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<SEC-DOCUMENT>0000903423-09-000874.txt : 20091027
<SEC-HEADER>0000903423-09-000874.hdr.sgml : 20091027
<ACCEPTANCE-DATETIME>20091027172426
ACCESSION NUMBER:		0000903423-09-000874
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20091027
DATE AS OF CHANGE:		20091027
EFFECTIVENESS DATE:		20091027

FILER:

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

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-162697
		FILM NUMBER:		091139930

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>arcelormittal-s8_1027.htm
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=1>As filed with the Securities and Exchange Commission on October 27, 2009</font></b></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-right:12.31%;margin-left:12.31%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-right:12.31%;margin-left:12.31%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

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

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


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="50%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:12.0pt'><b><font size=2>Grand Duchy of Luxembourg</font></b><br> <font size=2>(State or Other Jurisdiction </font><br> <font size=2>of Incorporation or Organization)</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:12.0pt'><b><font size=2>Not Applicable</font></b><br> <font size=2>(I.R.S. Employer Identification No.)</font></p> </td> </tr></table>

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

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

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

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><b><font size=2>+352 4792-2652</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>2009 ArcelorMittal Employee Share Purchase Plan</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:12.31%;margin-right:12.31%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><b><font size=2>+352 4792-2652</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:12.31%;margin-right:12.31%;text-align:center;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of &#147;large accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act.</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="101%" style=' border-collapse:collapse'>
    <tr >
        <td  nowrap colspan="3" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Large accelerated filer </font><font face=Wingdings>x</font></p> </td