream
    integration, which reduces exposure to risk and cyclicality.
    This strategy can be broken down into its three major elements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Geography:</I>&#160;&#160;ArcelorMittal is the largest
    producer of steel in Europe, North and South America and Africa
    and the second largest steel producer in the CIS region, with a
    growing presence in Asia, particularly in China. ArcelorMittal
    has steel-making operations in 20 countries on four continents,
    including 65 integrated, mini-mill and integrated mini-mill
    steel-making facilities. ArcelorMittal&#146;s steel-making
    operations have a high degree of geographic diversification.
    ArcelorMittal is able to improve management and spread its risk
    by operating in six segments based on its geographical and
    product diversity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Worldwide steel demand is driven by growth in developing
    economies, in particular in the BRICET countries (Brazil,
    Russia, India, China, Eastern Europe and Turkey). Our expansion
    strategy over recent years has given us a leading position in
    Africa, Central and Eastern Europe, South America and Central
    Asia. We are also building our presence in China and India. As
    these economies develop, local customers will require
    increasingly advanced steel products as market needs change.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Products:</I>&#160;&#160;A global steel producer must be able
    to meet the needs of different markets. Steel consumption and
    product requirements clearly differ between mature economy
    markets and developing economy markets. Steel consumption in
    mature economies is weighted towards flat products and a higher
    value-added mix, while developing markets utilize a higher
    proportion of long products and commodity grades. To meet these
    diverse needs, we plan to maintain a high degree of product
    diversification. We also plan to seek opportunities to increase
    the proportion of our product mix consisting of higher value
    added products. We produce a broad range of high-quality
    finished, semi-finished carbon steel products and stainless
    steel products. With this highly diversified product portfolio,
    we are in a unique position to reduce exposure to volatile
    earnings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Value Chain:</I>&#160;&#160;ArcelorMittal plans to continue
    to develop its upstream and downstream integration. We intend to
    increase selectively our access to and ownership of low-cost raw
    material supplies, particularly in locations adjacent to or
    accessible from our steel plant operations. ArcelorMittal has
    access to high-quality and low cost raw material through its
    captive sources and long-term contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Downstream integration is a key element of our strategy to build
    a global customer franchise. In high-value products, downstream
    integration allows steel companies to be closer to the customer
    and capture a greater share of value-added activities. As our
    key customers globalize, we intend to invest in value-added
    downstream operations, such as steel service centers and
    building and construction support unit services for the
    construction industry. In addition, we intend to continue to
    develop our distribution network in selected geographic regions.
    We believe that these downstream and distribution activities
    should allow us to benefit from better market intelligence and
    to better manage inventories in the supply chain to reduce
    volatility and improve working capital management. Furthermore,
    we will continue to expand our production of value-added
    products in developing markets, leveraging off our experience in
    developed markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Growth Plan:</I>&#160;&#160;ArcelorMittal has initiated a
    strategic plan designed for growth by increasing shipments to
    130&#160;million tonnes by 2012, a 20% increase over 2006 levels
    (including the output of Sicartsa for that year). This plan is
    based on projected world steel production growth of 3-5% per
    year, translating into an increase of
    <FONT style="white-space: nowrap">20-30%</FONT> over
    the period. ArcelorMittal has based its growth plan on the low
    end of this projected world market growth in order to support a
    healthy global supply/demand situation. Should global demand
    grow at more than 3% per annum, we will adjust our growth target
    to meet demand.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>M&#038;A/Greenfield growth:</I>&#160;&#160;Mergers and
    acquisitions are a key pillar of our strategy to which we bring
    unique experience, particularly in terms of integration. While
    such mergers and acquisitions do not create new capacity on an
    industry-wide basis, they improve consolidation and offer
    synergies. ArcelorMittal has
</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    continued its predecessor companies&#146; policy of making
    strategic and substantial acquisitions and investments, with
    numerous transactions announced in 2007, and acquisitions and
    investments for a total value of U.S.$12.3&#160;billion
    (including cash purchase price, assumed debt and shares issued
    at fair market value) completed in 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Developments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a description of certain recent developments relating to
    ArcelorMittal, see &#147;Recent Developments&#148; in this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Corporate
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is a public limited liability company
    <I>(soci&#233;t&#233; anonyme) </I>that was incorporated under
    the laws of Luxembourg on September&#160;24, 2001. ArcelorMittal
    is registered at the <I>Registre de Commerce et des
    Soci&#233;t&#233;s</I>, Luxembourg under number B 82.454. The
    mailing address and telephone number of ArcelorMittal&#146;s
    registered office are: ArcelorMittal, 19, Avenue de la
    Libert&#233;, L-2930 Luxembourg, Grand Duchy of Luxembourg,
    <FONT style="white-space: nowrap">+352&#160;4792-2414.</FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Background</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    On May 27, 2008, we completed the private offering of
    U.S.$1,500,000,000 aggregate principal amount of our notes due
    2013 and U.S.$1,500,000,000 aggregate principal amount of our
    notes due 2018. In connection with that offering, we entered
    into a registration rights agreement with the initial purchasers
    of the original notes in which we agreed, among other things, to
    complete this exchange offer. Under the terms of the exchange
    offer, you are entitled to exchange the original notes for
    exchange notes evidencing the same indebtedness and with
    substantially similar terms. The exchange offer is intended to
    satisfy our obligations under the registration rights agreement.
    If the exchange offer is not completed within the time period
    specified in the registration rights agreement, we will be
    required to pay additional interest on the original notes. You
    should read the discussion under the heading &#147;Description
    of Exchange Notes&#148; for further information regarding the
    exchange notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>The exchange offer</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    We are offering to exchange up to U.S.$1,500,000,000 of our
    exchange notes due 2013 that have been registered under the
    Securities Act for up to U.S.$1,500,000,000 of our notes due
    2013 that were issued on May&#160;27, 2008; and up to
    U.S.$1,500,000,000 of our exchange notes due 2018 that have been
    registered under the Securities Act for up to U.S.$1,500,000,000
    of our notes due 2018 that were issued on May&#160;27, 2008.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    To participate in the exchange offer, you must follow the
    automatic tender offer program, or &#147;ATOP,&#148; procedures
    established by The Depository Trust&#160;Company, or
    &#147;DTC,&#148; for tendering notes held in book-entry form.
    The ATOP procedures require that the exchange agent receive,
    prior to the expiration date of the exchange offer, a
    computer-generated message known as an &#147;agent&#146;s
    message&#148; that is transmitted through ATOP and that DTC
    confirm that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;DTC has received instructions to exchange your
    notes; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you agree to be bound by the terms of the letter of
    transmittal.</DIV>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For more details, please read &#147;The Exchange
    Offer&#160;&#151; Terms of the Exchange Offer&#148; and
    &#147;The Exchange Offer&#160;&#151; Procedures for
    Tendering.&#148; Any holder electing to have original notes
    exchanged pursuant to this exchange offer must properly tender
    his or her original notes prior to the close of business on the
    expiration date. All original notes validly tendered and not
    properly withdrawn will be accepted for exchange. Original notes
    may be exchanged only in minimum denominations of $2,000 and
    integral multiples of $1,000 in excess thereof.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Resales of exchange notes</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    We believe that the exchange notes may be offered for resale,
    resold or otherwise transferred by you (unless you are our
    &#147;affiliate&#148; within the meaning of Rule 405 of the
    Securities Act) without compliance with the registration and
    prospectus delivery provisions of the Securities Act, provided
    that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you acquire the exchange notes in the ordinary
    course of business; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not participating, do not intend to
    participate, and have no arrangement or understanding with any
    person to participate in the distribution of the exchange notes.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If any of the foregoing is not true and you transfer any
    exchange note without delivering a prospectus meeting the
    requirements of the Securities Act and without an exemption of
    your exchange notes from such requirements, you may incur
    liability under the Securities Act. We do not assume or
    indemnify you against such liability.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If you are a broker-dealer and receive exchange notes for your
    own account in exchange for original notes that were acquired as
    a result of market&#160;- making activities or other trading
    activities, you must represent to us that you will deliver a
    prospectus meeting the requirements of the Securities Act in
    connection with any resale of the exchange notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Consequences of failure to exchange</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    If we complete the exchange offer and you do not participate in
    it, then:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;your original notes will continue to be subject to
    the existing restrictions upon their transfer;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;we will have no further obligation to provide for
    the registration under the Securities Act of those original
    notes except under certain limited circumstances; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the liquidity of the market for your original notes
    could be adversely affected.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Expiration date</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    This exchange offer will remain open for at least 20 full
    business days (as defined by Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;14d-1(g)(3))</FONT>
    and will expire at 5:00&#160;p.m., New York City time, on
    November&#160;7, 2008, or such later date and time to which we
    extend it (the &#147;expiration date&#148;).</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Withdrawal of tenders</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    You may withdraw your tender of original notes at any time prior
    to the expiration date. To withdraw, you must submit a notice of
    withdrawal to the exchange agent using ATOP procedures before
    5:00&#160;p.m., New&#160;York City time, on the expiration date
    of the exchange offer. </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Please read &#147;The Exchange Offer&#160;&#151; Terms of the
    Exchange Offer&#160;&#151; Withdrawal of Tenders.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Conditions</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer is subject to certain customary conditions.
    See &#147;The Exchange Offer&#160;&#151; Terms of the Exchange
    Offer&#160;&#151; Conditions of the Exchange Offer.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Certain income tax considerations</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    This exchange of the original notes will not be a taxable
    exchange for U.S. federal income tax purposes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Use of proceeds</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any cash proceeds from the issuance of the
    exchange notes in this exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Exchange agent</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    HSBC Bank USA, National Association is serving as exchange agent
    in connection with the exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Information agent</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    D.F. King&#160;&#038; Co., Inc. is serving as information agent
    in connection with the exchange offer.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of the Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The exchange notes have the same financial terms and
    covenants as the original notes, except that the exchange notes
    have been registered under the Securities Act and, therefore,
    will not bear legends restricting their transfer. The exchange
    notes will evidence the same debt as the original notes and will
    be entitled to the benefits of the indenture. The following
    summary contains basic information about the exchange notes and
    is not intended to be complete. It does not contain all the
    information that is important to you. For a more complete
    understanding of the exchange notes, please refer to the section
    of this prospectus entitled &#147;Description of Exchange
    Notes.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Issuer</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    ArcelorMittal</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Notes offered</B> </TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;U.S.$1,500,000,000 in principal amount of
    5.375%&#160;notes due 2013 (the &#147;2013 exchange notes&#148;)</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;U.S.$1,500,000,000 in principal amount of
    6.125%&#160;notes due 2018 (the &#147;2018 exchange notes,&#148;
    and together with the 2013 exchange notes, the &#147;exchange
    notes&#148; or &#147;notes&#148;)</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Maturity</B> </TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;<I>2013 exchange notes: </I>June&#160;1, 2013</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;<I>2018 exchange notes</I>: June&#160;1, 2018</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Interest rate</B> </TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;The 2013 exchange notes will bear interest at the
    rate of 5.375% per annum, based upon a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;The 2018 exchange notes will bear interest at the
    rate of 6.125% per annum, based upon a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Interest payment dates</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Interest on the 2013 exchange notes will be payable
    semi-annually on June 1 and December 1 of each year, commencing
    on December&#160;1, 2008.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Interest on the 2018 exchange notes will be payable
    <FONT style="white-space: nowrap">semi-annually</FONT>
    on June 1 and December 1 of each year, commencing on
    December&#160;1, 2008.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Ranking</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be our unsecured and unsubordinated obligations
    and will rank equally in right of payment with all of our other
    unsecured and unsubordinated debt. The notes will be effectively
    subordinated to </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    all of our existing and future secured indebtedness and to all
    existing and future indebtedness of our subsidiaries with
    respect to the assets of those subsidiaries. The notes do not
    restrict our ability or the ability of our subsidiaries to incur
    additional indebtedness in the future. As of June&#160;30, 2008,
    our total consolidated debt was approximately
    U.S.$38.2&#160;billion, including U.S.$28.4&#160;billion issued
    by our subsidiaries and guaranteed by us.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Additional Amounts</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    In the event that any withholding or deduction is required by
    the laws of a Relevant Jurisdiction, we will pay additional
    amounts so that the amount you receive after the withholding tax
    of a Relevant Jurisdiction will equal the amount that you would
    have received if no withholding tax had been applicable, subject
    to some exceptions as described under &#147;Description of
    Exchange Notes&#160;&#151; Additional Amounts&#148; in this
    prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Covenants</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture relating to the notes contains restrictions on our
    ability to pledge assets and merge or transfer assets. For a
    more complete description see &#147;Description of Exchange
    Notes&#148; in this prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Redemption&#160;Events</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    We may redeem the notes, of any series, in whole or in part from
    time to time, at our option, on at least 30&#160;days&#146; but
    no more than 60&#160;days&#146; prior written notice given to
    the registered holders of such series of notes to be redeemed.
    Upon redemption of the notes, we will pay a redemption price
    equal to the greater of (1)&#160;100% of the principal amount of
    the notes to be redeemed and (2)&#160;the sum of the present
    values of the Remaining Scheduled Payments of the notes to be
    redeemed, discounted to the date of redemption on a semi-annual
    basis (assuming a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) at the Treasury Rate plus 40&#160;basis points, in the
    case of the 2013 exchange notes, or 40&#160;basis points, in the
    case of the 2018 exchange notes, in each case plus accrued and
    unpaid interest thereon to the redemption date. See
    &#147;Description of Exchange Notes&#160;&#151; Redemption,
    Exchange and Purchase&#160;&#151; Redemption at the Option of
    the Company.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If, due to changes in tax treatment in a Relevant Jurisdiction
    occurring after May&#160;27, 2008 (or after the date of
    succession), we would be required to pay additional amounts as
    described under &#147;Description of Exchange Notes&#160;&#151;
    Additional Amounts,&#148; we may redeem the notes in whole but
    not in part upon giving not less than 30&#160;days&#146; nor
    more than 60&#160;days&#146; notice to the holders at a
    redemption price equal to 100% of the principal amount thereof,
    together with accrued and unpaid interest to the date fixed by
    the Issuer for redemption.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Offer to Purchase Upon a Change of Control</B> </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Upon the occurrence of certain change of control events, we may
    be required to make an offer to purchase all or a portion of
    each holder&#146;s notes pursuant to a Change of Control Offer,
    at a purchase price equal to 101% of the principal amount
    tendered plus accrued and unpaid interest, if any, to the date
    of purchase. See &#147;Description of Exchange Notes&#160;&#151;
    Redemption, Exchange and Purchase&#160;&#151; Offer to Purchase
    Upon a Change of Control.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Further issuances</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    ArcelorMittal reserves the right, without the consent of the
    holders of the notes, to create and issue additional notes
    ranking equally with any series of the notes in all respects, so
    that such additional notes will be </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    consolidated and form a single series with the relevant series
    of notes; <I>provided </I>that such additional notes will be
    issued with no more than <I>de minimis </I>original issue
    discount for U.S. federal income tax purposes or be part of a
    qualified reopening for U.S. federal income tax purposes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Use of proceeds</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any cash proceeds from the issuance of the
    exchange notes in this exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Listing</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will not be listed.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    <B>Trustee, registrar, principal paying</B> <B>agent, transfer
    agent and exchange</B> <B>agent</B> </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    HSBC Bank USA, National Association.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Rating</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes have been assigned a rating of &#147;Baa2&#148; by
    Moody&#146;s Investor Services, Inc. (&#147;Moody&#146;s&#148;),
    &#147;BBB+&#148; by Standard&#160;&#038; Poor&#146;s Ratings
    Services (&#147;Standard&#160;&#038; Poor&#146;s&#148;) and
    &#147;BBB+&#148; by Fitch Inc. (&#147;Fitch&#148;). Ratings are
    not a recommendation to purchase, hold or sell notes, inasmuch
    as the ratings do not comment as to market price or suitability
    for a particular investor. The ratings are based upon current
    information furnished to the rating agencies by ArcelorMittal
    and information obtained by the rating agencies from other
    sources. The ratings are only accurate as of the date thereof
    and may be changed, superseded or withdrawn as a result of
    changes in, or unavailability of, such information, and
    therefore a prospective purchaser should check the current
    ratings before purchasing the notes. Each rating should be
    evaluated independently of any other rating.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Governing law</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture, the notes and the registration rights agreement
    will be governed by the laws of the State of New York.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Risk Factors</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Risk Factors&#148; and the other information included
    or incorporated by reference in this prospectus for a discussion
    of the factors you should carefully consider before deciding to
    participate in the exchange offer.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Global Note Codes</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <I>2013 exchange notes</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <I>2018 exchange notes</I>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    CUSIP: 03938LAC8
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    CUSIP: 03938LAF1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    ISIN: US03938LAC81
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    ISIN: US03938LAF13
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>You should carefully consider the risks described below, as
    well as the other information included or incorporated by
    reference in this prospectus, before deciding to participate in
    the exchange offer.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    related to ArcelorMittal.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    results from a recent merger of two companies and has continued
    to grow through acquisitions subsequently and expects to
    continue to do so. The failure to manage the company&#146;s
    recent and expected future growth could significantly harm
    ArcelorMittal&#146;s future results and require significant
    expenditures to address the additional operational and control
    requirements of this growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal results from Mittal Steel Company N.V.&#146;s
    acquisition of Arcelor, a company of approximately equivalent
    size, in August 2006 and the subsequent merger of the two
    companies in 2007. The combined company has continued, as did
    its predecessor companies, to make numerous and substantial
    acquisitions, with numerous transactions announced in 2007 and
    the first half of 2008, and acquisitions and investments for a
    total value of U.S.$12.3&#160;billion (including cash purchase
    price, assumed net debt and shares issued at fair market value)
    completed in 2007. ArcelorMittal&#146;s growth strategy includes
    the acquisitions of complementary companies. Such growth entails
    significant investment and increased operating costs. Overall
    growth in ArcelorMittal&#146;s business also requires greater
    allocation of management resources away from daily operations.
    In addition, managing this growth (including managing multiple
    operating assets) requires, among other things, the continued
    development of ArcelorMittal&#146;s financial and management
    information control systems, the ability to integrate newly
    acquired assets with existing operations, the ability to attract
    and retain sufficient numbers of qualified management and other
    personnel, the continued training and supervision of such
    personnel and the ability to manage the risks and liabilities
    associated with the acquired businesses. Failure to manage such
    growth, while at the same time maintaining adequate focus on the
    existing assets of ArcelorMittal, could have a material adverse
    effect on ArcelorMittal&#146;s business, financial condition,
    results of operations or prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    former Mittal Steel and Arcelor may not successfully integrate
    their business operations to the fullest extent, which could
    result in ArcelorMittal&#146;s failure to realize anticipated
    cost savings, revenue enhancements and other benefits expected
    from the acquisition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since the acquisition by Mittal Steel of Arcelor, the combined
    company has reached significant milestones in its operational
    integration process, having consolidated support functions,
    optimized its supply chain and procurement structure, and
    leveraged research and development services across a larger
    base, thereby achieving cost savings and revenue synergies, as
    well as other synergistic benefits. As of December&#160;31,
    2007, ArcelorMittal had realized U.S.$1.4&#160;billion in
    synergies from the merger, as compared to the expected
    U.S.$1.6&#160;billion in synergies to be achieved by the end of
    2008 announced by Mittal Steel at the time of its acquisition of
    Arcelor. While the integration process has so far proceeded
    smoothly, further integration steps may not be achieved to the
    fullest extent or within the timeframe expected, which could
    have a material adverse effect on ArcelorMittal&#146;s results
    of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In particular, ArcelorMittal is continuing to integrate
    manufacturing best practices and to standardize management
    information systems across the ArcelorMittal group. The
    integration of these functions could interfere with the
    activities of one or more of the businesses of ArcelorMittal and
    may divert management&#146;s attention from the daily operations
    of ArcelorMittal&#146;s core businesses. If the combined company
    is unable to continue to integrate effectively its operations,
    technologies and personnel in a timely and efficient manner,
    then it may not fully realize the benefits expected from the
    acquisition. In particular, if the continued integration is not
    successful, ArcelorMittal&#146;s operating results may be
    harmed, it may lose key personnel and key customers, it may not
    be able to retain or expand its market position, and the market
    price of its shares may decline.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mr.&#160;Lakshmi
    N. Mittal has the ability to exercise significant influence over
    the outcome of shareholder voting.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2007, Mr.&#160;Lakshmi N. Mittal owned
    623,285,000 of ArcelorMittal&#146;s outstanding common shares,
    representing approximately 44% of ArcelorMittal&#146;s
    outstanding voting shares. Consequently, Mr.&#160;Lakshmi
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    N. Mittal has the ability to influence significantly the
    decisions adopted at the ArcelorMittal general meetings of
    shareholders, including matters involving mergers or other
    business combinations, the acquisition or disposition of assets,
    issuances of equity and the incurrence of indebtedness.
    Mr.&#160;Lakshmi N. Mittal also has the ability to significantly
    influence a change of control of ArcelorMittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    loss or diminution of the services of the Chairman and Chief
    Executive Officer of ArcelorMittal could have a material adverse
    effect on its business and prospects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Chairman and Chief Executive Officer of ArcelorMittal has
    for over a quarter of a century contributed significantly to
    shaping and implementing the business strategy of Mittal Steel
    and subsequently ArcelorMittal. His strategic vision was
    instrumental in the creation of the world&#146;s largest and
    most global steel group. The loss or any diminution of the
    services of the Chairman and Chief Executive Officer could have
    a material adverse effect on ArcelorMittal&#146;s business and
    prospects. ArcelorMittal does not maintain key man life
    insurance on its Chairman and Chief Executive Officer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    has a substantial amount of indebtedness. Credit rating
    downgrades, which could result from, among other things,
    substantial debt-financed acquisitions or cyclical downturns in
    the steel industry, could significantly harm
    ArcelorMittal&#146;s refinancing capacity and increase its cost
    of funding. ArcelorMittal&#146;s level of indebtedness,
    including the consequential high financing costs and restrictive
    covenants, could also limit its flexibility in managing its
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of June&#160;30, 2008, ArcelorMittal had total debt
    outstanding of U.S.$38.2&#160;billion, consisting of
    U.S.$10.3&#160;billion of short-term indebtedness (including
    payables to banks and the current portion of long-tem debt) and
    U.S.$27.9&#160;billion of long-term indebtedness. As of
    June&#160;30, 2008, ArcelorMittal had U.S.$7.5&#160;billion of
    cash and cash equivalents, including short-term investments and
    restricted cash, and, for the six months ended June&#160;30,
    2008, ArcelorMittal recorded operating income of
    U.S.$10.2&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of Mittal Steel&#146;s credit ratings were put on ratings
    watch for possible downgrades following its acquisition of
    Arcelor in 2006. In late 2007 and early 2008, however,
    Standard&#160;&#038; Poor&#146;s Ratings Services raised its
    long-term corporate credit rating for ArcelorMittal to
    &#147;BBB+&#148; from &#147;BBB&#148; with a stable outlook,
    Fitch Ratings affirmed its rating of ArcelorMittal at
    &#147;BBB&#148; and Moody&#146;s Investors Service upgraded its
    rating of ArcelorMittal from Baa3 to Baa2. On September&#160;16,
    2008, Fitch Ratings upgraded the Company&#146;s &#147;long-term
    Issuer Default&#148; (LT&#160;IDR) and senior unsecured ratings
    to &#147;BBB+&#148; from &#147;BBB&#148; and affirmed the
    &#147;Company&#146;s short-term Issuer Default&#148; rating at
    &#147;F2&#148;, with the outlook on the LT IDR now Stable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Future downgrades resulting from factors specific to
    ArcelorMittal could be experienced. Credit rating downgrades
    could also result from a cyclical downturn in the steel
    industry, as ArcelorMittal has experienced in the past. Any
    decline in its credit rating would increase ArcelorMittal&#146;s
    cost of borrowing and could significantly harm its financial
    condition, results of operations and profitability, including
    its ability to refinance its existing indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s principal financing facilities (that is,
    the U.S.$3.2&#160;billion term and revolving credit facility,
    which was amended on February&#160;6, 2007 (the &#147;2005
    Credit Facility&#148;), the U.S.$800&#160;million committed
    multi-currency letter of credit facility (the &#147;Letter of
    Credit Facility&#148;), the&#160;&#128;17&#160;billion
    (approximately U.S.$22&#160;billion) term and revolving credit
    facility entered into on November&#160;30, 2006 (the
    &#147;&#128;17 Billion Facility&#148;) and the
    U.S.$4&#160;billion revolving credit facility entered into on
    May&#160;13, 2008 (the &#147;U.S.$4&#160;billion
    Facility&#148;)), contain provisions that limit encumbrances on
    the assets of ArcelorMittal and its subsidiaries and limit the
    ability of ArcelorMittal&#146;s subsidiaries to incur debt. The
    Letter of Credit Facility requires compliance with a minimum
    interest coverage ratio. The 2005 Credit Facility,
    the&#160;&#128;17 Billion Facility and the U.S.$4 Billion
    Facility require compliance with a maximum gearing ratio.
    Limitations arising from these credit facilities could adversely
    affect ArcelorMittal&#146;s ability to maintain its dividend
    policy and make additional strategic acquisitions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The level of debt outstanding could have adverse consequences to
    ArcelorMittal, including impairing its ability to obtain
    additional financing for working capital, capital expenditures,
    acquisitions, general corporate purposes or other purposes, and
    limiting its flexibility to adjust to changing market conditions
    or withstand competitive pressures, resulting in greater
    vulnerability to a downturn in general economic conditions.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s debt facilities and its guarantees have
    provisions whereby a default by any borrower within the
    ArcelorMittal group could, under certain circumstances, lead to
    defaults under other ArcelorMittal credit facilities. Any
    possible invocation of these cross-default clauses could cause
    some or all of the other guaranteed debt to accelerate, creating
    severe liquidity pressures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, most of ArcelorMittal&#146;s current borrowings are
    at variable rates of interest and thereby expose ArcelorMittal
    to interest rate risk. Generally, ArcelorMittal does not use
    financial instruments to hedge a significant portion of its
    interest rate exposure. If interest rates rise,
    ArcelorMittal&#146;s debt service obligations on its variable
    rate indebtedness would increase even if the amount borrowed
    remained the same, resulting in higher interest costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A substantial portion of ArcelorMittal&#146;s debt is
    denominated in euro. Accordingly, ArcelorMittal is exposed to
    fluctuations in the exchange rates between the U.S.&#160;dollar
    and the euro. Any such fluctuations in the euro and, in
    particular, a further marked appreciation of the euro to the
    U.S.&#160;dollar would mechanically increase
    ArcelorMittal&#146;s indebtedness.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Because
    ArcelorMittal is a holding company, it depends on the earnings
    and cash flows of its operating subsidiaries, which may not be
    sufficient to meet future needs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because ArcelorMittal is a holding company, it is dependent on
    the earnings and cash flows of, and dividends and distributions
    from, its operating subsidiaries to pay expenses, meet its debt
    service obligations, and pay any cash dividends or distributions
    on its common shares. Some of these operating subsidiaries have
    debt outstanding or are subject to acquisition agreements that
    impose restrictions or prohibitions on such operating
    subsidiaries&#146; ability to pay dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the laws of Luxembourg, the combined company will be able
    to pay dividends or distributions only to the extent that it is
    entitled to receive cash dividend distributions from its
    subsidiaries, recognize gains from the sale of its assets or
    record share premium from the issuance of shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    significant capital expenditure and other commitments
    ArcelorMittal has made in connection with past acquisitions may
    limit its operational flexibility and add to its financing
    requirements.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the acquisition of some of its operating
    subsidiaries, ArcelorMittal has made significant capital
    expenditure commitments and other commitments with various
    governmental bodies involving expenditures required to be made
    over the next few years. In the first half of 2008, capital
    expenditures amounted to U.S.$2.3&#160;billion, and
    U.S.$5.4&#160;billion in 2007. As of December&#160;31, 2007,
    ArcelorMittal and its subsidiaries had capital commitments
    outstanding of approximately U.S.$1.9&#160;billion under
    privatization and other major contracts. ArcelorMittal expects
    to fund these capital expenditure commitments and other
    commitments primarily through internal sources, but
    ArcelorMittal cannot assure you that it will be able to generate
    or obtain sufficient funds to meet these requirements or to
    complete these projects on a timely basis or at all. In
    addition, completion of these projects may be affected by
    factors that are beyond the control of ArcelorMittal. See
    &#147;Item&#160;5F&#160;&#151; Operating and Financial Review
    and Prospects&#160;&#151; Tabular Disclosure of Contractual
    Obligations&#148; and Note&#160;22 to the ArcelorMittal
    Consolidated Financial Statements in our Report of Foreign
    Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal has also made commitments relating to employees at
    some of its operating subsidiaries. It has agreed, in connection
    with the acquisition of interests in these subsidiaries,
    including the acquisition of Arcelor, that it will not make
    collective dismissals for certain periods. These periods
    generally extend several years following the date of
    acquisition. The inability to make such dismissals may affect
    ArcelorMittal&#146;s ability to coordinate its workforce and
    efficiently manage its business in response to changing market
    conditions in the areas affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal may not be able to remain in compliance with some
    or all of these requirements in the future. Failure to remain in
    compliance may result in forfeiture of part of
    ArcelorMittal&#146;s investment
    <FONT style="white-space: nowrap">and/or</FONT> the
    loss of tax and regulatory benefits.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal&#146;s
    mining operations are subject to mining risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal has substantial mining operations and has recently
    increased their scope and intends to continue to do so. Mining
    operations are subject to hazards and risks normally associated
    with the exploration, development and production of natural
    resources, any of which could result in production shortfalls or
    damage to persons or property. In particular, hazards associated
    with open-pit mining operations include, among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    flooding of the open pit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    collapse of the open-pit wall;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accidents associated with the operation of large open-pit mining
    and rock transportation equipment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accidents associated with the preparation and ignition of
    large-scale open-pit blasting operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    production disruptions due to weather;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    hazards associated with the disposal of mineralized waste water,
    such as groundwater and waterway contamination.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Hazards associated with underground mining operations include,
    among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    underground fires and explosions, including those caused by
    flammable gas;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cave-ins or falls of ground;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    discharges of gases and toxic chemicals;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    flooding;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sinkhole formation and ground subsidence;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other accidents and conditions resulting from drilling;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    blasting and removing, and processing material from, an
    underground mine.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is at risk of experiencing any or all of these
    hazards. For example, in September 2006, a methane gas explosion
    at ArcelorMittal&#146;s Lenina mine in Kazakhstan resulted in 41
    fatalities, and a production shutdown of two days to fully
    investigate the incident and in January 2008, a methane gas
    explosion at ArcelorMittal&#146;s Abaiskaya mine in Kazakhstan
    resulted in 30 fatalities. A new face has been put into
    operations in June 2009 and normal operations at Abayskaya have
    been restored. On June&#160;2, 2008 an accident caused by
    natural disaster took place at Tentekskaya Mine in Kazakhstan
    and took the lives of five miners. The mining face had to be
    closed and operations at a new face will commence in October
    2008. The occurrence of any of these hazards could delay
    production, increase production costs and result in death or
    injury to persons, damage to property and liability for
    ArcelorMittal, some or all of which may not be covered by
    insurance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Some
    of ArcelorMittal&#146;s subsidiaries benefited from state aid
    granted prior to, or in connection with, their respective
    privatizations, the granting of which is subject to transitional
    arrangements under the respective treaties concerning the
    accession of these countries to the European Union.
    Non-fulfillment or breach of the transitional arrangements and
    related rules may result in the recovery of aid granted pursuant
    to the transitional arrangements.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal has acquired formerly state-owned companies in the
    Czech Republic, Poland and Romania, some of which benefited from
    state aid granted prior to, or in connection with, their
    respective privatization and restructuring. Moreover, the
    restructuring of the steel industries in each of the Czech
    Republic, Poland and Romania is subject to transitional
    arrangements and related rules that determine the legality of
    restructuring aid. The transitional arrangements form part of
    the respective treaties concerning the accession of the Czech
    Republic, Poland and Romania to the European Union. See
    &#147;Item&#160;4B&#160;&#151; Information on the
    Company&#160;&#151; Business Overview&#160;&#151; Government
    Regulations&#160;&#151; State Aid&#148; in our 2007
    <FONT style="white-space: nowrap">Form&#160;20-F.</FONT>
    Non-fulfillment or breach of the transitional arrangements and
    related rules may nullify the effect of the transitional
    arrangements and may result in the recovery of aid granted
    pursuant to the transitional arrangements that have been
    breached.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Under-funding
    of pension and other post-retirement benefit plans at some of
    ArcelorMittal&#146;s operating subsidiaries, and the possible
    need to make substantial cash contributions to pension plans or
    to pay for healthcare, which may increase in the future, may
    reduce the cash available for ArcelorMittal&#146;s
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s principal operating subsidiaries in Brazil,
    Canada, Europe, and the United States provide defined benefit
    pension plans to their employees. Some of these plans are
    currently under-funded. At December&#160;31, 2007, the value of
    ArcelorMittal USA&#146;s pension plan assets was
    U.S.$2,627&#160;million, while the projected benefit obligation
    was U.S.$3,078&#160;million, resulting in a deficit of
    U.S.$451&#160;million. At December&#160;31, 2007, the value of
    the pension plan assets of ArcelorMittal&#146;s Canadian
    subsidiaries was U.S.$2,707&#160;million, while the projected
    benefit obligation was U.S.$3,034&#160;million, resulting in a
    deficit of U.S.$327&#160;million. At December&#160;31, 2007, the
    value of the pension plan assets of ArcelorMittal&#146;s
    European subsidiaries was U.S.$623&#160;million, while the
    projected benefit obligation was U.S.$2,486&#160;million,
    resulting in a deficit of U.S.$1,863&#160;million. ArcelorMittal
    USA also had an under-funded post-employment benefit obligation
    of U.S.$1,181&#160;million relating to life insurance and
    medical benefits as of December&#160;31, 2007.
    ArcelorMittal&#146;s Canadian subsidiaries also had an
    under-funded post-employment benefit obligation of
    U.S.$983&#160;million relating to life insurance and medical
    benefits as of December&#160;31, 2007. ArcelorMittal&#146;s
    European subsidiaries also had an under-funded post-employment
    benefit obligation of U.S.$507&#160;million relating to life
    insurance and medical benefits as of December&#160;31, 2007. See
    Note&#160;18 to the ArcelorMittal Consolidated Financial
    Statements in our Report of Foreign Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s funding obligations depend upon future
    asset performance, the level of interest rates used to discount
    future liabilities, actuarial assumptions and experience,
    benefit plan changes and government regulation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because of the large number of variables that determine pension
    funding requirements, which are difficult to predict, as well as
    any legislative action, future cash funding requirements for
    ArcelorMittal&#146;s pension plans and other post-employment
    benefit plans could be significantly higher than currently
    estimated amounts. These funding requirements could have a
    material adverse effect on ArcelorMittal&#146;s business,
    financial condition, results of operations or prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    could experience labor disputes that could disrupt its
    operations and its relationships with its
    customers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A majority of the employees of ArcelorMittal and of its
    contractors are represented by labor unions and are covered by
    collective bargaining or similar agreements, which are subject
    to periodic renegotiation. Strikes or work stoppages could occur
    prior to, or during, the negotiations leading to new collective
    bargaining agreements, during wage and benefits negotiations or
    during other periods for other reasons. ArcelorMittal has
    experienced strikes and work stoppages at various facilities in
    recent years. Any such breakdown leading to work stoppage and
    disruption of operations could have an adverse effect on the
    operations and financial results of ArcelorMittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    is subject to economic risks and uncertainties in the countries
    in which it operates or proposes to operate. Any deterioration
    or disruption of the economic environment in those countries may
    have a material adverse effect on ArcelorMittal&#146;s business,
    financial condition, results of operations or
    prospects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In recent years, many of the countries in which ArcelorMittal
    operates, or proposes to operate, have experienced economic
    growth and improved economic stability. For example, Eastern
    European countries, such as Poland, the Czech Republic and
    Romania, have initiated free-market economic reforms in
    connection with or in anticipation of their accession to the
    European Union. Others, such as Algeria, Argentina and South
    Africa, have attempted to reinforce political stability and
    improve economic performance after recent periods of political
    instability. Ukraine and Kazakhstan have implemented free-market
    economic reforms. ArcelorMittal&#146;s business strategy was
    developed partly on the assumption that such economic growth and
    the modernization, restructuring and upgrading of the physical
    infrastructure in the developing countries in which it invested
    will continue, thus creating increased demand for
    ArcelorMittal&#146;s steel products and maintaining a stable
    level of steel prices both in these countries and in other key
    product markets. While the demand in these countries for steel
    and steel products has gradually increased, this trend will not
    necessarily continue. In addition, the legal systems in some of
    the countries in which ArcelorMittal operates remain
    underdeveloped, particularly with respect to bankruptcy
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    proceedings, and the prospect of widespread bankruptcy, mass
    unemployment and the deterioration of various sectors of these
    economies still exists. Reform policies may not continue to be
    implemented and, if implemented, may not be successful. In
    addition, these countries may not remain receptive to foreign
    trade and investment. Any slowdown in the development of these
    economies or any reduction in the investment budgets of
    governmental agencies and companies responsible for the
    modernization of such physical infrastructure could also have a
    material adverse effect on ArcelorMittal&#146;s business,
    financial condition, results of operations or prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    is subject to political, social and legal uncertainties in some
    of the developing countries in which it operates or proposes to
    operate. Any disruption or volatility in the political or social
    environment in those countries may have a material adverse
    effect on ArcelorMittal&#146;s business, financial condition,
    results of operations or prospects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal operates, or proposes to operate, in a number of
    developing countries. Some of the countries in which it
    currently operates, such as Romania and the Ukraine, have been
    undergoing substantial political transformations from centrally
    controlled command economies to pluralist market-oriented
    democracies. Political and economic reforms necessary to
    complete such transformation may not continue. On occasion,
    ethnic, religious, historical and other divisions have given
    rise to tensions and, in certain cases, wide-scale civil
    disturbances and military conflict, as in Algeria, Bosnia and
    Herzegovina, China, India, Liberia, Russia, South Africa, Turkey
    and Venezuela. The political systems in these and other
    developing countries may be vulnerable to the populations&#146;
    dissatisfaction with reforms, social and ethnic unrest and
    changes in governmental policies, any of which could have a
    material adverse effect on ArcelorMittal&#146;s business,
    financial condition, results of operations or prospects and its
    ability to continue to do business in these countries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, ArcelorMittal may encounter difficulties in
    enforcing court judgments or arbitral awards in some countries
    in which it operates because those countries may not be parties
    to treaties that recognize the mutual enforcement of court
    judgments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A current example of these risks is the situation in Kazakhstan,
    where the government has placed into question certain
    development deals negotiated in the early years of the
    country&#146;s independence. Following the Abaiskaya mine
    accident in Kazakhstan, the second mine accident at
    ArcelorMittal Temirtau in two years, the government of
    Kazakhstan has threatened to remove ArcelorMittal
    Temirtau&#146;s operating license. In addition, tax claims
    (amounting to U.S.$2.5&#160;billion including administrative
    charges) have been brought against ArcelorMittal Temirtau,
    despite ArcelorMittal Temirtau&#146;s tax obligations being
    capped under the privatization agreements under which it was
    acquired from the government of Kazakhstan. The revocation of
    the operating license of ArcelorMittal Temirtau could disrupt
    ArcelorMittal&#146;s operations and final assessment of tax
    payments in the amounts claimed would have a material adverse
    effect on ArcelorMittal&#146;s results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    may experience currency fluctuations and become subject to
    exchange controls that could adversely affect its business,
    financial condition, results of operations or
    prospects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal operates and sells products in a number of
    countries, and, as a result, its business, financial condition,
    results of operations or prospects could be adversely affected
    by fluctuations in exchange rates. Major changes in exchange
    rates, particularly changes in the value of the U.S.&#160;dollar
    against the currencies of the countries in which ArcelorMittal
    operates, could have an adverse effect on its business,
    financial condition, results of operations or prospects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some operations involving the South African rand, Kazakh tenge,
    Brazilian real, Argentine peso, Algerian dinar and Ukrainian
    hryvnia are subject to limitations imposed by their respective
    central banks. The imposition of exchange controls or other
    similar restrictions on currency convertibility in the countries
    in which ArcelorMittal operates could adversely affect its
    business, financial condition, results of operations or
    prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Disruptions
    to ArcelorMittal&#146;s manufacturing processes could adversely
    affect ArcelorMittal&#146;s operations, customer service levels
    and financial results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Steel manufacturing processes are dependent on critical
    steel-making equipment, such as furnaces, continuous casters,
    rolling mills and electrical equipment (such as transformers),
    and such equipment may incur downtime as a
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    result of unanticipated failures or other events, such as fires
    or furnace breakdowns. ArcelorMittal&#146;s manufacturing plants
    have experienced, and may in the future experience, plant
    shutdowns or periods of reduced production as a result of such
    equipment failures or other events. To the extent that lost
    production as a result of such a disruption could not be
    compensated for by unaffected facilities, such disruptions could
    have an adverse effect on ArcelorMittal&#146;s operations,
    customer service levels and financial results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Natural
    disasters could significantly damage ArcelorMittal&#146;s
    production facilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Natural disasters could significantly damage
    ArcelorMittal&#146;s production facilities and general
    infrastructure. In particular, a new plant planned in Mozambique
    is in a natural flood zone. In addition, ArcelorMittal
    L&#225;zaro C&#225;rdenas&#146;s production facilities are
    located in L&#225;zaro C&#225;rdenas, Michoac&#225;n, Mexico and
    ArcelorMittal Temirtau is located in the Karaganda region of the
    Republic of Kazakhstan, both of which are areas that have
    historically experienced earthquakes of varying magnitude.
    Extensive damage to these facilities, or any other major
    production complexes, whether as a result of a flood,
    earthquake, hurricanes, tsunami or other natural disaster,
    could, to the extent that lost production as a result of such a
    disaster could not be compensated for by unaffected facilities,
    severely affect ArcelorMittal&#146;s ability to conduct its
    business operations and, as a result, reduce its future
    operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal&#146;s
    insurance policies provide limited coverage, potentially leaving
    it uninsured against some business risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The occurrence of an event that is uninsurable or not fully
    insured could have a material adverse effect on
    ArcelorMittal&#146;s business, financial condition, results of
    operations or prospects. ArcelorMittal maintains insurance on
    property and equipment in amounts believed to be consistent with
    industry practices but it may not be fully insured against some
    business risks. The ArcelorMittal insurance policies cover
    physical loss or damage to its property and equipment on a
    reinstatement basis arising from a number of specified risks and
    certain consequential losses, including business interruption
    arising from the occurrence of an insured event under the
    policies. Under these policies, damages and losses caused by
    certain natural disasters, such as earthquakes, floods and
    windstorms, are also covered. Each of the operating subsidiaries
    of ArcelorMittal also maintains various other types of
    insurance, such as workmen&#146;s compensation insurance and
    marine insurance. Notwithstanding the insurance coverage that
    ArcelorMittal and its subsidiaries carry, the occurrence of an
    accident that causes losses in excess of limits specified under
    the relevant policy, or losses arising from events not covered
    by insurance policies, could materially harm
    ArcelorMittal&#146;s financial condition and future operating
    results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Product
    liability claims could adversely affect ArcelorMittal&#146;s
    operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal sells products to major manufacturers who are
    engaged to sell a wide range of end products. Furthermore,
    ArcelorMittal&#146;s products are also sold to, and used in,
    certain safety-critical applications. If ArcelorMittal were to
    sell steel that is inconsistent with the specifications of the
    order or the requirements of the application, significant
    disruptions to the customer&#146;s production lines could
    result. There could also be significant consequential damages
    resulting from the use of such products. ArcelorMittal has a
    limited amount of product liability insurance coverage, and a
    major claim for damages related to products sold could leave
    ArcelorMittal uninsured against a portion or all of the award
    and, as a result, materially harm its financial condition and
    future operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">International
    trade actions or regulations and trade-related legal proceedings
    could reduce or eliminate ArcelorMittal&#146;s access to steel
    markets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal has international operations and makes sales
    throughout the world, and, therefore, its businesses have
    significant exposure to the effects of trade actions and
    barriers. Various countries, including the United States and
    Canada, have in the past instituted, or are currently
    contemplating the institution of, trade actions and barriers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal cannot predict the timing and nature of similar or
    other trade actions by the United States, Canada or any other
    country. Because of the international nature of
    ArcelorMittal&#146;s operations, it may be affected by any trade
    actions or restrictions introduced by any country in which it
    sells, or has the potential to sell, its products.
</DIV>

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    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any such trade actions could materially and adversely affect
    ArcelorMittal&#146;s business by reducing or eliminating
    ArcelorMittal&#146;s access to steel markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the more general trade barriers described above,
    if ArcelorMittal were party to a regulatory or trade-related
    legal proceeding that was decided adversely to it, its business,
    financial condition, results of operations or prospects could be
    adversely affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Item&#160;4B&#160;&#151; Information on the
    Company&#160;&#151; Business Overview&#160;&#151; Government
    Regulations&#148; in our 2007
    <FONT style="white-space: nowrap">Form&#160;20-F.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    income tax liability of ArcelorMittal may substantially increase
    if the tax laws and regulations in countries in which it
    operates change or become subject to adverse interpretations or
    inconsistent enforcement.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Taxes payable by companies in many of the countries in which
    ArcelorMittal operates are substantial and include value-added
    tax, excise duties, profit taxes, payroll-related taxes,
    property taxes and other taxes. Tax laws and regulations in some
    of these countries may be subject to frequent change, varying
    interpretation and inconsistent enforcement. Ineffective tax
    collection systems and continuing budget requirements may
    increase the likelihood of the imposition of arbitrary or
    onerous taxes and penalties, which could have a material adverse
    effect on ArcelorMittal&#146;s financial condition and results
    of operations. In addition to the usual tax burden imposed on
    taxpayers, these conditions create uncertainty as to the tax
    implications of various business decisions. This uncertainty
    could expose ArcelorMittal to significant fines and penalties
    and to enforcement measures despite its best efforts at
    compliance, and could result in a greater than expected tax
    burden. See Note&#160;19 to the ArcelorMittal Consolidated
    Financial Statements in our Report of Foreign Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, many of the jurisdictions in which ArcelorMittal
    operates have adopted transfer pricing legislation. If tax
    authorities impose significant additional tax liabilities as a
    result of transfer pricing adjustments, it could have a material
    adverse effect on ArcelorMittal&#146;s financial condition and
    results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is possible that tax authorities in the countries in which
    ArcelorMittal operates will introduce additional revenue raising
    measures. The introduction of any such provisions may affect the
    overall tax efficiency of ArcelorMittal and may result in
    significant additional taxes becoming payable. Any such
    additional tax exposure could have a material adverse effect on
    its financial condition and results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal may face a significant increase in its income
    taxes if tax rates increase or the tax laws or regulations in
    the jurisdictions in which it operates, or treaties between
    those jurisdictions, are modified in an adverse manner. This may
    adversely affect ArcelorMittal&#146;s cash flows, liquidity and
    ability to pay dividends.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If
    ArcelorMittal were unable to utilize fully its deferred tax
    assets, its profitability could be reduced.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2007, ArcelorMittal had
    U.S.$1,629&#160;million recorded as deferred tax assets on its
    balance sheet. These assets can be utilized only if, and only to
    the extent that, ArcelorMittal&#146;s operating subsidiaries
    generate adequate levels of taxable income in future periods to
    offset the tax loss carry forwards and reverse the temporary
    differences prior to expiration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2007, the amount of future income required
    to recover ArcelorMittal&#146;s deferred tax assets was
    approximately U.S.$5,072&#160;million at certain operating
    subsidiaries. For each of the years ended December&#160;31, 2006
    and 2007, these operating subsidiaries generated approximately
    43% and 29%, respectively, of ArcelorMittal&#146;s consolidated
    income before tax of U.S.$7,228&#160;million and
    U.S.$14,888&#160;million respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s ability to generate taxable income is
    subject to general economic, financial, competitive,
    legislative, regulatory and other factors that are beyond its
    control. If ArcelorMittal generates lower taxable income than
    the amount it has assumed in determining its deferred tax
    assets, then the value of deferred tax assets will be reduced.
    See &#147;Item&#160;5A&#160;&#151; Operating and Financial
    Review and Prospects&#160;&#151; Operating Results&#160;&#151;
    Year Ended December&#160;31, 2007 Compared to Year Ended
    December&#160;31, 2006&#160;&#151; Income Tax&#148; in our
    Report of Foreign Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008.
</DIV>

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    <BR>
    15
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    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.&#160;investors
    may have difficulty enforcing civil liabilities against
    ArcelorMittal and its directors and senior
    management.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is organized under the laws of the Grand Duchy of
    Luxembourg with its principal executive offices and corporate
    seat in Luxembourg. The majority of ArcelorMittal&#146;s
    directors and senior management are residents of jurisdictions
    outside the United States. The majority of ArcelorMittal&#146;s
    assets and the assets of these persons are located outside the
    United States. As a result, U.S.&#160;investors may find it
    difficult to effect service of process within the United States
    upon ArcelorMittal or these persons or to enforce outside the
    United States judgments obtained against ArcelorMittal or these
    persons in U.S.&#160;courts, including actions predicated upon
    the civil liability provisions of the U.S.&#160;federal
    securities laws. Likewise, it may also be difficult for an
    investor to enforce in U.S.&#160;courts judgments obtained
    against ArcelorMittal or these persons in courts in
    jurisdictions outside the United States, including actions
    predicated upon the civil liability provisions of the
    U.S.&#160;federal securities laws. It may also be difficult for
    a U.S.&#160;investor to bring an original action in a Luxembourg
    court predicated upon the civil liability provisions of the
    U.S.&#160;federal securities laws against ArcelorMittal&#146;s
    directors and senior management and
    <FONT style="white-space: nowrap">non-U.S.&#160;experts</FONT>
    named in this prospectus and the documents incorporated by
    reference herein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal&#146;s
    inability to successfully centralize various corporate and
    management functions could adversely affect its productivity and
    profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is centralizing various corporate and management
    functions at its corporate headquarters in Luxembourg. These
    functions include the central sale of raw materials, purchase
    and sale of finished products, research and development
    functions as well as other functions. The process of
    centralizing these functions and of making changes to the
    Company&#146;s existing operational business model may have
    various efficiency, organizational, operational and tax
    consequences. If ArcelorMittal is not able to centralize its
    functions successfully, this could adversely affect its
    productivity and profitability.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    may not be able to realize the full book value of its assets
    held for sale.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal has assets held for sale. If ArcelorMittal cannot
    sell them at their full book value, this would negatively affect
    its cash flow and consequently could affect its financial
    results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    related to the steel industry.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    downturn in global economic conditions may have a material
    adverse effect on the results of ArcelorMittal.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s activities and results are affected by
    international, national and regional economic conditions. In
    2007, growing fears of an economic downturn affected consumer
    confidence and reduced the intensity of demand for steel
    products. If macroeconomic conditions worsen, the performance of
    steel producers could be affected. In particular, fears of a
    recession in the United States, sparked by uncertainty in the
    credit markets, have grown, as have concerns as to the effect a
    U.S.&#160;recession would have in Europe and elsewhere. Despite
    ArcelorMittal&#146;s size and global breadth, regional declines
    in consumption caused by a recession in one or more major
    markets may have a material adverse effect on demand for its
    products and hence on its results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    is susceptible to the cyclicality of the steel industry, making
    ArcelorMittal&#146;s results of operations
    unpredictable.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The steel industry has historically been highly cyclical and is
    affected significantly by general economic conditions and other
    factors such as worldwide production capacity, fluctuations in
    steel imports/exports and tariffs. Steel prices are also
    sensitive to trends in cyclical industries, such as automotive,
    construction, appliance, machinery, equipment and transportation
    industries, which are the significant markets for
    ArcelorMittal&#146;s products. Steel markets have been
    experiencing larger and more pronounced cyclical fluctuations,
    driven recently by the substantial increase in steel production
    and consumption in China. This trend, combined with the rising
    costs of key inputs, mainly metallics, energy, transportation
    and logistics, presents an increasing challenge for steel
    producers.
</DIV>

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    <BR>
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    The volatility and the length and nature of business cycles
    affecting the steel industry have historically been
    unpredictable, and the recurrence of another major downturn in
    the industry would negatively impact ArcelorMittal&#146;s
    results of operations and profitability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Item&#160;5&#160;&#151; Operating and Financial Review
    and Prospects&#160;&#151; Overview&#160;&#151; Key Factors
    Affecting Results of Operations&#148; and &#147;&#151;
    Consolidation in the Steel Industry&#148; in our Report of
    Foreign Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Rapidly
    growing supply of steel products in China and other developing
    economies, which may increase faster than increases in demand,
    may result in additional excess worldwide capacity and falling
    steel prices.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Over the last several years, steel consumption in China and
    other developing economies such as India has increased rapidly.
    Steel companies have responded by developing steel production
    capabilities in these countries. Steel production, especially in
    China, has been expanding significantly and China is now the
    largest worldwide steel producer by a significant margin. In
    2006, China became a net exporter of steel, exerting downward
    pressure on steel prices in the European and American markets in
    that year. Chinese steel exports slowed in 2007 due to, among
    other things, rising input prices, Chinese government policies,
    growing internal demand and slowing worldwide economic growth.
    In the future, any significant excess Chinese capacity could
    have a major impact on world steel trade and prices if this
    excess production is exported to other markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Developments
    in the competitive environment in the steel industry could have
    an adverse effect on ArcelorMittal&#146;s competitive position
    and hence its business, financial condition, results of
    operations or prospects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The markets in which steel companies conduct business are highly
    competitive. Competition could cause ArcelorMittal to lose
    market share, increase expenditures or reduce pricing, any one
    of which could have a material adverse effect on its business,
    financial condition, results of operations or prospects. The
    global steel industry has historically suffered from substantial
    over-capacity. This has led to substantial price decreases
    during periods of economic weakness that have not been offset by
    commensurate price increases during periods of economic
    strength. Excess capacity in some of the products sold by
    ArcelorMittal will intensify price competition for such
    products. This could require ArcelorMittal to reduce the price
    for its products and, as a result, may have a material adverse
    effect on its business, financial condition, results of
    operations or prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    may encounter increases in the cost and shortages in the supply
    of raw materials, energy and transportation.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Steel production requires substantial amounts of raw materials
    and energy, including iron ore, coking coal, zinc, scrap,
    electricity, natural gas, coal and coke. Currently, there is a
    worldwide shortage of coke and coal, mainly as a result of the
    rapid growth in the demand for steel globally. In recent years,
    and particularly in 2006 and 2007, there was a sharp rise in the
    cost of a number of commodities essential for the process of
    steel-making. In particular, the prices of zinc and nickel
    fluctuated substantially, while the price of iron ore rose 65%,
    due among other things to dynamics of supply (including
    downstream concentration) and demand (including the surge in
    Chinese and Indian demand). The current concentration in the
    mining industry, as well as possible further consolidation (in
    particular the possible combination of BHP Billiton and Rio
    Tinto), has fostered and may also lead to further price
    increases in iron ore and other raw materials. The availability
    and prices of raw materials may be negatively affected by, among
    other factors, new laws or regulations; suppliers&#146;
    allocations to other purchasers; interruptions in production by
    suppliers; accidents or other similar events at suppliers&#146;
    premises or along the supply chain; wars, natural disasters and
    other similar events; changes in exchange rates; consolidation
    in steel-related industries; the bargaining power of raw
    material suppliers; worldwide price fluctuations; and the
    availability and cost of transportation. Any prolonged
    interruption in the supply of raw materials or energy, or
    substantial increases in their costs that steel companies are
    not able to pass on to customers, could adversely affect the
    business, financial condition, results of operations or
    prospects of steel companies.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, energy costs, including the cost of electricity and
    natural gas, make up a substantial portion of the cost of goods
    sold by steel companies. The price of energy has varied
    significantly in the past several years and may vary
    significantly in the future largely as a result of market
    conditions and other factors beyond the control of steel
    companies, including significant increases in oil prices.
    Because the production of direct reduced iron and the
    <FONT style="white-space: nowrap">re-heating</FONT>
    of steel involve the use of significant amounts of natural gas,
    steel companies are sensitive to the price of natural gas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal will not necessarily be able to procure adequate
    supplies in the future. A portion of ArcelorMittal&#146;s raw
    materials are obtained under contracts that are either
    short-term or are subject to periodic price negotiations. Any
    prolonged interruption, discontinuation or other disruption in
    the supply of raw materials or energy, or substantial increases
    in their costs, may harm ArcelorMittal&#146;s business,
    financial condition, and results of operations or prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Competition
    from other materials could significantly reduce market prices
    and demand for steel products and thereby reduce
    ArcelorMittal&#146;s cash flow and profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In many applications, steel competes with other materials that
    may be used as steel substitutes, such as aluminum (particularly
    in the automobile industry), cement, composites, glass, plastic
    and wood. Additional substitutes for steel products could
    significantly reduce market prices and demand for steel products
    and thereby reduce ArcelorMittal&#146;s cash flow and
    profitability.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ArcelorMittal
    is subject to stringent environmental and health and safety
    regulations that give rise to significant costs and liabilities,
    including those arising from environmental remediation
    programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal is subject to a broad range of environmental and
    health and safety laws and regulations in each of the
    jurisdictions in which it operates. These laws and regulations,
    as interpreted by relevant agencies and the courts, impose
    increasingly stringent environmental and health and safety
    protection standards regarding, among other things, air
    emissions, wastewater storage, treatment and discharges, the use
    and handling of hazardous or toxic materials, waste disposal
    practices, worker health and safety and the remediation of
    environmental contamination. The costs of complying with, and
    the imposition of liabilities pursuant to, environmental and
    health and safety laws and regulations could be significant, and
    failure to comply could result in the assessment of civil and
    criminal penalties, the suspension of permits or operations, and
    lawsuits by third parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Compliance with environmental obligations may require additional
    capital expenditures or modifications in operating practices,
    particularly at steel companies operating in countries that have
    recently joined the European Union. For example, U.S.&#160;laws
    and regulations and EU Directives, as well as any new or
    additional environmental compliance requirements that may arise
    out of the implementation by different countries of the Kyoto
    Protocol (United Nations Framework on Climate Change,
    1992)&#160;and future, more stringent greenhouse gas
    restrictions and emissions trading schemes, may require changes
    to the operations of steel facilities, further reductions in
    emissions, and the purchase of emission rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal also incurs costs and liabilities associated with
    the assessment and remediation of contaminated sites. In
    addition to the impact on current facilities and operations,
    environmental remediation obligations can give rise to
    substantial liabilities with respect to divested assets and past
    activities. ArcelorMittal could become subject to further
    remediation obligations in the future, as additional
    contamination is discovered or cleanup standards become more
    stringent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under certain circumstances, authorities could require
    ArcelorMittal facilities to curtail or suspend operations based
    on environmental or health and safety concerns. For example,
    following accidents in 2006 and 2007 that resulted in numerous
    fatalities, the Kazakh government has threatened to revoke the
    operating license of ArcelorMittal Temirtau unless certain
    additional safety measures are implemented at its facilities.
    Similarly, exceedance of ambient air quality standards or other
    environmental limitations can lead to sanctions including
    imposition of penalties or operational restrictions,
    particularly where human health may be compromised.
</DIV>

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    <BR>
    18
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Item&#160;4B&#160;&#151; Information on the
    Company&#160;&#151; Business Overview&#160;&#151; Government
    Regulations&#160;&#151; Environmental Laws and Regulations&#148;
    in our 2007
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    and &#147;Item&#160;8A&#160;&#151; Financial
    Information&#160;&#151; Consolidated Statements and Other
    Financial Information&#160;&#151; Legal Proceedings&#148; in our
    2007 20-F.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    related to the exchange notes and exchange offer.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Since
    we conduct our operations through subsidiaries, your right to
    receive payments on the exchange notes is subordinated to the
    other liabilities of our subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We carry on a significant portion of our operations through
    subsidiaries. Our subsidiaries are not guarantors of the
    exchange notes. Moreover, these subsidiaries are not required
    and may not be able to pay dividends to us. Our subsidiaries are
    not bound by our obligations under the indenture. Claims of the
    creditors of our subsidiaries have priority as to the assets of
    such subsidiaries over the claims of our creditors.
    Consequently, holders of the exchange notes are in effect
    structurally subordinated, on our insolvency, to the prior
    claims of the creditors of our subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    ability to make debt service payments depends on our ability to
    transfer income and dividends from our
    subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a holding company with no significant assets other than
    direct and indirect interests in the many subsidiaries through
    which we conduct operations. A number of our subsidiaries are
    located in countries that may impose regulations restricting the
    payment of dividends outside of the country through exchange
    control regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the continued transfer to us of dividends and other
    income from our subsidiaries are in some cases limited by
    various credit or other contractual arrangements
    <FONT style="white-space: nowrap">and/or</FONT> tax
    constraints, which could make such payments difficult or costly.
    If in the future these restrictions are increased or if we are
    otherwise unable to ensure the continued transfer of dividends
    and other income to us from these subsidiaries, our ability to
    pay dividends
    <FONT style="white-space: nowrap">and/or</FONT> make
    debt payments will be impaired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a significant level of debt. As of June&#160;30, 2008,
    our total consolidated debt was approximately
    U.S.$38.2&#160;billion, including U.S.$28.4&#160;billion issued
    by our subsidiaries and guaranteed by us. The indenture
    governing the exchange notes does not restrict us or our
    subsidiaries from incurring additional debt or guaranteeing any
    debt of others in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Since
    the exchange notes are unsecured and unsubordinated, your right
    to receive payments may be adversely affected.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange notes will be unsecured. The exchange notes are not
    subordinated to any of our other debt obligations, and therefore
    they will rank equally with all our other unsecured and
    unsubordinated indebtedness. If we default on the exchange
    notes, or after bankruptcy, liquidation or reorganization, then,
    to the extent our parent company has granted security over its
    assets, the assets that secure that entity&#146;s debts will be
    used to satisfy the obligations under that secured debt before
    we can make payment on the exchange notes. There may only be
    limited assets available to make payments on the exchange notes
    in the event of an acceleration of the exchange notes. If there
    is not enough collateral to satisfy the obligations of the
    secured debt, then the remaining amounts on the secured debt
    would share equally with all unsubordinated unsecured
    indebtedness.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    downgrade in our credit rating could adversely affect the
    trading price of the exchange notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading prices for the exchange notes is directly affected
    by our credit rating. Credit rating agencies continually revise
    their ratings for companies that they follow, including us. Any
    ratings downgrade could adversely affect the trading price of
    the exchange notes or the trading market for the exchange notes
    to the extent a trading market for the exchange notes develops.
    The condition of the financial and credit markets and prevailing
    interest rates have fluctuated in the past and are likely to
    fluctuate in the future. Fluctuations in interest rates may give
    rise to arbitrage opportunities based upon changes in the
    relative value of the exchange notes. Any trading by
    arbitrageurs could, in turn, affect the trading prices of the
    exchange notes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    insolvency laws may adversely affect a recovery by the holders
    of the exchange notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a Luxembourg company. Luxembourg insolvency laws may make
    it more difficult for holders of the exchange notes to effect a
    restructuring of our Company or to recover the amount they would
    have recovered in a liquidation or bankruptcy proceeding in
    other jurisdictions. There are a number of insolvency regimes
    under Luxembourg law. Bankruptcy proceedings <I>(faillite)
    </I>are primarily designed to liquidate and distribute the
    assets of a debtor to its creditors. Three formal corporate
    rescue procedures exist&#160;&#151; controlled management
    <I>(gestion contr&#244;l&#233;e),</I> which involves one or
    several commissioners (<I>commissaires &#224; la gestion
    contr&#244;l&#233;e) </I>preparing a plan of re-organization or
    a plan for the realization and distribution of the assets;
    moratorium <I>(concordat pr&#233;ventif de la faillite)</I>,
    whereby a judge is appointed to oversee the negotiation of an
    agreement between the debtor and his creditors; and the
    suspension of payments (<I>sursis de paiement</I>), whereby one
    or more commissioners is/are appointed by the court to manage
    the company during the suspension of payments period. A judgment
    in bankruptcy proceedings has the effect of removing the power
    from a company to manage its assets and of stopping all
    attachment or garnishment proceedings brought by unsecured or
    non-privileged creditors. However, this type of judgment has no
    effect on creditors holding certain forms of security, such as
    pledges. A secured creditor holding a pledge can retain
    possession of the pledged assets or can enforce its security
    interest if an event of default has occurred under the security
    agreement. The ratification of the composition in composition
    proceedings will have no effect on creditors who, having secured
    claims, did not participate in the composition proceedings and
    did not, therefore, waive their rights or priority, their
    mortgages or pledges. These creditors may continue to act
    against the debtor in order to obtain payment of their claims
    and they may enforce their rights, obtain attachments and obtain
    the sale of the assets securing their claims. Equally, the
    procedure of suspension of payments has no effect on secured
    creditors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A recovery under Luxembourg law, therefore, could involve a sale
    of the assets of the debtor in a manner that does not reflect
    the going concern value of the debtor. Consequently, Luxembourg
    insolvency laws could preclude or inhibit the ability of the
    holders of the exchange notes to effect a restructuring of our
    Company and could reduce their recovery in a Luxembourg
    insolvency proceeding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with Luxembourg bankruptcy proceedings, the assets
    of a debtor are generally liquidated and the proceeds
    distributed to the debtor&#146;s creditors on the basis of the
    relative claims of those creditors, and certain parties (such as
    secured creditors) will have special rights that may adversely
    affect the interests of holders of the exchange notes. The claim
    of a creditor may be limited depending on the date the claim
    becomes due and payable in accordance with its terms. Each of
    these claims will have to be resubmitted to our receiver to be
    verified by the receiver. Any dispute as to the valuation of
    claims will be subject to court proceedings. These verification
    procedures could cause holders of the exchange notes to recover
    less than the principal amount of their exchange notes or less
    than they could recover in a liquidation governed by the laws of
    another jurisdiction. Such verification procedures could also
    cause payments to the holders of the exchange notes to be
    delayed compared with holders of undisputed claims.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    may not be a liquid trading market for the exchange
    notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange notes are new securities with no established
    trading market. As a result, we cannot assure you as to the
    liquidity of any trading market for the exchange notes. If an
    active market for the exchange notes does not develop, the price
    of the exchange notes and the ability of a holder of exchange
    notes to find a ready buyer will be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    not restricted in our ability to dispose of our assets by the
    terms of the exchange notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture governing the exchange notes contains a negative
    pledge that prohibits us and our material subsidiaries (as
    defined in the indenture) from pledging assets to secure other
    bonds or similar debt instruments, unless we make a similar
    pledge to secure the exchange notes issued under the indenture.
    However, we are generally permitted to sell or otherwise dispose
    of substantially all of our assets to another corporation or
    other entity under the terms of the exchange notes. We are also
    permitted to pledge assets as security for other bonds or
    similar debt instruments in certain circumstances (i.e., in the
    case of permitted security as defined in the indenture). If we
    decide
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    to dispose of a large amount of our assets, you will not be
    entitled to declare an acceleration of the maturity of the
    exchange notes, and those assets will no longer be available to
    support payments on the exchange notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Your
    failure to tender original notes in the exchange offer may
    affect their marketability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you do not exchange your original notes for exchange notes in
    the exchange offer, you will continue to be subject to the
    existing restrictions on transfers of the original notes. If the
    exchange offer is completed, we will have no further obligation
    to provide for registration of original notes except under
    limited circumstances described under &#147;The Exchange
    Offer&#160;&#151; Resale Registration Statement; Special
    Interest,&#148; and those original notes will bear interest at
    the same rate as the exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consequently, after we complete the exchange offer, if you
    continue to hold original notes and you seek to liquidate your
    investment, you will have to rely on an exemption from the
    registration requirements under applicable securities laws,
    including the Securities Act, regarding any sale or other
    disposition of original notes. Further, to the extent that
    original notes are tendered and accepted in the exchange offer,
    the trading market, if any, for the original notes could be
    adversely affected.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELECTED
    CONSOLIDATED FINANCIAL DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables present selected consolidated financial
    information of ArcelorMittal and, where relevant, of its
    predecessor company Mittal Steel, as of and for the years ended
    December&#160;31, 2004, 2005, 2006 and 2007 and as of and for
    the six-month periods ended June&#160;30, 2007 and 2008,
    prepared in accordance with IFRS. Mittal Steel did not prepare
    financial statements in accordance with IFRS in 2003. This
    selected consolidated financial information should be read in
    conjunction with the audited and unaudited consolidated
    financial statements incorporated by reference in this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>For the Six-Month Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ended June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006(5)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(Amounts in U.S.$ millions except percentages)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Statement of Income Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20,612
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,132
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    58,870
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51,699
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    67,649
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of sales (including depreciation and impairment)(2)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,003
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Selling, general and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,062
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,960
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,433
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,423
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,411
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,514
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,532
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,687
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,235
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income as percentage of Sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other income &#151; net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,143
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    214
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from equity method investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    881
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Financing costs &#151; net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (214
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (353
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (654
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (927
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (192
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (785
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income before taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,592
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,888
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,927
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,331
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (including minority interest)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,850
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,906
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income attributable to equity holders of the parent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,247
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,973
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006(5)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom">
    <B>(Amounts in U.S.$ millions)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Balance Sheet Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents, including short-term investments and
    restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,634
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,149
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,146
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property, plant and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,058
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,994
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,867
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,681
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    156,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-term debt and current portion of long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    334
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,329
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt, net of current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,639
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,645
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,085
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,920
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,079
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,457
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,149
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>For the Six-Month Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ended June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006(5)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(Amounts in U.S.$ millions except volume data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net cash provided by operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,874
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,122
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,532
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,382
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,214
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net cash (used in) investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (656
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,512
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,576
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,909
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,891
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,983
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net cash (used in) provided by financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,118
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,417
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total production of crude steel (thousands of tonnes)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,362
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,916
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    116,415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,021
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total shipments of steel products (thousands of tonnes)(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,067
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109,724
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,710
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Including U.S.$2,235&#160;million, U.S.$2,339&#160;million,
    U.S.$3,847&#160;million and U.S.$4,767&#160;million of sales to
    related parties for the years ended December&#160;31, 2004,
    2005, 2006 and 2007, respectively (see Note&#160;12 to the
    ArcelorMittal Consolidated Financial Statements), and
    U.S.$1,144&#160;million and U.S.$2,838&#160;million of sales to
    related parties for the six-month periods ended June&#160;30,
    2007 and 2008, respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Including U.S.$1,021&#160;million, U.S.$914&#160;million,
    U.S.$1,740&#160;million and U.S.$2,408&#160;million of purchases
    from related parties for the years ended December&#160;31, 2004,
    2005, 2006 and 2007, respectively, and U.S.$519&#160;million and
    U.S.$418&#160;million of purchases from related parties for the
    six-month periods ended June&#160;30, 2007 and 2008,
    respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Including depreciation and impairment of U.S.$734&#160;million,
    U.S.$1,113&#160;million, U.S.$2,324&#160;million and
    U.S.$4,570&#160;million for the years ended December&#160;31,
    2004, 2005, 2006 and 2007, respectively, and
    U.S.$1,985&#160;million and U.S.$2,855&#160;million for the
    six-month periods ended June&#160;30, 2007 and 2008,
    respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Shipment volumes of steel products for the operations of the
    Company include certain inter-company shipments.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    As required by IFRS, the 2006 information has been adjusted
    retrospectively for the finalization of the allocation of
    purchase price of Arcelor (see Note&#160;3 to the ArcelorMittal
    Consolidated Financial Statements).</TD>
</TR>

</TABLE>
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECENT
    DEVELOPMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Results
    for the three- and six-month periods ended June&#160;30,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;30, 2008, ArcelorMittal announced results for the
    three- and six-month periods ended June&#160;30, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Highlights
    for the six months ended June&#160;30, 2008:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Sales of $67.6&#160;billion, up 31% compared with the six months
    ended June&#160;30, 2007
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Operating income of $10.2&#160;billion, up 33% compared with the
    six months ended June&#160;30, 2007
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Net Income of $8.2&#160;billion, up 65% as compared with the six
    months ended June&#160;30, 2007
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Capital expenditure of $2.3&#160;billion in the six months ended
    June&#160;30, 2008
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Highlights
    for the three months ended June&#160;30, 2008:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Sales of $37.8&#160;billion, up 39% compared with the three
    months ended June&#160;30, 2007
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Operating income of $6.6&#160;billion, up 56% compared with the
    three months ended June&#160;30, 2007
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Net Income of $5.8&#160;billion, up 114% as compared with the
    three months ended June&#160;30, 2007
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Capital expenditure of $1.4&#160;billion in the three months
    ended June&#160;30, 2008
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Outlook</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company expects improved financial results in the third
    quarter 2008. Flat Carbon Americas&#146; results are expected to
    significantly improve due to operational improvements and a
    better operating environment. Asia, Africa and CIS results are
    expected to improve due to improved volumes and price increases.
    Long Carbon&#146;s results are expected to improve. The results
    of ArcelorMittal Steel Solutions and Services are expected to
    remain flat. Flat Carbon Europe&#146;s results are expected to
    decline following seasonal shutdowns and increased cost
    pressure, while the profitability of Stainless Steel is set to
    decline. Our full year effective tax rate is expected to be
    between
    <FONT style="white-space: nowrap">15-20%.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other Key
    Events</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Upstream
    Activities:</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;21, 2008 ArcelorMittal announced that it had signed
    an agreement to acquire the Concept Group (&#147;Concept&#148;).
    Concept, located in southern West Virginia and adjacent to the
    recently acquired Mid Vol Coal Group in the Central Appalachian
    Coal Basin, produced 0.8&#160;million tonnes of metallurgical
    coking coal in 2007.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;16, 2008, ArcelorMittal announced it had acquired
    the remaining 60% of the shares in Rolanfer Recyclage S.A.
    (&#147;Rolanfer&#148;) that it did not previously own. Rolanfer
    is based in Yutz (France) near the border with the Grand Duchy
    of Luxembourg and operates a shredder at the port nearby.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;29, 2008, ArcelorMittal announced that it had
    increased its stake in Macarthur Coal Limited of Australia from
    14.9% to 19.9%, following the acquisition of a further 5% stake
    (10,607,830&#160;shares) from Talbot Group Holdings. The shares
    were purchased at 20 Australian dollars per share, bringing
    ArcelorMittal&#146;s total investment in Macarthur Coal to
    $843&#160;million Australian dollars (U.S.$810&#160;million).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;23, 2008, ArcelorMittal announced that it had
    signed an agreement to acquire the Mid Vol Coal Group. Mid Vol,
    located in southern West Virginia and southwestern Virginia in
    the Central Appalachian Coal Basin, produced 1.5&#160;million
    tonnes of metallurgical coking coal in 2007.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;11, 2008, ArcelorMittal announced the allocation to
    it of a mining lease in respect of the Karampada iron ore
    deposit by the Governments of India and the Indian state of
    Jharkhand for its integrated steel plant to be based in
    Jharkhand. The Karampada iron ore deposit has estimated reserves
    of 65&#160;million tonnes of iron ore.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;9, 2008, ArcelorMittal announced that it had signed
    an agreement to acquire Bakermet, a market leader in the scrap
    metal recycling industry in Eastern Ontario, Canada. Bakermet,
    which specializes in all types of ferrous and non-ferrous metal,
    processed approximately 130,000 short tons of ferrous and
    40&#160;million pounds of non-ferrous metals in 2007. The plant,
    located near Ottawa, will secure upstream self-sufficiency in
    shredded metal for ArcelorMittal&#146;s Contrecoeur mill
    (ArcelorMittal Montreal).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;23, 2008, ArcelorMittal announced that it had
    reached an agreement with Coal of Africa Limited
    (&#147;CoAL&#148;), a coal development company operating in
    South Africa. ArcelorMittal will enter into an off-take
    agreement with CoAL relating to two coal mines. The first,
    Baobab, is 100% owned by CoAL and has an estimated yield of
    2.45&#160;million tonnes per annum. The second, Thuli, is 74%
    owned by CoAL and has an estimated yield of 4.2&#160;million
    tonnes per annum. Full production at both mines is expected to
    be achieved by 2011.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;10, 2008, ArcelorMittal announced the acquisition
    of three coal mines and associated assets in Russia for a total
    consideration of $718&#160;million.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Steel
    Production Initiatives:</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On August&#160;13, 2008, ArcelorMittal announced that the
    Company signed a joint venture agreement for the production and
    sales of electrical (silicon) steel with Hunan Valin Steel Group
    Co., Ltd., following the Auto Sheet JV agreement signed by both
    parties in June (see below). The new JV, named Valin
    ArcelorMittal Electrical Steel Co., Ltd., has a registered
    capital of 2.6&#160;billion RMB, each party retaining 50% of the
    shares.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    This JV plans to build cold rolling and processing facilities
    for the production of non-grain oriented (NGO) and grain
    oriented (GO) electrical steels. The total investment is
    estimated at 6.5&#160;billion RMB, aiming for an annual
    production of 400,000 tons non-grain oriented and 200,000 tons
    grain oriented steel. ArcelorMittal will transfer its latest NGO
    and GO technologies to the joint venture. In addition, Valin
    Lian&#146;gang, a subsidiary of Valin Steel Tube&#160;&#038;
    Wire, signed a supply agreement with the JV and a Technology
    License Agreement with ArcelorMittal for the transfer of NGO and
    GO upstream technologies in order to supply high-quality
    hot-rolled substrate to the JV.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On August&#160;11, 2008, ArcelorMittal, announced that it had
    signed an agreement to acquire 49% of the share capital in
    <FONT style="white-space: nowrap">MPP-Minera&#231;&#227;o</FONT>
    Pir&#227;mide Participa&#231;&#245;es Ltda (&#147;MPP&#148;).
    MPP is a mining company located in Corumb&#225;, in the State of
    Mato Grosso do Sul, Brazil. MPP&#146;s activities are focused on
    the exploration and development of iron ore and manganese
    reserves in the region. The price to be paid by ArcelorMittal
    will be calculated based on the amount of iron ore and manganese
    reserves &#147;in situ&#148;, assessed according to the Code for
    the Reporting of Mineral Resources and Ore Reserves of the
    Australasian Joint Ore Reserves Committee (known as
    &#147;JORC&#148;).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On August&#160;7, 2008, ArcelorMittal announced new investments
    of U.S.$1.6&#160;billion in its carbon steel operations in
    Brazil. The investments are in addition to the
    US$1.2&#160;billion of investments slated for the expansion of
    the Monlevade plant in Minas Gerais. These investments, expected
    to be completed within 30&#160;months, are intended to expand
    ArcelorMittal&#146;s crude steel production capacity in the long
    carbon sector in Brazil by an additional 2.6&#160;million
    tonnes, representing an increase from 3.9&#160;million tonnes
    per year up to 6.5&#160;million tonnes per year. The new
    investment program envisions the construction of all facilities
    with environmentally friendly and energy efficient technology
    and anticipates employing up to 6,000&#160;people.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On August&#160;4, 2008, ArcelorMittal announced that it plans to
    construct a new steel mill in Mexico for an investment of
    U.S.$600&#160;million. The mill, designed to be energy-efficient
    and environmentally responsible, will produce carbon steel and
    bars including rebar, merchant bar quality and special bar
    quality products that will principally serve the construction
    and automotive sectors. The facility will be based on electrical
    steel making equipment with capacity of one million of metric
    tonnes of billets per year and a new bar rolling mill with a
    capacity of 500,000 metric tonnes. This additional production
    will be directed to the domestic Mexican market, mainly to
    produce high added value steel products but also to support the
    Government of Mexico&#146;s National Infrastructure Plan and
    Housing Program. The commencement of construction will be
    subject to the receipt of appropriate regulatory approvals by
    the relevant local authorities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;22, 2008, ArcelorMittal announced
    a&#160;&#128;76&#160;million ($118&#160;million) investment to
    expand electrical steel production capacity at its Saint
    Ch&#233;ly d&#146;Apcher plant in Southern France, a move in
    line with the Group&#146;s strategy to strengthen its position
    in high added value steel products and solutions that contribute
    to lower carbon dioxide emissions. The addition of a new 180,000
    tonnes continuous annealing line will take Saint Ch&#233;ly
    d&#146;Apcher&#146;s capacity to 210,000 tonnes per year of
    mostly high end non-grain oriented electrical steels, which are
    used, among other things, in electric engines and wind turbines.
    The new line is scheduled to become operational during the
    second quarter of 2010.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;3, 2008, ArcelorMittal and AREVA signed an
    agreement for a&#160;&#128;70&#160;million ($110&#160;million)
    investment aimed at increasing production of certain products
    for the nuclear industry, at the steel plant of Industeel, a
    subsidiary of ArcelorMittal. The investment, which will be
    staggered between 2008 and 2010, is targeted to increase ingot
    production capacity significantly (from 35,000 tonnes to 50,000
    tonnes per year). In addition, the two companies announced that
    they plan to implement a joint
    <FONT style="white-space: nowrap">3-year</FONT>
    metallurgy research and development program that will be
    conducted at the Creusot Materials Research Center in France.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;27, 2008, ArcelorMittal, Hunan Valin Group and
    Hunan Valin Steel Co. Ltd. announced a new development in their
    relationship with the launch of Valin ArcelorMittal Automotive
    Steel, an industrial and commercial automotive joint venture
    that will have an annual production capacity of 1.2&#160;million
    tonnes of flat carbon steel, mainly for automotive applications.
    Products will include cold rolled steel, galvannealed steel and
    pure zinc galvanized steel. The establishment of this new joint
    venture remains subject to regulatory approval. Hunan Valin
    Steel Co., Ltd will own 34% of the new joint venture and
    ArcelorMittal
</TD>
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    <BR>
    25
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    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    and Hunan Valin Group will each have a 33% equity share. The new
    activity will be located in Hunan Province next to Hunan Valin
    Steel Co.&#146;s subsidiary, Lianyuan Steel, which will supply
    hot rolled coil to the new joint venture.
</TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;16, 2008, ArcelorMittal announced that it had
    signed an agreement to acquire Bayou Steel, a producer of
    structural steel products with facilities in LaPlace, Louisiana,
    and Harriman, Tennessee, for $475&#160;million. The transaction
    is subject to regulatory approval. Bayou Steel is an independent
    producer of medium and light structural steel and bar size
    products. Through its Mississippi River Recycling division,
    Bayou Steel operates an automobile shredder at the LaPlace
    facility, as well as barge wrecking and full-service scrap yards
    at LaPlace and its facility in Harvey, Louisiana. The company
    also has a deepwater dock and distribution network, including
    four stocking locations in the United States.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;16, 2008, ArcelorMittal announced that it would be
    expanding its joint venture partnership with Japan&#146;s Nippon
    Steel Corporation by building a new continuous galvanising line
    at the I/N Kote facility in New Carlisle, Indiana. The new line
    will have an annual capacity of 480,000 metric tonnes and, upon
    completion, will double I/N Kote&#146;s hot-dipped galvanised
    production capacity. The new line will offer high-grade,
    high-quality coated sheets that promote improved safety and fuel
    efficiency in automobiles.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Downstream
    Activities</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;25, 2008, ArcelorMittal acquired a 70% share of
    Manchester Tubos e Perfilados S.A, a Brazilian steel processor
    and distributor located in Contagem, Minas Gerais, Brazil. This
    new acquisition will reinforce ArcelorMittal&#146;s downstream
    position in Brazil, following the acquisition on April&#160;3,
    2008 of a 50% stake in Gonvarri Brasil (see below). With the
    acquisition of Manchester, and with its partnership with
    Gonvarri, ArcelorMittal will widen its product offering in the
    distribution segment in Brazil. The Group will now offer an
    extended range of flat products (coils and blanks), profiles,
    tubes and pipes.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;14, 2008, ArcelorMittal and Primex (Germany)
    reached an agreement whereby ArcelorMittal Stainless
    International acquired the 35% stake in Uginox Sanayi ve Ticaret
    Limited Sirketi of Turkey which was owned by Primex.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;1, 2008, ArcelorMittal acquired Astralloy Steel
    Products Inc. (&#147;Astralloy&#148;), a subsidiary of IMS
    International Metal Service. Astralloy operates three warehouses
    and employs 60&#160;people in North America. Its 2007 revenues
    were $34&#160;million.
</TD>
</TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;30, 2008, ArcelorMittal announced its intention to
    acquire 60% of the entire issued share capital of Dubai Steel
    Trading Company LLC (&#147;DSTC LLC&#148;). DSTC LLC&#146;s
    distributes approximately 120,000 tonnes of products per year
    out of Dubai, United Arab Emirates.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;3, 2008, ArcelorMittal announced the acquisition
    of a 50% share of Gonvarri Brasil to form a Steel Service Centre
    joint venture. Gonvarri Brasil is one of the major players for
    servicing automotive, industry and distribution customers. The
    company is one of the leaders of flat steel processing in Brazil
    and its activities include pickling, slitting, blanking, and
    cutting to length, with a total processing capacity of around
    1.3&#160;million tonnes of steel.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Disposals:</FONT></U></I></B>
</DIV>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On May&#160;7, 2008, ArcelorMittal announced that the
    court-appointed trustee had completed the previously announced
    sale of ArcelorMittal&#146;s Sparrows Point steel mill near
    Baltimore, Maryland to OAO Severstal of Russia for
    $810&#160;million, net of debt.
</TD>
</TR>

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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Other
    key events</FONT></U></I></B>
</DIV>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On September&#160;19, 2008, ArcelorMittal confirmed that it is
    currently contemplating a transaction involving the introduction
    of black economic empowerment into ArcelorMittal South Africa.
    There is no guarantee that the transaction will be forthcoming.
    ArcelorMittal indicated that it would update the market if and
    when appropriate. Black economic empowerment is a program
    launched by the South African government to
</TD>
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    <BR>
    26
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    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    redress the inequalities affecting previously disadvantaged
    groups in the country through promotion of their participation
    in the economy.
</TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On September&#160;17, 2008, the Company announced a new
    &#147;management gains&#148; plan targeting a total cost savings
    of U.S.$4&#160;billion over the next five years. The plan will
    target increasing employee productivity, reducing energy
    consumption and decreasing input costs to achieve a higher yield
    and improved product quality.
</TD>
</TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On September&#160;16, 2008, Fitch Ratings upgraded the
    Company&#146;s &#147;Long-term Issuer Default&#148; (LT IDR) and
    senior unsecured ratings to &#147;BBB+&#148; from
    &#147;BBB&#148; and affirmed the &#147;Company&#146;s Short-term
    Issuer Default&#148; rating at &#147;F2&#148;, with the outlook
    on the LT IDR now &#147;Stable.&#148;
</TD>
</TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On September&#160;12, 2008, Standard Iron Works filed a
    Class&#160;Action Complaint in U.S.&#160;district court against
    ArcelorMittal, ArcelorMittal USA Inc., and other steel
    manufacturers alleging that the defendants conspired since 2005
    to restrict the output of steel products in order to fix, raise,
    stabilize and maintain prices at artificially high levels in
    violation of U.S.&#160;law. The Complaint has been served on
    ArcelorMittal USA Inc., but not yet on ArcelorMittal. It is too
    early in the proceedings for ArcelorMittal to determine the
    amount of its potential liability, if any. However,
    ArcelorMittal considers the allegations in the Complaint to be
    entirely unfounded.
</TD>
</TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On September&#160;3, 2008, ArcelorMittal and Kalagadi Manganese
    announced the unconditional participation of ArcelorMittal in
    Kalagadi Manganese, observing that all conditions precedent to
    the joint venture to develop Kalagadi&#146;s manganese deposits
    have been satisfied and the subscription amount paid. The
    U.S.$432.5&#160;million deal will result in the establishment
    and implementation of a joint venture between ArcelorMittal
    (owning 50%), Kalahari Resources, a majority black women-owned
    and controlled company (owning 40%), and Industrial Development
    Corporation Limited, the South African state-owned financier
    (owning 10%). The project, which is due to come on-line in 2010,
    includes plans for development in South&#160;Africa such as
    construction of a smelter complex in Coega, the establishment of
    a manganese ore mine and sinter plant expected to ultimately
    produce 2.4&#160;million tonnes of sinter product per year, and
    the building of a 320,000 tonnes per annum ferromanganese alloy
    production facility.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On August&#160;20, 2008, ArcelorMittal announced that the
    Company has agreed to acquire 100% of the issued share capital
    of London Mining South America Limited, an iron ore miner in the
    state of Minas Gerais, Brazil, from Oslo listed London Mining
    plc for approximately U.S.$764&#160;million. The transaction
    also includes the assignment of inter-group loans from London
    Mining of approximately U.S.$46&#160;million. The total
    consideration payable to London Mining will amount to
    approximately U.S.$810&#160;million. Subject to further
    technical analyses, ArcelorMittal will consider investing up to
    U.S.$700&#160;million to increase production in the medium term
    of iron ore concentrate and lump ore. ArcelorMittal has also
    reached an agreement (subject to contract) with Canadian based
    Adriana Resources Inc. for the development of an iron ore port
    facility in the State of Rio de Janeiro, Brazil and intends to
    use its share of the port&#146;s capacity to export iron ore
    from the London Mining South America Limited mine to its steel
    facilities in the Atlantic basin.
</TD>
</TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On August&#160;4, 2008, ArcelorMittal announced that it signed
    an agreement for the acquisition of Koppers&#146; Monessen Coke
    Plant from Koppers Inc. for U.S.$160&#160;million. Koppers&#146;
    Monessen Coke Plant, located in Monessen, Pennsylvania produced
    320,000 metric tonnes of metallurgical coke in 2007. The
    transaction is subject to receipt of relevant regulatory
    approvals.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    In connection with its acquisition of Kryvorizhstal,
    ArcelorMittal and the State Property Fund of Ukraine (the
    &#147;SPF&#148;) entered into a share purchase agreement dated
    October&#160;28, 2005 (the &#147;SPA&#148;). The SPF and
    ArcelorMittal currently disagree with respect to the fulfillment
    of certain undertakings of ArcelorMittal under the SPA. In a
    letter dated August&#160;1, 2008, the SPF claims that it
    considers ArcelorMittal to be in non-compliance with certain
    undertakings and that it is seeking ArcelorMittal&#146;s
    agreement to terminate the SPA and return of shares sold
    thereunder to the Ukrainian State as represented by the SPF. The
    SPF states in the letter that it will refer the matter to
    arbitration if there is no resolution within thirty days
    following the formal receipt by ArcelorMittal of the SPF&#146;s
    letter. The SPA provides for final resolution of disputes by
    arbitration
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
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    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    before the International Commercial Arbitration Tribunal at the
    Chamber of Commerce and Industry of Ukraine in Kiev.
    ArcelorMittal has not yet formally received the August&#160;1,
    2008 letter from the SPF, and arbitration has not commenced. At
    this time, ArcelorMittal is unable to assess the outcome of any
    arbitration or the amount of ArcelorMittal&#146;s potential
    liability, if any. On September&#160;18, 2008, the special
    parliamentary commission in the Ukraine announced that it has
    not found any violation of the SPA by ArcelorMittal. The
    decision of the special parliamentary commission is a
    recommendation to SPF although not binding on the SPF.
</TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On July&#160;11, 2008, ArcelorMittal announced the launch of a
    new clean technology venture capital fund (with an initial clean
    technology investment of $20&#160;million in Miasol&#233;).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    In connection with the share buy-back program announced on
    December 12 and 18, 2007, for the repurchase of a maximum of
    44&#160;million shares over two years, as of the close of
    business on September&#160;12, 2008, ArcelorMittal had
    repurchased a total of 43.9&#160;million shares at an average
    price of U.S.$78.56 for a total amount of
    U.S.$3,449&#160;million. The purchases were effected on Euronext
    Paris and off market.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the share buy-back program, on June&#160;27,
    2008, Frecolux, a Luxembourg subsidiary of ArcelorMittal, gave a
    share buy-back mandate to EXANE BNP Paris that commenced on
    July&#160;2, 2009 and that effectively ended on July 11 when the
    number of shares acquired by EXANE BNP Paribas reached
    10&#160;million shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;18, 2008, ArcelorMittal announced that the
    principal borrowing vehicle of the Group would be ArcelorMittal,
    the ultimate holding company of the Group. As a result, future
    bonds are expected to be issued by ArcelorMittal. ArcelorMittal
    also announced that it expected to transfer a substantial
    portion of the debt from ArcelorMittal Finance to ArcelorMittal
    and that bonds currently issued under the name of ArcelorMittal
    Finance were expected to remain outstanding until their final
    maturity date.
</TD>
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<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;16, 2008, ArcelorMittal announced that following
    purchases of 11.31% on June&#160;13, 2008, the Company now owns
    24.99% of the Turkish steel company Erdemir.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;10, 2008, ArcelorMittal announced its plan to
    expand the steelmaking capacity of its Kazakhstan plant in
    Temirtau from 5 to 10&#160;million tonnes. The Company is
    collaborating closely with the Kazakh government for the
    planning and execution of the project that is expected to take 5
    to 9&#160;years to complete. The expansion project encompasses
    steel making, iron ore and coal extraction. For the steel plant,
    the plan is to modernize existing facilities with latest
    technologies and safety and environmental standards. The
    expansion project is expected to add 4&#160;million tonnes of
    crude steel capacity. Recently developed technologies are
    expected to help upgrade the existing Atasu iron ore mine to
    underground mining to reach 10&#160;million tonnes, increasing
    production to 16&#160;million tonnes and making Temirtau
    entirely self-sufficient in iron ore. Finally, these investments
    are complemented by a $1.2&#160;billion investment for
    continuous improvements in health and safety and the
    modernisation of existing coal mines. Combined with the
    development of new mines, production is therefore expected to
    reach approximately 17&#160;million tonnes of mined coal by
    2018. When completed, these projects will further increase
    self-sufficiency in coal supply for ArcelorMittal Termirtau.
    These investments are also expected to considerably reduce
    emissions and help achieve highest environmental standards.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;3, 2008, ArcelorMittal and trade unions
    representing its employees across the globe signed a new
    agreement to further improve health and safety standards
    throughout the Group. The agreement, the first of its kind in
    the steel industry, recognises the vital role played by trade
    unions in improving health and safety. It sets out minimum
    standards in every site the Group operates in order to achieve
    world class performance. These standards include the commitment
    to form joint management/union health and safety committees as
    well as training and education programmes in order to make a
    meaningful impact on overall health and safety across the Group.
    Also included in the agreement is the creation of a joint
    management/union global health and safety committee that will
    target ArcelorMittal plants in order to help them to further
    improve their health and safety performance. The agreement was
    signed on June&#160;3, 2008 by ArcelorMittal, the European
    Metalworkers&#146; Federation, the United Steelworkers and the
    International Metalworkers&#146; Federation.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On June&#160;2, 2008, ArcelorMittal announced that an accident
    occurred at its Tentekskaya Mine in Kazakhstan. 100&#160;people
    were working in the mine when the accident occurred at
    approximately 4&#160;a.m. (Kazakhstan time). Although
    95&#160;persons were safely evacuated, 5&#160;persons perished
    as a result of a coal and gas outburst underground. An
    independent government commission in its investigation report
    cites unpredictable geological failure in the roadway as the
    main cause of the accident. ArcelorMittal is presently reviewing
    the recommendations and developing an action plan in line with
    these.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On May&#160;13, 2008, ArcelorMittal signed a $4.0&#160;billion
    revolving credit facility with a group of banks, further
    enhancing its liquidity position.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On May&#160;8, 2008, ArcelorMittal announced that it filed suit
    against Esmark Inc., E2 Acquisition Corporation (Esmark/E2) in
    the Supreme Court of the State of New York. ArcelorMittal is
    seeking in excess of $540&#160;million in connection with
    Esmark/E2&#146;s breach of its August&#160;1, 2007 contract to
    purchase the Sparrows Point steel manufacturing facility from
    ArcelorMittal for $1.35&#160;billion. That contract was
    terminated on December&#160;16, 2007, after Esmark/E2 failed to
    complete the transaction. As described above, Sparrows Point was
    sold to OAO Severstal for $810&#160;million, net of debt, on
    May&#160;7, 2008.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On May&#160;2, 2008, ArcelorMittal announced a series of
    measures which will restore a 25% free float in China Oriental
    Group Company (&#147;China Oriental&#148;) in compliance with
    the listing rules of the Hong Kong Stock Exchange
    (&#147;HKSE&#148;). At the time of the close of its tender offer
    on February&#160;4, 2008 ArcelorMittal had reached a 47%
    shareholding in China Oriental. Given the 45.4% shareholding by
    the founding shareholders, this left a free float of 7.6%
    against a minimum HKSE listing requirement of 25%. The measures
    to restore the minimum free float have been achieved by means of
    sale of 17.4% stake to ING Bank and Deutsche Bank, together with
    put option agreements entered into with both banks. As a result
    of these measures ArcelorMittal&#146;s shareholding has been
    reduced to 29.6%.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;29, 2008, ArcelorMittal announced that it had
    signed new long-term contracts with Companhia Vale do Rio Doce
    (&#147;Vale&#148;) to supply iron ore and pellets to its plants
    in Europe, Africa and the Americas. Under these long-term
    contracts, which are the largest ever signed between a steel
    company and an iron ore supplier, Vale will supply approximately
    480&#160;million tonnes of iron ore and pellets to ArcelorMittal
    plants over the next ten years
    <FONT style="white-space: nowrap">(2007-2016).</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;21, 2008, ArcelorMittal announced new appointments
    to its Group Management Board. These appointments follow the
    announcement, on April&#160;7, 2008, of the retirement of
    Mr.&#160;Malay Mukherjee. The appointments of
    Mr.&#160;Maheshwari, Mr.&#160;Cornier and Mr.&#160;Chugh are
    effective as of May&#160;14, 2008.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;14, 2008, ArcelorMittal announced that its Board
    of Directors unanimously approved amendments to certain aspects
    of the Memorandum of Understanding (&#147;MOU&#148;) that was
    entered into in November 2006, in the context of the offer of
    Mittal Steel for Arcelor, after the Board decided that certain
    of the provisions in the MOU were outdated or redundant.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amendments approved by the Board of Directors are summarized
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Replacement of the post of President with the new position of
    Lead Independent Director, whose principal duties and
    responsibilities include, among others, coordination of
    activities of the other independent directors, liaising between
    the Chairman of the Board of Directors and the other independent
    directors and calling meetings of the independent directors when
    necessary and appropriate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Permitting the CEO of ArcelorMittal to hold office as a Director;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Reinforcement of the rules governing the composition of the
    Audit Committee and the Appointments and Remuneration Committee
    to ensure that each of these committees will be composed of at
    least three independent directors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Appointment of future members of the Company&#146;s Group
    Management Board by the Board of Directors;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Amendment to provisions relating to the Company&#146;s
    authorized share capital to reflect changes made to the Articles
    of Association.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On April&#160;4, 2008, ArcelorMittal acquired 30.0&#160;million
    shares of ArcelorMittal Inox Brasil S.A. in a tender offer made
    to minority shareholders. This represents 40.33% of the total
    share capital of ArcelorMittal Inox Brasil S.A. and 94.81% of
    its free float, and increases ArcelorMittal&#146;s stake in
    ArcelorMittal Inox Brasil S.A. from 57.34% to 97.67%.
    ArcelorMittal paid R$2.84&#160;billion for the tendered shares,
    representing, at the current exchange rate, a total
    consideration of U.S.$1.66&#160;billion. Between April 4 and
    April&#160;26, 2008, the Company bought an additional
    0.8&#160;million shares, thereby increasing its stake to 99.5%.
    On April&#160;26, 2008, ArcelorMittal Inox Brasil S.A. was
    delisted.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ArcelorMittal has commenced a legal action in the Ontario
    Superior Court to require U.S.&#160;Steel Canada Inc. and
    Cleveland-Cliffs Inc. to respect their commitment and comply
    with the sale of their respective interests in the Wabush Mines
    joint venture to ArcelorMittal Dofasco. U.S.&#160;Steel Canada
    and Cleveland-Cliffs had agreed to sell their interests in the
    Wabush Mines joint venture to ArcelorMittal Dofasco in
    accordance with the terms of an agreement signed in August 2007.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not receive any proceeds from the exchange offer. In
    exchange for issuing the exchange notes as contemplated in this
    prospectus, we will receive original notes in like principal
    amount, the terms of which are identical in all material
    respects to the exchange notes. The original notes surrendered
    in exchange for the exchange notes will be retired and cancelled
    and cannot be reissued. Accordingly, the issuance of the
    exchange notes will not result in any increase in our
    indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We used the net proceeds from the sale of the original notes to
    repay existing indebtedness.
</DIV>
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal&#146;s unaudited ratio of earnings to fixed
    charges for the periods indicated below was as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Six-Month Period<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ended June&#160;30, 2008</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="23" align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.5
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.0
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.5
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.0
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.9x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The ratio of earnings to fixed charges is computed by dividing
    earnings by fixed charges. Earnings represent consolidated net
    income before extraordinary charges, income allocable to
    minority interests in consolidated entities that incurred fixed
    charges, consolidated provision for income taxes, fixed charges
    less interest capitalized, and undistributed earnings of
    less-than-50% owned affiliates. Fixed charges include interest
    expensed and capitalized and the interest portion of rental
    obligations. Amounts were prepared in accordance with IFRS. The
    ratio for 2003 is not available because Mittal Steel&#146;s
    financial statements were not prepared in accordance with IFRS
    for that year and doing so would involve a significant effort
    and expense.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth the unaudited consolidated
    capitalization and long-term indebtedness, as well as short-term
    indebtedness, of ArcelorMittal at June&#160;30, 2008, on an
    actual basis. After the issuance, the capitalization of
    ArcelorMittal will be unchanged because ArcelorMittal will
    cancel existing indebtedness in an amount equal to the
    indebtedness with respect to the issued exchange notes. We
    prepared the following table on the basis of IFRS. You should
    read this table together with the ArcelorMittal audited and
    unaudited consolidated financial statements and the other
    financial data included elsewhere, or incorporated by reference,
    in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>As of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(In U.S.$<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Short-term borrowings, including current portion of long-term
    debt</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>10,329</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Long-term borrowings, net of current portion</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>27,920</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total consolidated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>38,249</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Secured
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>975</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unsecured
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>37,274</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Minority interests</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,082</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Equity attributable to the equity holders of the parent</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>63,067</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total shareholders&#146; equity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>67,149</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total capitalization (Total shareholder&#146;s equity plus
    total consolidated debt)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>105,398</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as disclosed herein, there have been no material changes
    in the consolidated capitalization, indebtedness and contingent
    liabilities of ArcelorMittal since June&#160;30, 2008.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EXCHANGE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This section describes the exchange offer and the material
    provisions of the registration rights agreement, but it may not
    contain all of the information that is important to you. We
    refer you to the complete provisions of the registration rights
    agreement, which has been filed as an exhibit to the
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-4.</FONT>
    See &#147;Where You Can Find More Information&#148; for
    instructions on how to obtain copies of this document.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this section and the section entitled &#147;Description of
    Exchange Notes&#148; and &#147;Form of Notes, Clearing and
    Settlement,&#148; references to &#147;we,&#148; &#147;us,&#148;
    &#147;our&#148; and &#147;the Company&#148; refer to
    ArcelorMittal only and do not include our subsidiaries or
    affiliates. References to the &#147;notes&#148; mean the
    U.S.$3,000,000,000 principal amount of original notes we
    previously sold in May 2008 and up to an equal principal amount
    of exchange notes we are offering hereby. References to
    &#147;holders&#148; mean those who have notes registered in
    their names on the books that we or the trustee maintain for
    this purpose, and not those who own beneficial interests in
    notes issued in book-entry form through The Depository
    Trust&#160;Company, or DTC, or in notes registered in street
    name. Owners of beneficial interests in the notes should read
    the subsections entitled &#147;&#151;&#160;Terms of the Exchange
    Offer&#160;&#151; Procedures for Tendering&#148; and &#147;Form
    of Notes, Clearing and Settlement.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Purpose
    and Effect of this Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We sold the original notes to certain initial purchasers in May
    2008 under the terms of a purchase agreement we reached with
    them. The initial purchasers resold the original notes to
    qualified institutional buyers in reliance on Rule&#160;144A
    under the Securities Act and in offshore transactions in
    reliance on Regulation&#160;S under the Securities Act. In
    connection with the offering of the original notes, we also
    entered into a registration rights agreement with the initial
    purchasers, which governs our obligation to file a registration
    statement with the SEC and commence the exchange offer to
    exchange the exchange notes for the original notes. The exchange
    offer is intended to satisfy certain of our obligations under
    the registration rights agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registration rights agreement further provides that if we do
    not complete the exchange offer within a certain period of time
    or under certain other circumstances, we will be obligated to
    pay additional interest, referred to as special interest, to
    holders of the original notes. Except as discussed below under
    &#147;&#151;&#160;Resale Registration Statement; Special
    Interest Premium,&#148; upon the completion of the exchange
    offer we will have no further obligations to register your
    original notes or pay special interest.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Representations
    upon Tender of Original Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To participate in the exchange offer, you must execute or agree
    to be bound by the letter of transmittal, through which you will
    represent to us, among other things, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any exchange notes received by you will be, and the notes you
    are tendering in anticipation of receiving the exchange notes
    were, acquired in the ordinary course of business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you do not have any arrangement or understanding with any person
    to participate in, are not engaged in, and do not intend to
    engage in, the distribution (within the meaning of the
    Securities Act) of the exchange notes in violation of the
    provisions of the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not an &#147;affiliate&#148; of ours, as defined in
    Rule&#160;405 of the Securities Act;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if you are a broker-dealer, (i)&#160;you will receive exchange
    notes for your own account in exchange for original notes that
    were acquired as a result of market-making activities or other
    trading activities and (ii)&#160;you will deliver a prospectus
    (or, to the extent permitted by law, make available a prospectus
    to purchasers) in connection with any resale of those exchange
    notes to the extent required by applicable law or regulation or
    SEC pronouncement.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Resale
    of the Exchange Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on existing interpretations of the SEC staff with respect
    to similar transactions, we believe that the exchange notes
    issued pursuant to this exchange offer in exchange for original
    notes may be offered for resale, resold and otherwise
    transferred by holders thereof without compliance with the
    registration and prospectus delivery provisions of the
    Securities Act if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such exchange notes are acquired in the ordinary course of the
    holder&#146;s business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such holder is not engaged in, has no arrangement with any
    person to participate in, and does not intend to engage in, any
    public distribution of the exchange notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such holder is not our &#147;affiliate,&#148; as defined in
    Rule&#160;405 of the Securities Act;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if such holder is a broker-dealer that receives exchange notes
    for its own account in exchange for original notes that were
    acquired as a result of market-making activities, that it will
    deliver a prospectus, as required by law, in any resale of such
    exchange notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any holder who tenders in this exchange offer with the intention
    of participating in any manner in a distribution of the exchange
    notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cannot rely on the position of the staff of the SEC set forth in
    &#147;Exxon Capital Holdings Corporation&#148; or similar
    interpretive letters;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    must comply with the registration and prospectus delivery
    requirements of the Securities Act in connection with a
    secondary resale transaction.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus, as it may be amended or supplemented from time
    to time, may be used for an offer to resell or for other
    transfer of exchange notes only as specified in this prospectus.
    Participating broker-dealers may use this prospectus in
    connection with the resale of exchange notes for a period of up
    to 45&#160;days from the last date on which the original notes
    are accepted for exchange. Only broker-dealers that acquired the
    original notes as a result of market-making activities or other
    trading activities may participate in this exchange offer. Each
    participating broker-dealer who receives exchange notes for its
    own account in exchange for original notes that were acquired by
    such broker-dealer as a result of market-making or other trading
    activities will be required to acknowledge that it will deliver
    a prospectus (or, to the extent permitted by law, make available
    a prospectus to purchasers) in connection with any resale by it
    of exchange notes to the extent required by applicable law or
    regulation or SEC pronouncement. The letter of transmittal that
    accompanies this prospectus states that by acknowledging and
    delivering a prospectus, a broker-dealer will not be deemed to
    admit that it is an &#147;underwriter&#148; within the meaning
    of the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This exchange offer is not being made to, nor will we accept
    tenders for exchange from, holders of original notes in any
    jurisdiction in which the exchange offer or the acceptance of it
    would not be in compliance with the securities or blue sky laws
    of such jurisdiction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Consequences
    of Failure to Exchange</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of original notes who do not exchange their original
    notes for exchange notes under this exchange offer will remain
    subject to the restrictions on transfer applicable in the
    original notes (i)&#160;as set forth in the legend printed on
    the original notes as a consequence of the issuance of the
    original notes pursuant to exemptions from, or in transactions
    not subject to, the registration requirements of the Securities
    Act and applicable state securities laws and (ii)&#160;otherwise
    as set forth in the prospectus distributed in connection with
    the private offering of the original notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any original notes not tendered by their holders in exchange for
    exchange notes in this exchange offer will not retain any rights
    under the registration rights agreement (except in certain
    limited circumstances).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, you may not offer or sell the original notes unless
    they are registered under the Securities Act or the offer or
    sale is exempt from the registration requirements of the
    Securities Act and applicable state securities laws. We do not
    intend to register resales of the original notes under the
    Securities Act. Based on interpretations of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    SEC staff, exchange notes issued pursuant to this exchange offer
    may be offered for resale, resold or otherwise transferred by
    their holders (other than any such holder that is our
    &#147;affiliate&#148; within the meaning of Rule&#160;405 under
    the Securities Act) without compliance with the registration and
    prospectus delivery provisions of the Securities Act, provided
    that the holders acquired the exchange notes in the ordinary
    course of business and the holders are not engaged in, have no
    arrangement with any person to participate in, and do not intend
    to engage in, any public distribution of the exchange notes to
    be acquired in this exchange offer. Any holder who tenders in
    this exchange offer and is engaged in, has an arrangement with
    any person to participate in, or intends to engage in, any
    public distribution of the exchange notes (i)&#160;may not rely
    on the applicable interpretations of the SEC and (ii)&#160;must
    comply with the registration and prospectus delivery
    requirements of the Securities Act in connection with a
    secondary resale transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the conditions set forth in this
    prospectus and in the accompanying letter of transmittal, we
    will accept for exchange any and all original notes validly
    tendered and not properly withdrawn prior to 5:00&#160;p.m., New
    York City time, on the expiration date. The exchange offer will
    remain open for at least 20 full business days (as required by
    Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;14e-1(a))</FONT>
    and will expire at 5:00&#160;p.m., New York City time, on
    November&#160;7, 2008, or such later date and time to which we
    extend it (the &#147;expiration date&#148;). We will issue the
    exchange notes in denominations of $2,000 and integral multiples
    of $1,000 in excess thereof. Holders may tender some or all of
    their original notes pursuant to the exchange offer. However,
    original notes may be tendered only in denominations of $2,000
    and integral multiples of $1,000 in excess thereof. The date of
    acceptance for exchange of the original notes, and completion of
    the exchange offer, will be the exchange date, which will be the
    first business day following the expiration date (unless such
    period is extended as described in this prospectus). The
    exchange notes issued in connection with this exchange offer
    will be delivered on the earliest practicable date following the
    exchange date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The form and terms of the exchange notes will be substantially
    the same as the form and terms of the original notes except that
    (i)&#160;the exchange notes will have been registered under the
    Securities Act and will not bear legends restricting the
    transfer thereof and (ii)&#160;the holders of the exchange notes
    will not be entitled to certain rights under the registration
    rights agreement, which rights will terminate when the exchange
    offer is terminated. The exchange notes will evidence the same
    debt as the original notes and will be entitled to the benefits
    of the same indenture that governs the original notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the date of this prospectus, U.S.$3,000,000,000 principal
    amount of the original notes (of which U.S.$1,500,000,000
    aggregate principal amount of our notes due 2013 and
    U.S.$1,500,000,000 aggregate principal amount of our notes due
    2018)&#160;are outstanding. This prospectus and the letter of
    transmittal are being sent to all registered holders of original
    notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to conduct this exchange offer in accordance with the
    provisions of the registration rights agreement, the applicable
    requirements of the Securities Act and the Exchange Act, and the
    rules and regulations of the SEC. Original notes that are not
    tendered for exchange in this exchange offer will remain
    outstanding and continue to accrue interest and holders of the
    original notes will be entitled to the rights and benefits of
    such holders under the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We shall be deemed to have accepted validly tendered original
    notes when, as and if we have given oral or written notice
    thereof to the exchange agent. The exchange agent will act as
    agent for the tendering holders for the purpose of receiving the
    exchange notes from us and delivering the exchange notes to the
    tendering holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders who tender original notes in the exchange offer will not
    be required to pay brokerage commissions or fees or, subject to
    the instructions in the letter of transmittal, transfer taxes
    with respect to the exchange of original notes pursuant to the
    exchange offer. We will pay all charges and expenses, other than
    certain applicable taxes in certain circumstances, in connection
    with the exchange offer. See &#147;&#151;&#160;Fees and
    Expenses.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered original notes are not accepted for exchange
    because of an invalid tender, the occurrence of certain other
    events described in this prospectus or otherwise, we will return
    the original notes, without expense, to the tendering holder
    promptly after the expiration date.
</DIV>

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    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Expiration
    Date; Extensions; Amendments; Termination</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;expiration date&#148; means 5:00&#160;p.m., New
    York City time, on November&#160;7, 2008, unless we, in our sole
    discretion, extend the exchange offer, in which case the term
    &#147;expiration date&#148; means the latest date and time to
    which we extend the exchange offer. To extend the expiration
    date, we will notify the exchange agent of any extension by oral
    or written notice. We will notify holders of the original notes
    of any extension by press release or other public announcement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to amend the terms of the exchange offer in
    any manner. In addition, if we determine that any of the events
    set forth under &#145;&#145;&#151;&#160;Conditions of the
    Exchange Offer&#148; has occurred, we also reserve the right, in
    our sole discretion, to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    delay acceptance of any original notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    extend the exchange offer and retain all original notes tendered
    before the expiration date of the exchange offer, subject to the
    rights of the holders of tendered original notes to withdraw
    their tendered original notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    terminate the exchange offer and refuse to accept any original
    notes;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive the termination event with respect to the exchange offer
    and accept all properly tendered original notes that have not
    been withdrawn.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we do so, we will give oral or written notice of this delay
    in acceptance, extension, termination or waiver to the exchange
    agent. If the amendment constitutes a material change to the
    exchange offer, we will promptly disclose such amendment in a
    manner reasonably calculated to inform holders of the original
    notes, including by providing public announcement or giving oral
    or written notice to such holders. We may extend the exchange
    offer for a period of time, depending upon the significance of
    the amendment and the manner of disclosure to the registered
    holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest
    on the Exchange Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each exchange note will bear interest from its date of original
    issuance. The original notes bear interest at 5.375% in the case
    of the notes due June&#160;1, 2013 and 6.125% in the case of the
    notes due June&#160;1, 2018 through (for original notes being
    exchanged for exchange notes) the date preceding the date of the
    original issuance of the exchange notes. Such interest will be
    paid on the first interest payment date for the exchange notes.
    Interest on the original notes accepted for exchange and
    exchanged in the exchange offer will cease to accrue on the date
    preceding the date of original issuance of the exchange notes.
    The exchange notes will bear interest (as do the original notes)
    at a rate of 5.375% in the case of the notes due June&#160;1,
    2013 and 6.125% in the case of the notes due June&#160;1, 2018,
    which interest will be payable semi-annually on June 1 and
    December 1 of each year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Procedures
    for Tendering</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To participate in the exchange offer, you must properly tender
    your original notes to the exchange agent as described below. We
    will only issue exchange notes in exchange for original notes
    that you timely and properly tender. Therefore, you should allow
    sufficient time to ensure timely delivery of the original notes,
    and you should follow carefully the instructions on how to
    tender your original notes. It is your responsibility to
    properly tender your original notes. We have the right to waive
    any defects in your tender. However, we are not required to
    waive any defects, and neither we nor the exchange agent is
    required to notify you of defects in your tender.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions or need help in exchanging your
    original notes, please contact the exchange agent at the address
    or telephone number described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the original notes were issued in book-entry form, and
    all of the original notes are currently represented by global
    certificates registered in the name of Cede&#160;&#038; Co., the
    nominee of DTC. We have confirmed with DTC that the original
    notes may be tendered using ATOP. The exchange agent will
    establish an account with DTC for purposes of the exchange offer
    promptly after the commencement of the exchange offer, and DTC
    participants may electronically transmit their acceptance of the
    exchange offer by causing DTC to transfer their original notes
    to the exchange agent using the ATOP procedures. In connection
    with the transfer, DTC will send an &#147;agent&#146;s
    message&#148; to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the exchange agent. The agent&#146;s message will state that DTC
    has received instructions from the participant to tender
    original notes and that the participant agrees to be bound by
    the terms of the letter of transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By using the ATOP procedures to exchange original notes, you
    will not be required to deliver a letter of transmittal to the
    exchange agent. However, you will be bound by its terms just as
    if you had signed&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Determinations Under the Exchange Offer.</I>&#160;&#160;We
    will determine in our sole discretion all questions as to the
    validity, form, eligibility, time of receipt, acceptance of
    tendered original notes and withdrawal of tendered original
    notes. Our determination will be final and binding. We reserve
    the absolute right to reject any original notes not properly
    tendered or any original notes our acceptance of which would, in
    the opinion of our counsel, be unlawful. We also reserve the
    right to waive any defects, irregularities or conditions of
    tender as to particular original notes. Our interpretation of
    the terms and conditions of the exchange offer, including the
    instructions in the letter of transmittal, will be final and
    binding on all parties. Unless waived, all defects or
    irregularities in connection with tenders of original notes must
    be cured within the time period we determine. Although we
    currently intend to notify holders of defects or irregularities
    with respect to tenders of original notes, neither we, the
    exchange agent nor any other person will incur any liability for
    failure to give such notification. Tenders of original notes
    will not be deemed made until such defects or irregularities
    have been cured or waived. Any original notes received by the
    exchange agent that are not properly tendered and as to which
    the defects or irregularities have not been cured or waived will
    be returned at no cost by the exchange agent to the tendering
    holder as soon as practicable following the expiration date of
    the exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>When We Will Issue Exchange Notes.</I>&#160;&#160;In all
    cases, we will issue exchange notes for original notes that we
    have accepted for exchange under the exchange offer only after
    the exchange agent receives, prior to 5:00&#160;p.m.,
    New&#160;York City time, on the expiration date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a book-entry confirmation of such original notes into the
    exchange agent&#146;s account at DTC;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly transmitted agent&#146;s message.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Return of Outstanding Notes Not Accepted or
    Exchanged.</I>&#160;&#160;If we do not accept any tendered
    original notes for exchange or if original notes are submitted
    for a greater principal amount than the holder desires to
    exchange, the unaccepted or non-exchanged original notes will be
    returned without expense to their tendering holder. Such
    unaccepted or non-exchanged original notes will be credited to
    an account maintained with DTC. These actions will occur as
    promptly as practicable after the expiration or termination of
    the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Participating broker-dealers.</I>&#160;&#160;Each
    broker-dealer that receives exchange notes for its own account
    in exchange for original notes, where those original notes were
    acquired by such broker-dealer as a result of market making
    activities or other trading activities, must acknowledge that it
    will deliver a prospectus in connection with any resale of those
    exchange notes. See &#147;Plan of Distribution.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Guaranteed
    Delivery Procedures</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders who wish to tender their original notes and cannot
    complete the ATOP procedures for electronic tenders before
    expiration of the exchange offer may tender their original notes
    if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the tender is made through an eligible guarantor institution (as
    defined by
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Exchange Act);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    before expiration of the exchange offer, DTC receives from the
    eligible institution a properly completed and duly executed
    notice of guaranteed delivery in the form available through the
    exchange agent, by facsimile transmission, mail or hand
    delivery, and the exchange agent receives from DTC an
    agent&#146;s message in lieu of notice of guaranteed delivery:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    setting forth the name and address of the holder and the
    principal amount of original notes tendered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stating that the tender offer is being made by guaranteed
    delivery and confirming that the tender is subject to the terms
    of the letter of transmittal;&#160;and
</TD>
</TR>

</TABLE>

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    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    guaranteeing that, within three (3)&#160;New York Stock Exchange
    trading days after expiration of the exchange offer, tender of
    such original notes will made by book-entry delivery to the
    exchange agent&#146;s DTC account;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange agent receives book-entry confirmation of the
    transfer of the tendered original notes to the Exchange
    Agent&#146;s DTC account within three (3)&#160;New York Stock
    Exchange trading days after expiration of the exchange offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon request to the exchange agent, a notice of guaranteed
    delivery will be sent to holders who wish to tender their
    original notes according to the guaranteed delivery procedures
    set forth above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we reserve the right in our sole discretion:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to purchase or make offers for any original notes that remain
    outstanding after the expiration date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to terminate the exchange offer as described above under
    &#147;&#151;&#160;Expiration Date; Extensions; Amendments;
    Termination;&#148;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to purchase original notes in the open market, in privately
    negotiated transactions or otherwise, to the extent permitted by
    applicable law.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of any of these purchases or offers may differ from
    the terms of the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of Tenders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tenders of original notes may be withdrawn at any time prior to
    5:00&#160;p.m., New York City time, on the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a withdrawal to be effective you must comply with the
    appropriate ATOP procedures. Any notice of withdrawal must
    specify the name and number of the account at DTC to be credited
    with withdrawn original notes and otherwise comply with the ATOP
    procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will determine all questions as to the validity, form,
    eligibility and time of receipt of a notice of withdrawal. Our
    determination shall be final and binding on all parties. We will
    deem any original notes so withdrawn not to have been validly
    tendered for exchange for purposes of the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may retender properly withdrawn original notes by following
    the procedures described under &#147;&#151;&#160;Procedures for
    Tendering&#148; above at any time on or prior to the expiration
    date of the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any original notes that have been tendered for exchange but that
    are not exchanged for any reason will be credited to an account
    maintained with DTC for the original notes. This return or
    crediting will take place as soon as practicable after rejection
    of tender, expiration or termination of the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conditions
    of the Exchange Offer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other provisions of the exchange offer, we
    will not be required to accept for exchange, or to issue
    exchange notes in exchange for, any original notes and may
    terminate or amend the exchange offer, if at any time before the
    acceptance of original notes for exchange or the exchange of the
    exchange notes for original notes, that acceptance or issuance
    would violate applicable law or any interpretation of the staff
    of the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    That condition is for the sole benefit of the Company and may be
    asserted by the Company regardless of the circumstances giving
    rise to that condition. Our failure at any time to exercise the
    foregoing rights shall not be considered a waiver by us of that
    right. Our rights described in the prior paragraph are ongoing
    rights, which we may assert at any time and from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we will not accept for exchange any original notes
    tendered, and no exchange notes will be issued in exchange for
    any original notes, if at that time any stop order shall be
    threatened or in effect with respect to the exchange offer to
    which this prospectus relates or the qualification of the
    indenture under the Trust&#160;Indenture Act. In any of those
    events we are required to use every reasonable effort to obtain
    the withdrawal of any stop order at the earliest possible moment.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All executed letters of transmittal should be directed to the
    exchange agent at its address provided below. HSBC Bank USA,
    National Association, the trustee under the indenture, has been
    appointed as exchange agent for the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deliver to:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">HSBC Bank
    USA, National Association
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">By
    Regular, Registered or Certified Mail,</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">By
    Overnight Courier or By Hand:</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="47%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="center" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <I>By Facsimile:<BR>
    </I>(718)
    <FONT style="white-space: nowrap">488-4488</FONT>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="top" style="border-top: 1px solid #000000">
    HSBC Bank USA, National Association<BR>
    Corporate Trust &#038; Loan Agency<BR>
    2 Hanson Place, 14th&#160;Floor <BR>
    Brooklyn, New York 10217-1409
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <I>Confirm by Telephone:<BR>
    </I>(800) 662-9844
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Attention: Corporate Trust Operations
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Attention: Corporate Trust Operations
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    D.F. King&#160;&#038; Co., Inc. has been appointed as the
    information agent for the exchange offer. Questions and requests
    for assistance and requests for additional copies of this
    prospectus or the letter of transmittal should be directed to
    the information agent.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">D.F.
    King&#160;&#038; Co., Inc.<BR>
    48 Wall Street, 22nd Floor<BR>
    New York, New York 10005<BR>
    Banks and Brokers Call (Collect):
    <FONT style="white-space: nowrap">212-269-5550</FONT><BR>
    All Others Call (Toll Free):
    <FONT style="white-space: nowrap">800-290-6429</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fees and
    Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will bear the expenses of soliciting tenders in the exchange
    offer. The principal solicitation for tenders in the exchange
    offer is being made by mail. Additional solicitations may be
    made by our officers and regular employees in person, by
    facsimile or by telephone.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not retained any dealer-manager in connection with the
    exchange offer and will not make any payments to brokers,
    dealers or other persons soliciting acceptances of the exchange
    offer. We will, however, pay the exchange agent and information
    agent reasonable and customary fees for their services and
    reimburse them for their reasonable and documented out-of-pocket
    expenses in connection with these services. We may also pay
    brokerage houses and other custodians, nominees and fiduciaries
    the reasonable and documented out-of-pocket expenses they incur
    in forwarding copies of the prospectus, letters of transmittal
    and related documents to the beneficial owners of the original
    notes and in handling or forwarding tenders for exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay the expenses to be incurred in connection with the
    exchange offer, including fees and expenses of the exchange
    agent, trustee and information agent and accounting and legal
    fees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Resale
    Registration Statement; Special Interest Premium</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the registration rights agreement, if: (i)&#160;because of
    any change in law or in currently prevailing interpretations of
    the staff of the SEC, we are not permitted to effect the
    exchange offer, (ii)&#160;the exchange offer is not completed by
    March&#160;23, 2009, (iii)&#160;in the case of any holder that
    participates in the exchange offer in accordance with the terms
    thereof, such holder does not receive exchange notes on the date
    of the exchange that may be sold
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    without restriction under state and federal securities laws
    (other than due solely to the status of such holder as an
    affiliate of ours within the meaning of the Securities Act or as
    a broker-dealer), or (iv)&#160;we so elect, then in each case we
    will (1)&#160;promptly deliver to the holders written notice
    thereof and (2)&#160;at our sole expense, (a)&#160;file, as
    promptly as practicable (but in no event more than 45&#160;days
    after so required pursuant to the registration rights agreement
    (such
    45<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day,

    the &#147;Shelf Filing Date&#148;)), a shelf registration
    statement covering resales of registrable notes, (b)&#160;use
    our reasonable best efforts to cause the shelf registration
    statement to be declared effective under the Securities Act and
    (c)&#160;use our reasonable best efforts to keep effective the
    shelf registration statement until May&#160;27, 2010 or such
    time as all of the applicable registrable notes have been sold
    thereunder. We will, if a shelf registration statement is filed,
    provide to each holder of registrable notes copies of the
    prospectus that is a part of the shelf registration statement,
    notify each such holder when the shelf registration statement
    for the registrable notes has become effective and take certain
    other actions as are required to permit unrestricted resales of
    the registrable notes. A registrable note means any original
    note until such time as (i)&#160;when an exchange offer
    registration statement or shelf registration statement with
    respect to such note has become effective under the Securities
    Act and such original note has been exchanged or disposed of
    pursuant to such Registration Statement, (ii)&#160;when such
    original note ceases to be outstanding or
    (iii)&#160;May&#160;27, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registration rights agreement further provides that in the
    event that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the exchange offer is not consummated on or prior to
    February&#160;21, 2009;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the resale shelf registration statement is not filed
    with the SEC on or prior to the Shelf Filing Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;subject to certain exceptions, the resale
    registration statement, if required, is not declared effective
    by the SEC prior to the
    210<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;calendar

    day following the Shelf Filing Date,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then a special interest premium will accrue in respect of the
    registrable notes from and including the next calendar day
    following each of (a)&#160;February&#160;21, 2009 in the case of
    clause&#160;(i) above, (b)&#160;the Shelf Filing Date in the
    case of clause&#160;(ii) above, and (c)&#160;such
    <FONT style="white-space: nowrap">210-day</FONT>
    period in the case of clause&#160;(iii) above, in each case at a
    rate equal to 0.25% per annum for the first 120 calendar days
    following the registration default and at a rate equal to 0.50%
    per annum thereafter; provided that at no time shall the rate of
    special interest premium payable (including special interest
    premium payable pursuant to the following paragraph) exceed
    0.50% per annum. If we are required to file a shelf registration
    statement and we request holders of the notes to provide the
    information called for by the registration rights agreement
    referred to herein for inclusion in the shelf registration
    statement, the notes owned by holders who do not deliver such
    information to us when required pursuant to the registration
    rights agreement will not be entitled to any such increase in
    the interest rate for any day after the shelf filing date. Upon
    (1)&#160;the consummation of the exchange offer after
    February&#160;21, 2009, (2)&#160;the filing of a shelf
    registration statement after the Shelf Filing Date, or
    (3)&#160;the effectiveness of the shelf registration statement
    after the
    <FONT style="white-space: nowrap">210-day</FONT>
    period described in clause&#160;(iii) above, the interest rate
    on the registrable notes from the day of such consummation,
    filing or effectiveness, as the case may be, will be reduced to
    the original interest rate set for the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a shelf registration statement is declared effective pursuant
    to the foregoing paragraphs, and if we fail to keep such shelf
    registration statement continuously (x)&#160;effective or
    (y)&#160;useable for resales for the period required by the
    registration rights agreement due to certain circumstances
    relating to pending corporate developments, public filings with
    the SEC and similar events, or because the prospectus contains
    an untrue statement of a material fact or omits to state a
    material fact required to be stated therein or necessary in
    order to make the statements therein not misleading, and such
    failure continues for more than 120&#160;days (whether or not
    consecutive) in any twelve-month period (the 121st&#160;day
    being referred to as the &#147;Default Day&#148;), then from the
    Default Day until the earlier of (i)&#160;the date that the
    shelf registration statement is again deemed effective or is
    usable, (ii)&#160;May&#160;27, 2010, or (iii)&#160;the date as
    of which all of the registrable notes are sold pursuant to the
    shelf registration statement, the special interest premium in
    respect of the registrable notes will accrue at a rate equal to
    0.25% per annum for the first 90 calendar days following the
    Default Day and at a rate equal to 0.50% per annum thereafter;
    provided that at no time shall the rate of Special Interest
    Premium payable (including Special Interest Premium payable
    pursuant to the preceding paragraph) exceed 0.50% per annum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we fail to keep the shelf registration statement continuously
    effective or useable for resales pursuant to the preceding
    paragraph or we fail to keep the exchange offer registration
    statement effective in connection with the use
</DIV>

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    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of this prospectus by participating broker-dealers as
    contemplated under &#147;Plan of Distribution,&#148; we will
    give the holders notice to suspend the sale of the registrable
    notes or the exchange notes as the case may be and will extend
    the relevant period referred to above during which we are
    required to keep effective the shelf registration statement or
    the period during which participating broker-dealers are
    entitled to use this prospectus in connection with the resale of
    exchange notes by the number of days during the period from and
    including the date of the giving of such notice to and including
    the earlier of: (i)&#160;the date when holders will have
    received copies of the supplemented or amended prospectus
    necessary to permit resales of the registrable notes or the
    exchange notes, as the case may be, and (ii)&#160;the date on
    which we have given notice that the sale of the registrable
    notes or the exchange notes, as the case may be, may be resumed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registration rights agreement is governed by, and shall be
    construed in accordance with, the laws of the State of New York.
    The summary herein of certain provisions of the registration
    rights agreement does not purport to be complete and is subject
    to, and is qualified in its entirety by reference to, all the
    provisions of the registration rights agreement, which is
    attached as an exhibit to the registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-4.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Participation in this exchange offer is voluntary, and you
    should carefully consider whether to participate. You are urged
    to consult your financial and tax advisors in making your own
    decision as to what action to take.
</DIV>

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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF EXCHANGE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This section of the prospectus summarizes the material terms
    of the indenture and the exchange notes. It does not, however,
    describe all of the terms of the indenture and the exchange
    notes. We refer you to the indenture, which has been filed as an
    exhibit to the registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-4.</FONT>
    Upon request, we will provide you with a copy of the indenture.
    See &#147;Where You Can Find More Information&#148; for
    information concerning how to obtain a copy.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this section and in the sections entitled &#147;The Exchange
    Offer&#148; and &#147;Form of Notes, Clearing and
    Settlement,&#148; references to &#147;we,&#148; &#147;us,&#148;
    &#147;the Company&#148; and &#147;our&#148; are to ArcelorMittal
    only and do not include our subsidiaries or affiliates.
    References to the &#147;notes&#148; include both the exchange
    notes and the original notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>References to &#147;holders&#148; mean those who have
    notes registered in their names on the books that we or the
    trustee maintain for this purpose, and not those who own
    beneficial interests in notes issued in book-entry form through
    The Depository Trust&#160;Company, or DTC, or in notes
    registered in street name. Owners of beneficial interests in the
    notes should refer to &#147;Form of Notes, Clearing and
    Settlement.&#148;</I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange notes will be identical in all material respects to
    the original notes, except that the exchange notes are
    registered under the Securities Act and will therefore not bear
    legends restricting their transfer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will issue the 2013 exchange notes and the 2018 exchange
    notes under an indenture dated as of May&#160;27, 2008, between
    us and HSBC Bank USA, National Association, as trustee.
    References to the &#147;notes&#148; include both the exchange
    notes and the original notes. The terms of the notes include
    those expressly set forth in the indenture and those made part
    of the indenture by reference to the
    U.S.&#160;Trust&#160;Indenture Act of 1939, as amended. This
    description of the notes is intended to be a useful overview of
    the material provisions of the notes and the indenture. Because
    this description is only a summary, you should refer to the
    indenture for a complete description of our obligations and your
    rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2013 exchange notes will be issued in an aggregate principal
    amount of up to $1,500,000,000 and the 2018 exchange notes will
    be issued in an aggregate principal amount of up to
    $1,500,000,000, subject to our ability to issue additional
    notes, which may be of the same series as the 2013 exchange
    notes or the 2018 exchange notes, as described below under
    &#147;&#151;&#160;Additional Notes.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture and the exchange notes do not limit the amount of
    indebtedness that may be incurred or the amount of securities
    that may be issued by us, and contain no financial or similar
    restrictions on us, except as described below under
    &#147;&#151;&#160;Negative Pledge&#148; and
    &#147;&#151;&#160;Consolidation, Merger, Conveyance or
    Transfer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be issued in registered, book-entry form only
    without interest coupons in denominations of $2,000 and integral
    multiples of $1,000 in excess thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ranking</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be our unsecured and unsubordinated obligations
    and will rank equally with all of our existing and future
    unsecured and unsubordinated debt (including indebtedness and
    guarantees).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Payments
    of Principal and Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2013 exchange notes will mature on June&#160;1, 2013, and
    will bear interest at a rate of 5.375% per annum. The 2018
    exchange notes will mature on June&#160;1, 2018, and will bear
    interest at a rate of 6.125% per annum. We will pay interest on
    the exchange notes semi-annually in arrears on June 1 and
    December 1 of each year, commencing on December&#160;1, 2008, to
    the holders in whose names the exchange notes are registered at
    the close of business on the May 15 and November&#160;15,
    respectively, immediately preceding the relevant interest
    payment date. Interest on the notes will accrue from the
    issuance date of the notes, or, from the most recent interest
    payment date on which the interest has been paid to (but
    excluding) the relevant interest payment date. The period
    beginning on the issuance date and ending on the first interest
    payment date and each successive period beginning on an interest
    payment date and ending on the next succeeding interest payment
    date is called an &#147;Interest Period.&#148; The amount of
    interest
</DIV>

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    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    payable on the exchange notes for any Interest Period will be
    computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless previously redeemed or purchased by us and cancelled, we
    will repay the notes in cash at 100% of their principal amount
    together with accrued and unpaid interest thereon at maturity.
    Interest will cease to accrue on the notes on the due date for
    their redemption, unless, upon such due date, payment of
    principal is improperly withheld or refused or if default is
    otherwise made in respect of payment of principal, in which case
    interest will continue to accrue on the notes at the rates set
    forth above, as the case may be, until the earlier of
    (a)&#160;the day on which all sums due in respect of such notes
    up to that day are received by the relevant holder or
    (b)&#160;the day falling seven days after the trustee has
    notified the holders of receipt of all sums due in respect of
    the such notes up to that seventh day, except to the extent that
    there is failure in the subsequent payment to the relevant
    holders following such notification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay principal of and interest on the notes in
    U.S.&#160;dollars. The notes will not be redeemable by us,
    except as described below under &#147;&#151;&#160;Redemption,
    Exchange and Purchase.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an interest payment date or the maturity date in respect of
    the notes is not a &#147;Business Day&#148; in the place of
    payment, we will pay interest or principal, as the case may be,
    on the next Business Day. Payments postponed to the next
    Business Day in this situation will be treated under the
    indenture as if they were made on the original due date.
    Postponement of this kind will not result in a default under the
    notes or the indenture, and no interest will accrue on the
    postponed amount from the original due date to the next day that
    is a Business Day. The term &#147;Business Day&#148; means any
    day other than a Saturday or Sunday or a day on which applicable
    law authorizes or requires banking institutions in The City of
    New York, New York, Paris or Luxembourg or any place of payment
    to close.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ArcelorMittal reserves the right, without the consent of the
    holders of the notes, to create and issue additional notes
    ranking equally with any series of the notes in all respects, so
    that such additional notes will be consolidated and form a
    single series with the relevant series of notes and will have
    the same terms as to status, redemption or otherwise as such
    series of the notes; <I>provided</I>, that such additional notes
    will be issued with no more than <I>de minimis </I>original
    issue discount for U.S.&#160;federal income tax purposes or be
    part of a qualified reopening for U.S.&#160;federal income tax
    purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Amounts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All payments of principal of, and premium (if any) and interest
    on the notes will be made without withholding or deduction for,
    or on account of, any present or future taxes, duties,
    assessments or governmental charges of whatever nature imposed
    or levied by or within Luxembourg (or in the case of a successor
    entity any jurisdiction in which such successor entity is
    organized or resident for tax purposes (or any political
    subdivision or taxing authority thereof or therein)) (each, as
    applicable, a &#147;Relevant Jurisdiction&#148;), unless such
    withholding or deduction is required by law or by regulation or
    governmental policy having the force of law. In the event that
    any such withholding or deduction is so required, we or any
    successor entity, as the case may be, will make such deduction
    or withholding, make payment of the amount so withheld to the
    appropriate governmental authority and will pay such additional
    amounts (&#147;Additional Amounts&#148;) as will result in
    receipt by the holders of such amounts as would have been
    received by the holders had no such withholding or deduction
    been required by the Relevant Jurisdiction, except that no
    Additional Amounts will be payable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;for or on account of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any tax, duty, assessment or other governmental charge
    that would not have been imposed but for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;the existence of any present or former connection
    between the holder or beneficial owner of such note, as the case
    may be, and the Relevant Jurisdiction including, without
    limitation, such holder or beneficial owner being or having been
    a citizen or resident of such Relevant Jurisdiction or treated
    as a resident thereof or being or having been physically present
    or engaged in a trade or
</DIV>

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    <BR>
    43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    business therein or having or having had a permanent
    establishment therein, other than merely holding such note or
    the receipt of payments thereunder;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;the presentation of such note (where presentation is
    required) more than 30&#160;days after the later of the date on
    which the payment of the principal of, premium, if any, or
    interest on, such note became due and payable pursuant to the
    terms thereof or was made or duly provided for, except to the
    extent that the holder thereof would have been entitled to such
    Additional Amounts if it had presented such note for payment on
    any date within such
    <FONT style="white-space: nowrap">30-day</FONT>
    period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (C)&#160;the failure of the holder or beneficial owner to comply
    with a timely request of us or any successor entity addressed to
    the holder or beneficial owner, as the case may be, to provide
    information, documentation and certification concerning such
    holder&#146;s or beneficial owner&#146;s nationality, residence,
    identity or connection with any Relevant Jurisdiction, if and to
    the extent that due and timely compliance with such request
    would under applicable law, regulation or administrative
    practice have reduced or eliminated any withholding or deduction
    as to which Additional Amounts would have otherwise been payable
    to such holder;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (D)&#160;the presentation of such note (where presentation is
    required) for payment in the Relevant Jurisdiction, unless such
    note could not have been presented for payment elsewhere;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any estate, inheritance, gift, sale, transfer, excise
    or personal property or similar tax, assessment or other
    governmental charge;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;any withholding or deduction in respect of any tax,
    duty, assessment or other governmental charge where such
    withholding or deduction is imposed or levied on a payment to an
    individual and is required to be made pursuant to European
    Council Directive 2003/48/EC or any other Directive implementing
    the conclusions of the ECOFIN Council meeting of November
    <FONT style="white-space: nowrap">26-27,</FONT> 2000
    on the taxation of savings income or any law implementing or
    complying with, or introduced in order to conform to, such
    Directives;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any combination of taxes, duties, assessments or other
    governmental charges referred to in the preceding clauses (i),
    (ii)&#160;and (iii);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;with respect to any payment of the principal of, or
    premium, if any, or interest on, such note to a holder who is a
    fiduciary, partnership or Person other than the sole beneficial
    owner of any payment to the extent that such payment would be
    required to be included in the income under the laws of a
    Relevant Jurisdiction, for tax purposes, of a beneficiary or
    settlor with respect to the fiduciary, or a member of that
    partnership or a beneficial owner who would not have been
    entitled to such Additional Amounts had that beneficiary,
    settlor, partner, or beneficial owner been the holder thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whenever there is mentioned in any context the payment of
    principal of, and any premium or interest on, any note, such
    mention will be deemed to include payment of Additional Amounts
    provided for in the indenture to the extent that, in such
    context, Additional Amounts are, were or would be payable in
    respect thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption,
    Exchange and Purchase</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As explained below, we may redeem the notes before they mature.
    This means that we may repay them early. You have no right to
    require us to redeem the notes. Unless we default in payment of
    the redemption price, on and after the redemption date, interest
    will cease to accrue on the notes or portions thereof called for
    redemption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Redemption
    at the Option of the Company</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will have the right to redeem the notes of any series, in
    whole or in part from time to time, at our option, on at least
    30&#160;days&#146; but no more than 60&#160;days&#146; prior
    written notice given to the registered holders of such series of
    notes to be redeemed. Upon redemption of the notes, we will pay
    a redemption price equal to the greater of (1)&#160;100% of the
    principal amount of the notes to be redeemed and (2)&#160;the
    sum of the present values of the Remaining Scheduled Payments
    (as defined below) of the notes to be redeemed, discounted to
    the date of redemption on a semi-annual
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    basis (assuming a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) at the Treasury Rate (as defined below) plus
    40&#160;basis points, in each case plus accrued and unpaid
    interest thereon to the redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Treasury Rate&#148; </I>means, for any redemption date,
    the rate per annum equal to the semiannual equivalent yield to
    maturity, of the Comparable Treasury Issue, assuming a price for
    the Comparable Treasury Issue (expressed as a percentage of its
    principal amount) equal to the Comparable Treasury Price for
    that redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Comparable Treasury Issue&#148; </I>means the United
    States Treasury security selected by an Independent Investment
    Banker as having a maturity comparable to the remaining term of
    the notes to be redeemed that would be utilized, at the time of
    selection and in accordance with customary financial practice,
    in pricing new issues of corporate debt securities of comparable
    maturity to the remaining term of the notes to be redeemed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Comparable Treasury Price&#148; </I>means, with respect
    to any redemption date (1)&#160;the average of the Reference
    Treasury Dealer Quotations for such redemption date, after
    excluding the highest and lowest of the Reference Treasury
    Dealer Quotations, or (2)&#160;if the Independent Investment
    Banker obtains fewer than four Reference Treasury Dealer
    Quotations, the average of all of these quotations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Independent Investment Banker&#148; </I>means one of
    the Reference Treasury Dealers appointed by us, each of BNP
    Paribas Securities Corp., Goldman, Sachs&#160;&#038; Co.,
    J.P.&#160;Morgan Securities Inc., HSBC Securities (USA) Inc. (or
    their respective affiliates that are primary
    U.S.&#160;Government securities dealers), and their respective
    successors, or if at any time any of the above is not a primary
    U.S.&#160;Government securities dealer, one other nationally
    recognized investment banking firm selected by us that is a
    primary U.S.&#160;Government securities dealer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Reference Treasury Dealer Quotations&#148; </I>means,
    with respect to each Reference Treasury Dealer and any
    redemption date, the average, as determined by the Independent
    Investment Banker, of the bid and asked prices for the
    Comparable Treasury Issue (expressed in each case as a
    percentage of its principal amount) quoted in writing to the
    Independent Investment Banker by such Reference Treasury Dealer
    at 5:00&#160;p.m., New York City time, on the third Business Day
    preceding such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Remaining Scheduled Payments&#148; </I>means, with
    respect to each note to be redeemed, the remaining scheduled
    payments of the principal thereof and interest thereon that
    would be due after the related redemption date for such
    redemption; provided, however, that, if such redemption date is
    not an interest payment date with respect to such note, the
    amount of the next succeeding scheduled interest payment thereon
    will be reduced by the amount of interest accrued thereon to
    such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notice of redemption will state any conditions applicable to
    a redemption and the amount of notes of any series to be
    redeemed. If less than all the notes of any series are to be
    redeemed, the notes of such series to be redeemed shall be
    selected by the trustee by such method as the trustee deems fair
    and appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as described under &#147;&#151;&#160;Redemption for
    Taxation Reasons,&#148; the notes will not otherwise be
    redeemable by us at our option prior to maturity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Redemption
    for Taxation Reasons</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes may be redeemed, at our option, in whole but not in
    part, upon giving not less than 30&#160;days&#146; nor more than
    60&#160;days&#146; notice to the holders (which notice will be
    irrevocable), at a redemption price equal to 100% of the
    principal amount thereof, together with accrued and unpaid
    interest (including any Additional Amounts), if any, to the date
    fixed by the Company for redemption (the &#147;Tax
    Redemption&#160;Date&#148;) if, as a result of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;any change in, or amendment to, the laws (or any
    regulations or rulings promulgated thereunder) of a Relevant
    Jurisdiction affecting taxation;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;any change in, or amendment to, an official position
    regarding the application or interpretation of such laws,
    regulations or rulings (including a holding, judgment or order
    by a court of competent jurisdiction),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    which change or amendment becomes effective (i)&#160;in the case
    of us, on or after May&#160;27, 2008 or (ii)&#160;in the case of
    any successor entity, on or after the date such successor entity
    becomes obligated under the notes or the indenture, with respect
    to any payment due or to become due under the notes or the
    indenture, we or the successor entity, as the case may be, is,
    or on the next interest payment date would be, required to pay
    Additional Amounts, and such
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    requirement cannot be avoided by us or the successor entity, as
    the case may be, taking reasonable measures available to it;
    <I>provided </I>that for the avoidance of doubt changing the
    jurisdiction of us or any successor entity is not a reasonable
    measure for the purposes of this section; and <I>provided,
    further </I>that no such notice of redemption will be given
    earlier than 60&#160;days prior to the earliest date on which
    we, or any successor entity, as the case may be, would be
    obligated to pay such Additional Amounts if a payment in respect
    of the notes were then due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to the giving of any notice of redemption of the notes
    pursuant to the foregoing, we or the successor entity, as the
    case may be, will deliver to the trustee:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;a certificate signed by a duly authorized officer
    stating that such change or amendment referred to in the prior
    paragraph has occurred, and describing the facts related thereto
    and stating that such requirement cannot be avoided by us or a
    successor entity, as the case may be, taking reasonable measures
    available to it;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;an opinion of legal counsel of recognized standing
    stating that the requirement to pay such Additional Amounts
    results from such change or amendment referred to in the prior
    paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trustee will accept such certificate and opinion as
    sufficient evidence of the satisfaction of the conditions
    precedent described above, in which event it will be conclusive
    and binding on the holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any notes that are redeemed will be cancelled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Offer
    to Purchase upon a Change of Control</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the occurrence of a Change of Control, unless we have
    exercised our right to redeem the notes as described under
    &#147;&#151;&#160;Redemption for Taxation Reasons&#148; or under
    &#147;&#151;&#160;Redemption at the Option of the Company,&#148;
    or unless the Change of Control Payment Date as described below
    would fall on or after the maturity date of the notes, the
    indenture provides that we will make an offer to purchase all or
    a portion of each holder&#146;s notes pursuant to the offer
    described below (the &#147;Change of Control Offer&#148;), at a
    purchase price equal to 101% of the principal amount tendered
    plus accrued and unpaid interest, if any, to the date of
    purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within 30&#160;days following the date upon which the Change of
    Control occurred, or at our option, prior to any Change of
    Control but after the public announcement of the pending Change
    of Control, we will be required to send, by first class mail, a
    notice to each holder of notes, with a copy to the trustee,
    which notice will govern the terms of the Change of Control
    Offer. Such notice will state, among other things, the purchase
    date, which must be no earlier than 30&#160;days nor later than
    60&#160;days from the date such notice is mailed, other than as
    may be required by law (the &#147;Change of Control Payment
    Date&#148;). The notice, if mailed prior to the date of
    consummation of the Change of Control, will state that the
    Change of Control Offer is conditioned on the Change of Control
    being consummated on or prior to the Change of Control Payment
    Date. Holders of notes electing to have notes purchased pursuant
    to a Change of Control Offer will be required to tender the
    notes in accordance with the terms of the Change of Control
    Offer prior to the close of business on the third Business Day
    prior to the Change of Control Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the Change of Control Payment Date, we will, to the extent
    lawful:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accept for payment all notes or portions thereof properly
    tendered pursuant to the Change of Control Offer;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deposit with the paying agent and instruct the paying agent in
    writing to pay an amount equal to the purchase price in respect
    of all notes or portions thereof so tendered;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deliver or cause to be delivered to the trustee the notes so
    accepted together with an officer&#146;s certificate stating the
    aggregate principal amount of notes or portions thereof being
    purchased by us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon receipt of the foregoing, the paying agent will promptly
    mail or wire to each holder of notes so tendered the purchase
    price for such notes, and the trustee, upon instruction by the
    Company and in accordance with the indenture, will promptly
    authenticate and mail or cause to be transferred by book entry
    to each holder a new note equal in principal amount to any
    unpurchased portion of the notes surrendered, if any; provided
    that each such new note will be in a principal amount of $2,000
    and integral multiples of $1,000 in excess thereof. We will
    publicly announce the results of the Change of Control Offer on
    or as soon as practicable after the Change of Control Payment
    Date.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    46
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We shall comply with the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;), and any other securities laws and
    regulations thereunder to the extent those laws and regulations
    are applicable in connection with the repurchase of the notes as
    a result of a Change of Control. To the extent that the
    provisions of any such securities laws or regulations conflict
    with the Change of Control Offer provisions of the notes, we
    shall comply with those securities laws and regulations and
    shall not be deemed to have breached our obligations under the
    Change of Control Offer provisions of the notes by virtue of any
    such conflict.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trustee is under no obligation to ascertain whether a Change
    of Control or any event that could lead to the occurrence of or
    could constitute a Change of Control has occurred, and until it
    has actual knowledge or express notice to the contrary, the
    trustee may assume that no Change of Control or other such event
    has occurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Exchange
    and Purchase</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may at any time make offers to the holders to exchange their
    notes for other bonds or notes issued by us or any other Person.
    In addition, we and any of our Subsidiaries or affiliates may at
    any time purchase notes in the open market or otherwise at any
    price.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cancellation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All notes that are exchanged or purchased may either be held or
    retransferred or resold or be surrendered for cancellation and,
    if so surrendered, will, together with all notes redeemed by us,
    be cancelled immediately and accordingly may not be reissued or
    resold. The trustee will make its record of any such
    cancellation available for inspection to holders during its
    normal business hours.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consolidation,
    Merger, Conveyance or Transfer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So long as any of the notes are outstanding, we will not
    consolidate with or merge into any other Person (excluding
    Persons controlled by one or more members of the Mittal Family)
    or convey or transfer substantially all of our properties and
    assets to any other Person (excluding Persons controlled by one
    or more members of the Mittal Family) unless thereafter:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Person formed by such consolidation or into which
    we are merged, or the Person which acquired all or substantially
    all of our properties and assets, expressly assumes pursuant to
    a supplemental indenture, as provided for in the indenture, the
    due and punctual payment of the principal of and interest on the
    notes and the performance or observance of every covenant of the
    indenture on our part to be performed or observed (including, if
    such Person is not organized in or a resident of Luxembourg for
    tax purposes, substituting such Person&#146;s jurisdiction of
    organization or residence for Luxembourg for tax purposes where
    applicable, including for the obligation to pay Additional
    Amounts);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;immediately after giving effect to such transaction,
    no event of default has occurred and is continuing;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the Person formed by such consolidation or into which
    we are merged, or the Person which acquired all or substantially
    all of our properties and assets delivers to the trustee an
    officer&#146;s certificate signed by a duly authorized officer
    and an opinion of legal counsel of recognized standing, each
    stating that the consolidation, merger, conveyance or transfer
    and, if a supplemental indenture is required in connection with
    the transaction, the supplemental indenture comply with the
    indenture and that all conditions precedent in the indenture
    relating to the transaction have been complied with and,
    immediately after giving effect to the transaction, no event of
    default has occurred and is continuing, except that such
    certificate and opinion shall not be required in the event that
    any such consolidation, merger, conveyance or transfer is made
    by any court or tribunal having jurisdiction over us, our
    properties and our assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Negative
    Pledge</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture provides that so long as any of the notes remain
    outstanding, we will not, and will not permit any Material
    Subsidiary to, create or permit to subsist any Security upon any
    of our Assets or their respective Assets, as the case may be,
    present or future, to secure any Relevant Indebtedness incurred
    or guaranteed by us or by any such
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Material Subsidiary (whether before or after the issue of the
    notes) other than Permitted Security, unless our obligations
    under the notes are (i)&#160;equally and ratably secured so as
    to rank <I>pari passu </I>with such Relevant Indebtedness or the
    guarantee thereof or (ii)&#160;benefit from any other Security
    or arrangement as is approved by the holders of a majority in
    aggregate principal amount of the notes of the affected series
    then outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the following will be an event of default under the
    indenture:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;the default in any payment of principal on any note
    when due, whether on maturity, redemption or otherwise,
    continues for 15&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;the default in any payment of interest, premium (if
    any) and Additional Amounts (if any), on any note when due,
    continues for 30&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;our failure to comply with our other obligations
    contained in the indenture and the default or breach continues
    for a period of 60&#160;days or more after we receive written
    notice from the trustee as provided for in the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;our failure, or the failure of any Material Subsidiary,
    (a)&#160;to pay the principal of any indebtedness for borrowed
    money, including obligations evidenced by any mortgage,
    indenture, bond, debenture, note, guarantee or other similar
    instruments on the scheduled or original date due (following the
    giving of such notice, if any, as required under the document
    governing such indebtedness and as extended by any applicable
    cure period or (b)&#160;to observe or perform any agreement or
    condition relating to such indebtedness such that such
    indebtedness has come due prior to its stated maturity and such
    acceleration has not been cured, unless (in the case of
    clauses&#160;(a) and (b)) (i)&#160;the aggregate amount of such
    indebtedness is less than&#160;&#128;100,000,000 or
    (ii)&#160;the question of whether such indebtedness is due has
    been disputed in good faith by appropriate proceedings and such
    dispute has not been finally adjudicated against us or the
    Material Subsidiary, as the case may be;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;certain events of bankruptcy or insolvency involving
    our company or a Material Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the occurrence and continuation of any event of default as
    provided for in the indenture, then in every such case the
    trustee or the holders of at least 25% in aggregate principal
    amount of the outstanding notes of the affected series may
    declare the principal amount of the outstanding notes of that
    series to be due and payable immediately, by a notice in writing
    to the Company (and to the trustee if given by Holders). Upon
    any such declaration, which we call a declaration of
    acceleration, the notes of such series shall become due and
    payable immediately.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of a majority in aggregate principal amount of the
    outstanding notes of the affected series may rescind a
    declaration of acceleration if an amount has been paid to or
    deposited with the trustee sufficient to pay the amounts set
    forth in the applicable provisions of the indenture and all
    events of default with respect to the notes of such series,
    other than the failure to pay the principal and other amounts of
    notes of that series that have become due solely by such
    declaration of acceleration, have been cured or waived.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an event of default occurs or if we breach any covenant or
    warranty under the indenture or the notes, the trustee may
    pursue any available remedy to enforce any provision of the
    notes or the indenture. The trustee may maintain a proceeding
    even if it does not possess any of the notes or does not produce
    any of them in the proceeding. A delay or omission by the
    trustee or any holder of a note in exercising any right or
    remedy accruing upon an event of default shall not impair the
    right or remedy or constitute a waiver of or acquiescence in the
    event of default. All remedies are cumulative to the extent
    permitted by law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except in cases of default, where the trustee has some special
    duties, the trustee is not required to take any action under the
    indenture at the request of any holders unless the holders offer
    the trustee reasonable protection from expenses and liability.
    This protection is called an indemnity. If reasonable indemnity
    is provided, the holders of a majority in principal amount of
    the outstanding notes of the relevant series may direct the
    time, method and place of conducting any lawsuit or other
    proceeding seeking any remedy available to the trustee. These
    majority holders may also direct the trustee in performing any
    other action the trustee may undertake under the indenture.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Before you bypass the trustee and bring your own lawsuit or
    other formal legal action or take other steps to enforce your
    rights or protect your interests relating to the notes you hold,
    the following must occur:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You must give the trustee written notice at its Corporate
    Trust&#160;Office that an event of default has occurred and
    remains uncured.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The holders of 25% in principal amount of all outstanding notes
    of the relevant series must make a written request that the
    trustee take action because of the event of default, and must
    offer reasonable indemnity to the trustee against the cost and
    other liabilities of taking that action and provide such written
    request to the Corporate Trust&#160;Office of the trustee.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The trustee must have not taken action for 60&#160;days after
    receipt of the above notice, request and offer of indemnity.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    No direction inconsistent with such written request must have
    been given to the trustee during such
    <FONT style="white-space: nowrap">60-day</FONT>
    period by holders of a majority in principal amount of all
    outstanding notes of that series.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nothing, however, will prevent an individual holder from
    bringing suit to enforce payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Street
    name and other indirect holders should consult their banks or
    brokers for information on how to give notice or direction to or
    make a request of the trustee and to make or cancel a
    declaration of acceleration.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will furnish to the trustee every year a brief certification
    of an officer of our Company as to his or her knowledge of our
    compliance with the conditions and covenants of the indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendments
    and Waivers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture may be amended or modified without the consent of
    any holder of notes in order to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to cure any ambiguity, defect or inconsistency;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to provide for the issuance of additional notes in accordance
    with the limitations set forth in the indenture as of the date
    thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to comply with any requirements of the SEC in connection with
    qualifying the indenture under the Trust&#160;Indenture Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to provide for the issuance of exchange notes in accordance with
    the registration rights agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to correct or add any other provisions with respect to matters
    or questions arising under this indenture, so long as that
    correction or added provision will not adversely affect the
    interests of the holders of the notes in any material
    respect;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to provide for the assumption by a successor company of our
    obligations under the notes and the indenture in the case of a
    merger or consolidation or sale of all or substantially all of
    our assets.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Modifications and amendments of the indenture may be made by us
    and the trustee with the consent of the holders of a majority in
    principal amount of the notes of the affected series then
    outstanding under the indenture. In addition, the holders of a
    majority in aggregate principal amount of the outstanding notes
    of any series may waive any past default under the indenture,
    except an uncured default in the payment of principal of or
    interest on such series of notes or an uncured default relating
    to a covenant or provision of the indenture that cannot be
    modified or amended without the consent of each affected holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the above, without the consent of each holder of
    an outstanding note affected, no amendment may, among other
    things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify the stated maturity of the notes or the dates on which
    interest is payable in respect of the notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce or cancel the principal amount of, or interest on, the
    notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the currency of payment of the notes;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    49
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impair the right of the holders of notes to institute suit for
    the enforcement of any payment on or after the date due;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage in principal amount of the outstanding
    notes, the consent of whose holders is required for any
    modification of or waiver of compliance with any provision of
    this indenture or defaults under the indenture and their
    consequences;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify the provisions of the indenture regarding the quorum
    required at any meeting of holders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Rules for Action by Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When holders take any action under the indenture, such as giving
    a notice of an event of default, declaring an acceleration,
    approving any change or waiver or giving the trustee an
    instruction, the Company will apply the following rules.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Only
    Outstanding Notes are Eligible</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only holders of outstanding notes will be eligible to
    participate in any action by holders. Also, the Company will
    count only outstanding notes in determining whether the various
    percentage requirements for taking action have been met. For
    these purposes, a note will not be &#147;outstanding&#148; if it
    has been surrendered for cancellation or if the Company has
    deposited or set aside, in trust for its holder, money for its
    payment or redemption; provided, however, that, for such
    purposes, notes held by the Company or its affiliates are not
    considered outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Determining
    Record Dates for Action by Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will generally be entitled to set any day as a
    record date for the purpose of determining the holders that are
    entitled to take action under the indenture. In some limited
    circumstances, only the trustee will be entitled to set a record
    date for action by holders. If the Company or the trustee set a
    record date for an approval or other action to be taken by
    holders, that vote or action may be taken only by persons or
    entities who are holders on the record date and must be taken
    during the period that the Company specifies for this purpose,
    or that the trustee specifies if it sets the record date. The
    Company or the trustee, as applicable, may shorten or lengthen
    this period from time to time, but not beyond 90&#160;days.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Satisfaction
    and Discharge</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture will be discharged and will cease to be of further
    effect as to all outstanding notes of any series issued
    thereunder, when either (i)&#160;all notes of that series that
    have been authenticated, except lost, stolen or destroyed notes
    that have been replaced or paid and notes for whose payment
    money has theretofore been deposited in trust and thereafter
    repaid to us, have been delivered to the trustee for
    cancellation, or all notes of that series that have not been
    delivered to the trustee for cancellation have become due and
    payable by reason of the giving of a notice of redemption or
    otherwise or will become due and payable within one year and we
    have irrevocably deposited or caused to be deposited with the
    trustee as trust funds in trust solely for the benefit of the
    holders, cash in U.S.&#160;dollars, non-callable
    U.S.&#160;government securities, or a combination thereof, in
    such amounts as will be sufficient, without consideration of any
    reinvestment of interest, to pay and discharge the entire
    indebtedness on the notes of such series not delivered to the
    trustee for cancellation for principal and accrued interest and
    Additional Amounts, if any, to the date of maturity or
    redemption; (ii)&#160;we have paid or caused to be paid all sums
    payable by us under the indenture with respect to such series;
    and (iii)&#160;we have delivered irrevocable instructions to the
    trustee to apply the deposited money toward the payment of the
    notes of such series at maturity or on the redemption date, as
    the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we must deliver a certificate signed by a duly
    authorized officer stating that all conditions precedent to the
    satisfaction and discharge have been satisfied.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Defeasance
    and Covenant Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture will provide that we may elect either (1)&#160;to
    defease and be discharged from any and all obligations with
    respect to any series of notes (except for, among other things,
    certain obligations to register the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    50
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    transfer or exchange of such series of notes, to replace
    temporary or mutilated, destroyed, lost or stolen notes of such
    series, to maintain an office or agency with respect to the
    notes of such series and to hold moneys for payment in trust)
    (&#147;legal defeasance&#148;) or (2)&#160;to be released from
    our obligations to comply with certain covenants under the
    indenture, and any omission to comply with such obligations will
    not constitute a default (any event that is, or with the passage
    of time or the giving of notice or both would be, an event of
    default) or an event of default with respect to the notes
    (&#147;covenant defeasance&#148;). Legal defeasance or covenant
    defeasance, as the case may be, will be conditioned upon, among
    other things, (A)&#160;the irrevocable deposit by us with the
    trustee, in trust, of an amount in U.S.&#160;dollars, or
    U.S.&#160;government securities, or both, applicable to the
    notes of such series which through the scheduled payment of
    principal and interest in accordance with their terms will
    provide money in an amount sufficient to pay the principal or
    premium, if any, and interest on the notes of such series on the
    scheduled due dates therefor and (B)&#160;no event of default or
    default with respect to the notes of the series shall have
    occurred and be continuing on the date of such deposit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To effect legal defeasance or covenant defeasance, we will be
    required to deliver to the trustee an opinion of counsel that
    the deposit and related defeasance will not cause the holders
    and beneficial owners of the notes of such series to recognize
    income, gain or loss for U.S.&#160;federal income tax purposes.
    If we elect legal defeasance, that opinion of counsel must be
    based upon a ruling from the U.S.&#160;Internal Revenue Service
    or a change in law to that effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may exercise our legal defeasance option notwithstanding our
    prior exercise of our covenant defeasance option.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments in respect of the notes will be made by HSBC Bank USA,
    National Association, in its capacity as paying agent in New
    York to the registered holder(s). The paying agent will treat
    the persons in whose name the registered global notes
    representing the notes are registered as the owners thereof for
    purposes of making such payments and for any other purposes
    whatsoever.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to any applicable abandoned property law, the trustee
    and the paying agent will pay to the Company upon request any
    money held by them for the payment of principal of, premium or
    interest on the notes that remains unclaimed for two years, and,
    thereafter, holders entitled to the money must look to the
    Company for payment as general creditors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be governed by and construed in accordance with
    the laws of the State of New York.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consent
    to Jurisdiction</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have irrevocably submitted to the non-exclusive jurisdiction
    of any New York State court or any U.S.&#160;federal court
    sitting in the Borough of Manhattan, The City of New York, in
    respect of any legal action or proceeding arising out of or in
    relation to the indenture or the notes, and have agreed that all
    claims in respect of such legal action or proceeding may be
    heard and determined in such New York State or U.S.&#160;federal
    court and waived, to the fullest extent permitted by law, the
    defense of an inconvenient forum to the maintenance of any such
    action or proceeding in any such court.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notices</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notices to the holders will be provided to the addresses that
    appear on the security register of the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Concerning
    the Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    HSBC Bank USA, National Association, is the trustee under the
    indenture and has been appointed by us as registrar and paying
    agent with respect to the notes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below is a summary of certain of the defined terms
    used in the indenture. You should refer to the indenture for the
    full definition of all such terms, as well as any other terms
    used in this prospectus for which no definition is provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Applicable Accounting Standards&#148; </I>means the
    International Financial Reporting Standards as issued by the
    International Accounting Standards Board (&#147;IFRS&#148;), as
    amended from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Asset(s)&#148; </I>of any Person means, all or any part
    of its business, undertaking, property, assets, revenues
    (including any right to receive revenues) and uncalled capital,
    wherever situated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A <I>&#147;Change of Control&#148; </I>shall be deemed to have
    occurred at each time that a Person (or a group of Persons
    acting in concert) other than one or more members of the Mittal
    Family controls or acquires control of us; provided that a
    Change of Control shall not be deemed to have occurred unless,
    within the Change of Control Period, (i)&#160;if our long-term,
    unsecured and unsubordinated indebtedness is rated by any one or
    more Rating Agencies, a Rating Downgrade in respect of that
    Change of Control occurs and, in the case only of such Rating
    Downgrade occurring within the Potential Change of Control
    Period, the relevant Rating Agency does not, within the
    Potential Change of Control Period, reverse such Rating
    Downgrade so that our long-term, unsecured and unsubordinated
    indebtedness has the same or a better credit rating attributed
    by such Rating Agency than before such Rating Downgrade
    occurred, or (ii)&#160;if our long-term, unsecured and
    unsubordinated indebtedness is not rated by any one or more
    Rating Agencies, a Negative Rating Event in respect of that
    Change of Control occurs; &#147;control&#148; means the power to
    direct the management and policies of an entity, whether through
    the ownership of voting capital, by contract or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Change of Control Period&#148; </I>means the period
    commencing on the earlier of (i)&#160;the date of the first
    public announcement of the relevant Change of Control having
    occurred and (ii)&#160;the first day of the Potential Change of
    Control Period, and ending 90&#160;days after the date of the
    first public announcement of the relevant Change of Control
    having occurred (the &#147;Initial End Date&#148;), provided
    that if one or more Rating Agencies has on or prior to the
    Initial End Date publicly announced that it has placed the
    rating of our long-term, unsecured and unsubordinated
    indebtedness under consideration for rating downgrade (the
    &#147;Placing on Credit Watch&#148;), the Change of Control
    Period shall be extended to the earlier of (i)&#160;the later of
    (a)&#160;the date which falls 60&#160;days after the date of the
    Placing on Credit Watch and (b)&#160;the Initial End Date or
    (ii)&#160;the date which falls 60&#160;days after the Initial
    End Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Financial Statements&#148; </I>means our
    most recently published:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;audited annual consolidated financial statements, as
    approved by the annual general meeting of our shareholders and
    certified by an independent auditor; or, as the case may be,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;unaudited (but subject to a &#147;review&#148; from an
    independent auditor) consolidated half-year financial
    statements, as approved by our Board of Directors,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in each case prepared in accordance with Applicable Accounting
    Standards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Corporate Trust&#160;Office&#148; </I>means, with
    respect to the trustee, HSBC Bank USA, National Association, 10
    East
    40<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;Street,

    14<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;floor,

    New York, NY 10016, Attn: Corporate Loan and Agency Group.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Existing Security&#148; </I>means any Security granted
    by any Person over its Assets in respect of any Relevant
    Indebtedness and which is existing at May&#160;27, 2008 or at
    the time any such Person becomes a Material Subsidiary or whose
    business
    <FONT style="white-space: nowrap">and/or</FONT>
    activities, in whole or in part, are assumed by or vested in us
    or a Material Subsidiary after May&#160;27, 2008 (other than any
    Security created in contemplation thereof) or any substitute
    Security created over those Assets (or any part thereof) in
    connection with the refinancing of the Relevant Indebtedness
    secured on those Assets provided that the principal, nominal or
    capital amount secured on any such Security may not be increased.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Fitch&#148; </I>means Fitch Inc., and its successors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Group&#148; </I>means our company and its Subsidiaries
    taken as a whole.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Investment Grade Rating&#148; </I>means a rating equal
    to or higher than Baa3 by Moody&#146;s (or its equivalent under
    any successor rating category of Moody&#146;s), BBB&#8722; by
    S&#038;P (or its equivalent under any successor rating category
    of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    S&#038;P) and BBB&#8722; by Fitch (or its equivalent under any
    successor rating category of Fitch) and the equivalent
    investment grade credit rating from any replacement rating
    agency or rating agencies selected by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Material Subsidiary&#148; </I>means, at any time, a
    Subsidiary of ours whose gross assets or pre-tax profits
    (excluding intra-Group items) then equal or exceed 5% of the
    gross assets or pre-tax profits of the Group.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For this purpose:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the gross assets or pre-tax profits of a Subsidiary
    will be determined from its financial statements (unconsolidated
    if it has Subsidiaries) upon which the latest audited
    Consolidated Financial Statements of the Group have been based;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;if a company becomes a member of the Group after the
    date on which the latest audited Consolidated Financial
    Statements of the Group have been prepared, the gross assets or
    pre-tax profits of that Subsidiary will be determined from its
    latest financial statements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the gross assets or pre-tax profits of the Group will
    be determined from its latest audited Consolidated Financial
    Statements, adjusted (where appropriate) to reflect the gross
    assets or pre-tax profits of any company or business
    subsequently acquired or disposed of;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;if a Material Subsidiary disposes of all or
    substantially all of its assets to another Subsidiary of ours,
    it will immediately cease to be a Material Subsidiary and the
    other Subsidiary (if it is not already) will immediately become
    a Material Subsidiary; the subsequent financial statements of
    those Subsidiaries and the Group will be used to determine
    whether those Subsidiaries are Material Subsidiaries or not.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If there is a dispute as to whether or not a company is a
    Material Subsidiary, a certificate of our auditors will be, in
    the absence of manifest error, conclusive and binding on us and
    the holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mittal Family&#148; </I>means Mr.
    <FONT style="white-space: nowrap">and/or</FONT>
    Mrs.&#160;L.N. Mittal
    <FONT style="white-space: nowrap">and/or</FONT> their
    family (acting directly or indirectly through trusts
    <FONT style="white-space: nowrap">and/or</FONT> other
    entities controlled by any of the foregoing).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Moody&#146;s&#148; </I>means Moody&#146;s Investors
    Service, Inc., and its successors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Negative Rating Event&#148; </I>means we do not within
    the Change of Control Period obtain an investment grade rating
    for our long-term, unsecured and unsubordinated indebtedness
    from at least one Rating Agency.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Security&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;any Existing Security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;any Security granted in respect of or in connection
    with any Securitization Indebtedness;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;any Security securing Project Finance Indebtedness, but
    only to the extent that the Security Interest is created on an
    asset of the project being financed by the relevant Project
    Finance Indebtedness (and/or the shares in,
    <FONT style="white-space: nowrap">and/or</FONT>
    shareholder loans to, the company conducting such project where
    such company has no assets other than those relating to such
    project).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Person&#148; </I>includes any individual, company,
    corporation, firm, partnership, joint venture, undertaking,
    association, organization, trust, state or agency of a state (in
    each case, whether or not having separate legal personality).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Potential Change of Control Period&#148; </I>means the
    period commencing on the date of the first public announcement
    of a potential Change of Control by us, or by any actual or
    potential bidder or any adviser thereto, and ending on the date
    of the first public announcement of the relevant Change of
    Control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Project Finance Indebtedness&#148; </I>means any
    indebtedness incurred by a debtor to finance the ownership,
    acquisition, construction, development
    <FONT style="white-space: nowrap">and/or</FONT>
    operation of an Asset or connected group of Assets in respect of
    which the Person or Persons to whom such indebtedness is, or may
    be, owed have no recourse for the repayment of or payment of any
    sum relating to such indebtedness other than:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;recourse to such debtor or its Subsidiaries for amounts
    limited to the cash flow from such Asset;
    <FONT style="white-space: nowrap">and/or</FONT>
</DIV>

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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;recourse to such debtor generally, or to a member of
    the Group, which recourse is limited to a claim for damages
    (other than liquidated damages and damages required to be
    calculated in a specific way) for breach of an obligation,
    representation or warranty (not being a payment obligation,
    representation or warranty or an obligation, representation or
    warranty to procure payment by another or an obligation,
    representation or warranty to comply or to procure compliance by
    another with any financial ratios or other test of financial
    condition) by the Person against whom such recourse is
    available; and/or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;such debtor has been established specifically for the
    purpose of constructing, developing, owning
    <FONT style="white-space: nowrap">and/or</FONT>
    operating the relevant Asset or connected group of
    Assets;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;such debtor owns no Assets and carries on no business
    which is not related to the relevant Asset or connected group of
    Assets, recourse to all the material Assets and undertaking of
    such debtor and the shares in the capital of such debtor and
    shareholder loans made to such debtor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Rating Agency&#148; </I>means (1)&#160;each of
    Moody&#146;s, S&#038;P and Fitch; (2)&#160;if any of
    Moody&#146;s, S&#038;P or Fitch ceases to rate the notes or
    fails to make a rating of the notes publicly available for
    reasons outside of our control, a &#147;nationally recognized
    statistical rating organization&#148; within the meaning of
    Section&#160;3(a)(62) of the Exchange Act selected by us (as
    certified by a certificate of officers confirming the decision
    of our Board of Directors) to act as a replacement rating agency
    for Moody&#146;s, S&#038;P or Fitch or all of them, as the case
    may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Rating Downgrade&#148; </I>means the credit rating
    previously assigned to our long-term, unsecured and
    unsubordinated indebtedness by any Rating Agency is
    (a)&#160;withdrawn or (b)&#160;is changed from investment grade
    to non-investment grade (for example, from BBB&#8722; to BB+ by
    S&#038;P, or worse) or (c)&#160;if the credit rating previously
    assigned by the relevant Rating Agency was below investment
    grade, is lowered one rating notch (for example, from BB+ to BB
    by S&#038;P), and such Rating Agency shall have publicly
    announced or confirmed in writing to us that such withdrawal or
    downgrade is principally the result of any event or circumstance
    comprised in or arising as a result of, or in respect of, the
    Change of Control or potential Change of Control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Relevant Indebtedness&#148; </I>means any indebtedness
    for borrowed money represented by bonds, notes or other debt
    instruments which are for the time being quoted or listed on any
    stock exchange or other similar regulated securities market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Securitization Indebtedness&#148; </I>means any
    Relevant Indebtedness that is incurred in connection with any
    securitization, asset repackaging, factoring or like arrangement
    or any combination thereof of any assets, revenues or other
    receivables where the recourse of the Person making the Relevant
    Indebtedness available or entering into the relevant arrangement
    or agreement(s) is limited fully or substantially to such assets
    or revenues or other receivables.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Security&#148; </I>means any mortgage, charge, pledge
    or other real security interest <I>(s&#251;ret&#233;
    r&#233;elle)</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;an entity of which a Person has direct or indirect
    control or owns directly or indirectly more than 50% of the
    voting capital or similar right of ownership (and control for
    this purpose means the power to direct the management and the
    policies of the entity whether through the ownership of voting
    capital, by contract or otherwise);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;in relation to our company, an entity that fulfils the
    definition in paragraph (a)&#160;above and which is included in
    the Consolidated Financial Statements on a fully integrated
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;S&#038;P&#148; </I>means Standard&#160;&#038;
    Poor&#146;s Rating Services, a division of The McGraw-Hill
    Companies, Inc., and its successors.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORM&#160;OF
    NOTES, CLEARING AND SETTLEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange notes will be issued in the form of registered
    notes in global form, without interest coupons (referred to as
    Global Notes). Upon issuance, each Global Note will be deposited
    with the trustee as custodian for The Depository
    Trust&#160;Company (DTC) and registered in the name of
    Cede&#160;&#038; Co., as nominee of DTC. Ownership of beneficial
    interests in a Global Note will be limited to persons who have
    accounts with DTC (DTC participants) or persons who hold
    interests through DTC participants. We expect that under
    procedures established by DTC ownership of beneficial interests
    in each Global Note will be shown on, and transfer of ownership
    of those interests will be effected only through, records
    maintained by DTC (with respect to interests of DTC
    participants) and the records of DTC participants (with respect
    to other owners of beneficial interests in the Global Note).
    Beneficial interests in a Global Note may be credited within DTC
    to Euroclear Bank S.A./N.V. (Euroclear) and Clearstream,
    Luxembourg Banking, <I>soci&#233;t&#233; anonyme
    </I>(Clearstream, Luxembourg) on behalf of the owners of such
    interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors may hold their interests in a Global Note directly
    through DTC, Euroclear or Clearstream, Luxembourg, if they are
    participants in those systems, or indirectly through
    organizations that are participants in those systems. Beneficial
    interests in a Global Note may not be exchanged for notes in
    physical, certificated form except in the limited circumstances
    described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Book-Entry
    Procedures for the Global Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interests in a Global Note will be subject to the operations and
    procedures of DTC, Euroclear and Clearstream, Luxembourg. The
    following description of the operations and procedures of DTC,
    Euroclear and Clearstream, Luxembourg are provided solely as a
    matter of convenience. These operations and procedures are
    solely within the control of the respective settlement systems
    and are subject to changes by them. We take no responsibility
    for these operations and procedures and urge investors to
    contact the systems or their participants directly to discuss
    these matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    DTC is a limited-purpose trust company organized under the New
    York Banking Law, a &#147;banking organization&#148; within the
    meaning of the New York State Banking Law, a member of the
    Federal Reserve System, a &#147;clearing corporation&#148;
    within the meaning of the New York Uniform Commercial Code, and
    a &#147;clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Securities Exchange Act of
    1934, as amended (&#147;the Exchange Act&#148;). DTC was created
    to hold securities for its participating organizations
    (collectively, the &#147;Participants&#148;) and facilitate the
    clearance and settlement of transactions in those securities
    between Participants through electronic book-entry changes in
    accounts of its Participants. The Participants include
    securities brokers and dealers, banks, trust companies, clearing
    corporations and certain other organizations. Access to
    DTC&#146;s system is also available to other entities such as
    banks, brokers, dealers and trust companies that clear through
    or maintain a custodial relationship with a Participant, either
    directly or indirectly (collectively, the &#147;Indirect
    Participants&#148;). Persons who are not Participants may
    beneficially own securities held by or on behalf of DTC only
    through Participants or Indirect Participants. DTC has no
    knowledge of the identity of beneficial owners of securities
    held by or on behalf of DTC. DTC&#146;s records reflect only the
    identity of Participants to whose accounts securities are
    credited. The ownership interests and transfer of ownership
    interests of each beneficial owner of each security held by or
    on behalf of DTC are recorded on the records of the Participants
    and Indirect Participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors in the global notes may hold their interests therein
    directly through DTC, if they are Participants in such system,
    or indirectly through organizations that are Participants or
    Indirect Participants in such system. Euroclear and Clearstream,
    Luxembourg will hold interests on behalf of their participants
    through customers&#146; securities accounts in their respective
    names on the books of their respective depositaries. The
    depositaries, in turn, will hold interests in the global notes
    in customers&#146; securities accounts in the depositaries&#146;
    names on the books of DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All interests in the global notes, including those held through
    Euroclear or Clearstream, Luxembourg, will be subject to the
    procedures and requirements of DTC. Those interests held through
    Euroclear or Clearstream, Luxembourg will also be subject to the
    procedures and requirements of these systems. The laws of some
    jurisdictions require that certain persons take physical
    delivery of certificates evidencing securities they own.
    Consequently, the ability to transfer beneficial interests in a
    global note to such persons will be limited to that extent.
</DIV>

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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because DTC can act only on behalf of Participants, which in
    turn act on behalf of Indirect Participants, the ability of
    beneficial owners of interests in the global notes to pledge
    such interests to persons or entities that do not participate in
    the DTC system, or otherwise take actions in respect of such
    interests, may be affected by the lack of a physical certificate
    evidencing such interests. For certain other restrictions on the
    transferability of the notes, see &#147;&#151;&#160;Exchange of
    Book-Entry Notes for Certificated Notes.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Except as described below, owners of interests in the global
    notes will not have notes registered in their names, will not
    receive physical delivery of notes in certificated form and will
    not be considered the registered owners or holders thereof for
    any purpose.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments in respect of the principal of and premium, if any, and
    interest on a global note registered in the name of DTC or its
    nominee will be payable by the trustee to DTC in its capacity as
    the registered holder under the indenture. We and the trustee
    will treat the persons in whose names the notes, including the
    global notes, are registered as the owners thereof for the
    purpose of receiving such payments and for any and all other
    purposes whatsoever. Consequently, none of the Company, the
    trustee or any agent of the Company or the trustee has or will
    have any responsibility or liability for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any aspect of DTC&#146;s records or any Participant&#146;s or
    Indirect Participant&#146;s records relating to, or payments
    made on account of beneficial ownership interests in, the global
    notes, or for maintaining, supervising or reviewing any of
    DTC&#146;s records or any Participant&#146;s or Indirect
    Participant&#146;s records relating to the beneficial ownership
    interests in the global notes,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other matter relating to the actions and practices of DTC or
    any of its Participants or Indirect Participants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that DTC&#146;s current practice, upon receipt of
    any payment in respect of securities such as the notes
    (including principal and interest), is to credit the accounts of
    the relevant Participants with the payment on the payment date
    in amounts proportionate to their respective holdings in the
    principal amount of the relevant security as shown on the
    records of DTC, unless DTC has reason to believe it will not
    receive payment on such payment date. Payments by the
    Participants and the Indirect Participants to the beneficial
    owners of notes will be governed by standing instructions and
    customary practices and will be the responsibility of the
    Participants or the Indirect Participants and will not be the
    responsibility of DTC, the trustee or us. Neither we nor the
    trustee will be liable for any delay by DTC or any of its
    Participants in identifying the beneficial owners of the notes,
    and we and the trustee may conclusively rely on and will be
    protected in relying on instructions from DTC or its nominee for
    all purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except for trades involving only Euroclear and Clearstream,
    Luxembourg participants, interests in the global notes are
    expected to be eligible to trade in DTC&#146;s
    <FONT style="white-space: nowrap">Same-Day</FONT>
    Funds Settlement System and secondary market trading activity in
    such interests will therefore settle in immediately available
    funds, subject in all cases to the rules and procedures of DTC
    and its Participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Transfers between Participants in DTC will be effected in
    accordance with DTC&#146;s procedures, and will be settled in
    <FONT style="white-space: nowrap">same-day</FONT>
    funds, and transfers between participants in Euroclear and
    Clearstream, Luxembourg will be effected in the ordinary way in
    accordance with their respective rules and operating procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cross-market transfers between Participants in DTC, on the one
    hand, and Euroclear or Clearstream, Luxembourg participants, on
    the other hand, will be effected through DTC in accordance with
    DTC&#146;s rules on behalf of Euroclear or Clearstream,
    Luxembourg, as the case may be, by their depositaries.
    Cross-market transactions will require delivery of instructions
    to Euroclear or Clearstream, Luxembourg, as the case may be, by
    the counterparty in that system in accordance with the rules and
    procedures and within the established deadlines (Brussels time)
    of that system. Euroclear or Clearstream, Luxembourg, as the
    case may be, will, if the transaction meets its settlement
    requirements, deliver instructions to its respective
    depositaries to take action to effect final settlement on its
    behalf by delivering or receiving interests in the relevant
    global notes in DTC, and making or receiving payment in
    accordance with normal procedures for
    <FONT style="white-space: nowrap">same-day</FONT>
    funds settlement applicable to DTC. Euroclear and Clearstream,
    Luxembourg participants may not deliver instructions directly to
    the depositaries for Euroclear or Clearstream, Luxembourg.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because of time zone differences, the securities account of a
    Euroclear or Clearstream, Luxembourg participant purchasing an
    interest in a global note from a Participant in DTC will be
    credited and reported to the relevant Euroclear or Clearstream,
    Luxembourg participant, during the securities settlement
    processing day (which must be a business day for Euroclear and
    Clearstream, Luxembourg) immediately following the settlement
    date of DTC. DTC has advised ArcelorMittal that cash received in
    Euroclear or Clearstream, Luxembourg as a result of sales of
    interests in a global note by or through a Euroclear or
    Clearstream, Luxembourg participant to a Participant in DTC will
    be received with value on the settlement date of DTC but will be
    available in the relevant Euroclear or Clearstream, Luxembourg
    cash account only as of the business day for Euroclear or
    Clearstream, Luxembourg following DTC&#146;s settlement date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that DTC will take any action permitted to be
    taken by a holder of notes only at the direction of one or more
    Participants to whose account with DTC interests in a global
    note are credited and only in respect of such portion of the
    aggregate principal amount of the notes as to which such
    Participant or Participants has or have given such direction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although DTC, Euroclear and Clearstream, Luxembourg have agreed
    to the foregoing procedures to facilitate transfers of interests
    in global notes among participants in DTC, Euroclear and
    Clearstream, Luxembourg, they are under no obligation to perform
    or to continue to perform such procedures, and the procedures
    may be discontinued at any time. Neither ArcelorMittal nor the
    trustee will have any responsibility for the performance by DTC,
    Euroclear or Clearstream, Luxembourg or their respective
    participants or indirect participants of their respective
    obligations under the rules and procedures governing their
    operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information in this section concerning DTC, Euroclear and
    Clearstream, Luxembourg and their book-entry systems has been
    obtained from sources that ArcelorMittal believes to be
    reliable, but the Issuer takes no responsibility for the
    accuracy thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    of Book-Entry Notes for Certificated Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The global notes are exchangeable for certificated notes in
    definitive, fully registered form without interest coupons only
    in the following limited circumstances:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC notifies us that it is unwilling or unable to continue as
    depositary for the global notes or DTC ceases to be a clearing
    agency registered under the Exchange Act at a time when DTC is
    required to be so registered in order to act as depositary, and
    in each case we fail to appoint a successor depositary within
    90&#160;days of such notice;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we, at our option, notify the trustee in writing that we elect
    to cause the issuance of notes in definitive form under the
    indenture subject to the procedures of the depositary;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if there shall have occurred and be continuing an event of
    default (as defined in the indenture) with respect to the notes
    (see &#147;Description of Exchange Notes&#148;), and DTC
    representing a majority in aggregate principal amount of the
    then outstanding notes so advises the trustee in writing.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In all cases, certificated notes delivered in exchange for any
    global note or beneficial interests therein will be registered
    in the names, and issued in any approved denominations,
    requested by or on behalf of DTC (in accordance with its
    customary procedures).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summary of certain Luxembourg and
    U.S.&#160;federal income tax considerations is based on the
    advice of Bonn Schmitt Steichen, with respect to Luxembourg
    taxes, and on the advice of Cleary Gottlieb Steen&#160;&#038;
    Hamilton LLP, with respect to U.S.&#160;federal income taxes.
    This summary contains a description of certain material
    Luxembourg and U.S.&#160;federal income tax consequences of the
    exchange offer and the ownership and disposition of the exchange
    notes, but does not purport to be a comprehensive description of
    all the tax considerations that may be relevant to a decision to
    participate in the exchange offer. This summary does not
    describe any tax consequences arising under the laws of any
    state, locality or taxing jurisdiction other than the United
    States and Luxembourg.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is based on the tax laws of Luxembourg and the
    United States as in effect on the date of this prospectus, as
    well as on rules and regulations of Luxembourg and regulations,
    rulings and decisions of the United States available on or
    before such date and now in effect. All of the foregoing are
    subject to change, which change could apply retroactively and
    could affect the continued validity of this summary. Prospective
    investors participating in the exchange of notes should consult
    their own tax advisers as to the Luxembourg, United States or
    other tax consequences of the ownership and disposition of the
    exchange notes and the exchange of original notes for exchange
    notes, including, in particular, the application to their
    particular situations of the tax considerations discussed below,
    as well as the application of state, local, foreign or other tax
    laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    Taxation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prospective purchasers of the notes are advised to consult their
    own tax advisers as to the consequences under the tax laws of
    the country of which they are residents of the purchase,
    ownership and disposition of the exchange notes and the exchange
    of original notes for exchange notes. The following is a general
    description of certain tax laws relating to the notes as in
    effect and as applied by the relevant tax authorities on the
    date hereof and does not purport to be a comprehensive
    discussion of the tax treatment of the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Exchange
    of original notes for exchange notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No specific Luxembourg tax, such as, for example, registration
    tax or stamp duty, will be levied on the exchange of the notes.
    Interest payments made following the exchange of the notes will
    be taxed as per the descriptions below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    tax residency of the holders of the notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder of the notes will not become resident, or be deemed to
    be resident, in Luxembourg by reason only of the holding of the
    notes, or the execution, performance, delivery
    <FONT style="white-space: nowrap">and/or</FONT>
    enforcement of the notes (holding of the notes includes receipt
    of interest and repayment of the principal).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Withholding
    tax</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a general rule, there is no withholding tax for Luxembourg
    residents and non resident holders of the notes on payments of
    interest (including accrued but unpaid interest) in respect of
    the notes, nor is any Luxembourg withholding tax payable on
    payments received upon repayment of the principal or upon an
    exchange of notes except that in certain circumstances a
    withholding tax may be required to be made upon payments of
    interest pursuant to European Council Directive 2003/48/EC (the
    &#147;Tax Savings Directive&#148;) i.e. mainly for payments made
    to individuals. Under the Tax Savings Directive, each EU Member
    State (a &#147;Member State&#148;) generally must provide to the
    tax authorities of another Member State details of interest
    payments or similar income paid by a Paying Agent within its
    jurisdiction to a Residual Entity or to or for an individual
    (the &#147;Beneficial Owner&#148;) resident in the latter Member
    State, although certain Member States are entitled to apply a
    withholding tax system during a transitional period. The
    transitional period commenced July&#160;1, 2005 and will
    terminate at the end of the first full fiscal year after the EU
    and certain non-EU states reach an agreement on the exchange of
    such information. The Tax Savings Directive was implemented into
    Luxembourg law by a law of June&#160;21, 2005 which is in effect
    as of July&#160;1, 2005. Due to certain bilateral agreements,
    relevant dependant and associated territories and certain non-EU
    States apply similar measures as of the same date.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to the law of June&#160;21, 2005 and bilateral
    agreements with several dependant and associated territories and
    certain non-EU States, during the transitional period, a
    Luxembourg Paying Agent may be required to withhold taxes on
    interest payments to Residual Entities or to Beneficial Owners
    who reside in an EU Member State or relevant dependant and
    associated territories at a rate of 15% (the rate will increase
    to 20% on July&#160;1, 2008 and to 35% on July&#160;1, 2011),
    unless the Beneficial Owner has opted for an exchange of
    information or has provided a tax certificate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purpose of this section, the terms &#147;Paying
    Agent,&#148; &#147;Interest&#148; and &#147;Beneficial
    Owner&#148; shall mean respectively &#147;agent payeur,&#148;
    &#147;int&#233;r&#234;t&#148; and &#147;b&#233;n&#233;ficiaire
    &#233;conomique&#148; as these terms are defined in the law of
    June&#160;21, 2005, and &#147;Residual Entity&#148; shall refer
    to the entities described in article&#160;4.2 of the same law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Another exception has been implemented by a law of
    December&#160;23, 2005, effective as of January&#160;1, 2006,
    Luxembourg, which introduced a withholding tax of 10% for
    interest payments made to Luxembourg individual residents by a
    Luxembourg paying agent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of the holders of the notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Luxembourg non-residents</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the notes who are non-residents of Luxembourg and who
    have neither a permanent establishment nor a fixed base of
    business in Luxembourg with which the holding of the notes is
    connected are not liable to any Luxembourg income tax, whether
    they receive payments of principal, payments of interest
    (including accrued but unpaid interest), payments received upon
    the redemption of the notes, or realize capital gains on the
    sale of any notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Luxembourg residents&#160;&#151; General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the notes who are residents of Luxembourg, or
    non-resident holders of the notes who have a permanent
    establishment or a fixed base of business in Luxembourg with
    which the holding of the notes is connected, must, for income
    tax purposes, include any interest received in their taxable
    income. They will not be liable to any Luxembourg income tax on
    repayment of principal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For individuals resident in Luxembourg, the 10% tax withheld at
    source constitutes a final taxation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    resident individuals</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Luxembourg resident individuals who are holders of the notes or
    non-resident individual holders of the notes who have a fixed
    base of business with which the holding of the notes is
    connected are not subject to taxation on capital gains upon the
    disposal of the notes, unless the disposal of the notes precedes
    the acquisition of the notes or the notes are disposed of within
    six months of the date of acquisition of these notes. Upon
    redemption of the notes, individual Luxembourg resident holders
    of the notes or non-resident holders of the notes who have a
    fixed base of business with which the holding of the notes is
    connected must however include the portion of the redemption
    price corresponding to accrued but unpaid interest in their
    taxable income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    resident companies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Luxembourg resident companies (<I>soci&#233;t&#233;s de
    capitaux</I>) that are holders of the notes or foreign entities
    of the same type which have a permanent establishment in
    Luxembourg with which the holding of the notes is connected,
    must include in their taxable income the difference between the
    sale price (including accrued but unpaid interest) and the lower
    of the cost or book value of the notes sold or converted.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Luxembourg
    resident companies benefiting from a special tax
    regime</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the notes who are holding companies subject to the
    law of July&#160;31, 1929 or undertakings for collective
    investment subject to the law of December&#160;20, 2002 are tax
    exempt entities in Luxembourg, and are thus not subject to any
    Luxembourg tax (i.e., corporate income tax, municipal business
    tax and net wealth tax) other than the subscription tax
    calculated on their share capital or net asset value.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Net
    Wealth Tax</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Luxembourg net wealth tax will not be levied on a holder of the
    notes, unless (i)&#160;such holder is a Luxembourg resident
    company or (ii)&#160;the notes are attributable to an enterprise
    or part thereof which is carried on in Luxembourg through a
    permanent establishment or (iii)&#160;the notes are attributable
    to a fixed base of business in Luxembourg of their holder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Taxes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no Luxembourg registration tax, stamp duty or any other
    similar tax or duty payable in Luxembourg by holders of the
    notes as a consequence of the issuance of the notes, nor will
    any of these taxes be payable as a consequence of a subsequent
    transfer, redemption or exchange of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no Luxembourg value added tax payable in respect of
    payments in consideration for the issuance of the notes or in
    respect of the payment of interest or principal under the notes
    or the transfer of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No gift, estate or inheritance tax is levied on the transfer of
    the notes upon death of a holder in cases where the deceased was
    not a resident of Luxembourg for inheritance tax purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">United
    States Federal Taxation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, a United States person who holds the exchange notes
    or owns a beneficial interest in the exchange notes will be
    subject to United States federal taxation. You are a United
    States person for U.S.&#160;federal income tax purposes if you
    are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a citizen or resident of the United States or its territories,
    possessions or other areas subject to its jurisdiction,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation or other entity taxable as a corporation organized
    under the laws of the United States or any political subdivision,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate, the income of which is subject to United States
    federal income taxation regardless of its source&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if (i)&#160;a United States court is able to exercise
    primary supervision over the trust&#146;s administration and
    (ii)&#160;one or more United States persons have the authority
    to control all of the trust&#146;s substantial decisions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the registration of the original notes pursuant to our
    obligations under the registration rights agreement nor the
    U.S.&#160;holder&#146;s receipt of exchange notes in exchange
    for original notes will constitute a taxable event for
    U.S.&#160;federal income tax purposes. The exchanging
    U.S.&#160;holder will retain the tax basis in the exchange notes
    that the holder had in the original notes, and a
    U.S.&#160;holder&#146;s holding period for the exchange notes
    will include such U.S.&#160;holder&#146;s holding period for the
    original notes before such original notes were registered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a United States person, the interest you receive on
    the exchange notes will generally be subject to United States
    taxation and will generally be considered ordinary foreign
    source interest income on which you will be taxed in accordance
    with the method of accounting that you use for tax purposes.
    When you sell, exchange or otherwise dispose of the exchange
    notes, you generally will recognize gain or loss equal to the
    difference between the amount you realize on the transaction and
    your tax basis in the exchange notes. Your tax basis in an
    exchange note generally will equal the cost of the original note
    to you exchanged for the exchange note. If you are an individual
    and the exchange note being sold, exchanged or otherwise
    disposed of is a capital asset held for more than one year
    (taking into account the holding period of an original note
    exchanged for an exchange note), you may be eligible for reduced
    rates of taxation on any capital gain realized. Your ability to
    deduct capital losses is subject to limitations. Under current
    United States federal income tax law, if you are not a United
    States person, the interest payments that you receive on the
    exchange notes generally will be exempt from United States
    federal income taxes, including withholding tax. However, to
    receive this exemption you may be required to satisfy certain
    certification requirements (described below) of the United
    States Internal Revenue Service to establish that you are not a
    United&#160;States person.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    60
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Even if you are not a United States person, you may still be
    subject to United States federal income taxes on any interest
    payments you receive if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are an insurance company carrying on a United States
    insurance business, within the meaning of the United States
    Internal Revenue Code of 1986,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you have an office or other fixed place of business in the
    United States that receives the interest and you (i)&#160;earn
    the interest in the course of operating a banking, financing or
    similar business in the United States or (ii)&#160;are a
    corporation the principal business of which is trading in stock
    or securities for its own account, and certain other conditions
    exist.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are not a United States person, any gain you realize on a
    sale or exchange of the exchange notes generally will be exempt
    from United States federal income tax, including withholding
    tax, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    your gain is effectively connected with your conduct of a trade
    or business in the United States&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are an individual holder and are present in the United
    States for 183&#160;days or more in the taxable year of the
    sale, and either (i)&#160;your gain is attributable to an office
    or other fixed place of business that you maintain in the United
    States or (ii)&#160;you have a tax home in the United States.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fiscal agent must file information returns with the United
    States Internal Revenue Service in connection with exchange note
    payments made to certain United States persons. If you are a
    United States person, you generally will not be subject to
    United States backup withholding tax on such payments if you
    provide your taxpayer identification number to the fiscal agent.
    You may also be subject to information reporting and backup
    withholding tax requirements with respect to the proceeds from a
    sale of the exchange notes. If you are not a United States
    person, in order to avoid information reporting and backup
    withholding tax requirements you may have to comply with
    certification procedures to establish that you are not a United
    States person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An exchange note held by an individual holder who at the time of
    death is a non-resident alien will not be subject to United
    States federal estate tax.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    61
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following requirements apply only to broker-dealers. If you
    are not a broker-dealer as defined in Section&#160;3(a)(4) and
    Section&#160;3(a)(5) of the Exchange Act, these requirements do
    not affect you.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each broker-dealer that receives exchange notes for its own
    account pursuant to the exchange offer must acknowledge that it
    will deliver a prospectus in connection with any resale of such
    exchange notes. This prospectus, as it may be amended or
    supplemented from time to time, may be used by a broker-dealer
    in connection with resales of exchange notes received in
    exchange for original notes where such original notes were
    acquired as a result of market-making activities or other
    trading activities. We have agreed that, for a period of up to
    45&#160;days from the last date on which original notes are
    accepted for exchange, we will amend or supplement this
    prospectus, if requested by any broker-dealer for use in
    connection with any resale of exchange notes received in
    exchange for original notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We will
    not receive any proceeds from any sale of exchange notes by
    broker-dealers.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Exchange notes received by broker-dealers for their own account
    pursuant to the exchange offer may be sold from time to time in
    one or more transactions in the over-the-counter market, in
    negotiated transactions, through the writing of options on the
    exchange notes or a combination of such methods of resale, at
    market prices prevailing at the time of resale, at prices
    related to such prevailing market prices or at negotiated
    prices. Any resale may be made directly to purchasers or to or
    through brokers or dealers who may receive compensation in the
    form of commissions or concessions from any broker-dealer or the
    purchasers of any exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any broker-dealer that resells exchange notes that were received
    by it for its own account in the exchange offer and any broker
    or dealer that participates in a distribution of those exchange
    notes may be deemed to be an &#147;underwriter&#148; within the
    meaning of the Securities Act. Any profit on any resale of
    exchange notes and any commissions or concessions received by
    any of those persons may be deemed to be underwriting
    compensation under the Securities Act. The letter of transmittal
    states that, by acknowledging that it will deliver and by
    delivering a prospectus, a broker-dealer will not be deemed to
    admit that it is an &#147;underwriter&#148; within the meaning
    of the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a period of up to 45&#160;days from the last date on which
    original notes are accepted for exchange, we will promptly send
    additional copies of this prospectus and any amendment or
    supplement to the prospectus to any broker-dealer that requests
    those documents. We have agreed to pay all expenses incident to
    the exchange offer, other than commissions or concessions of any
    brokers or dealers, and will indemnify any broker-dealer as a
    holder of the exchange notes against certain liabilities,
    including liabilities under the Securities Act.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    62
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALIDITY
    OF THE EXCHANGE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the exchange notes offered hereby will be passed
    upon by Cleary Gottlieb Steen&#160;&#038; Hamilton LLP, our
    United States counsel. Certain matters of Luxembourg law
    relating to the exchange notes will be passed upon by Bonn
    Schmitt Steichen, our Luxembourg counsel.
</DIV>
<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2007 consolidated financial statements and the retrospective
    adjustments to the 2005 and 2006 financial statement disclosures
    appearing in our Report of Foreign Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008 incorporated by reference herein,
    and the effectiveness of ArcelorMittal&#146;s internal control
    over financial reporting included in our 2007
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    incorporated by reference herein, have been audited by Deloitte
    S.A., as stated in their reports set forth therein and
    incorporated by reference herein (which reports
    (1)&#160;expresses an unqualified opinion on the 2007
    consolidated financial statements and includes an explanatory
    paragraph referring to retrospective adjustments to the 2005 and
    2006 disclosures for a change in the composition of reportable
    segments, and (2)&#160;expresses an unqualified opinion on the
    effectiveness of internal control over financial reporting).
    Such consolidated financial statements have been so included in
    reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Mittal Steel Company
    N.V. (predecessor entity of ArcelorMittal) and subsidiaries as
    of and for the years ended December&#160;31, 2005 and 2006 and
    the retrospective adjustment to the 2006 financial statements
    related to the acquisition of Arcelor , except for the
    consolidated financial statements of Arcelor and its
    subsidiaries (a consolidated subsidiary) (except for Dofasco,
    Inc., Belgo Siderurgia S.A., Companhia Sider&#250;rgica
    Tubar&#227;o S.A., Sol Coqueria Tubar&#227;o S.A., Acindar
    Industria Argentina de Aceros S.A., Arcelor Espa&#241;a S.A.,
    Arcelor Largos Perfiles, and Laminados Velasco S.L.,
    consolidated subsidiaries of Arcelor, whose consolidated
    financial statements for the period from August&#160;1, 2006 to
    December&#160;31, 2006, were audited by Deloitte Accountants
    B.V.), included in our Report of Foreign Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008 and incorporated by reference
    herein, have been audited by Deloitte Accountants B.V. as stated
    in their report set forth therein and incorporated by reference
    herein (which report expresses an unqualified opinion on the
    financial statements and includes an explanatory paragraph
    referring to the retrospective adjustments to the 2006 financial
    statements related to the acquisition of Arcelor). Such
    consolidated financial statements are incorporated herein by
    reference in reliance upon such report given on the authority of
    such firm as experts in accounting and auditing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements of Arcelor, prepared on the basis of
    IFRS (consolidated with those of the Company and not separately
    incorporated by reference herein), as of December&#160;31, 2006,
    and for the period from August&#160;1, 2006 to December&#160;31,
    2006, have been audited by KPMG Audit S.&#224; r.l., as stated
    in their report which is included in our Report of Foreign
    Private Issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated September&#160;22, 2008 and is incorporated by reference
    herein (which report expresses a qualified opinion because the
    omission of comparative financial information is not in
    conformity with IFRS and contains an explanatory paragraph
    stating that the consolidated financial statements are based on
    historical values of Arcelor&#146;s assets and liabilities prior
    to its acquisition by Mittal Steel and, accordingly, do not
    include the purchase price adjustments to such amounts reflected
    in the consolidated financial statements of Mittal Steel as a
    result of such acquisition). Such consolidated financial
    statements are incorporated herein by reference in reliance upon
    such report given on the authority of such firm as experts in
    accounting and auditing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the foregoing firms are independent registered public
    accounting firms.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ISSUER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ArcelorMittal<BR>
    19, Avenue de la Libert&#233;, L-2930 Luxembourg,<BR>
    Grand Duchy of Luxembourg
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TRUSTEE,
    REGISTRAR, PRINCIPAL PAYING AGENT AND TRANSFER AGENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">HSBC Bank
    USA, National Association<BR>
    Corporate Trust&#160;&#038; Loan Agency<BR>
    2 Hanson Place, 14th Floor<BR>
    Brooklyn, New York
    <FONT style="white-space: nowrap">10217-1409</FONT><BR>
    United States
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    ADVISORS TO THE ISSUER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="center" valign="top">
    <I>As to United States Law</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    <I>As to Luxembourg Law</I>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    Cleary Gottlieb Steen&#160;&#038; Hamilton LLP
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Bonn Schmitt Steichen
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    12 rue de Tilsitt
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    44 rue de la Vall&#233;e
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    75008 Paris
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    BP 522, L-2015 Luxembourg
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    France
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Grand Duchy of Luxembourg
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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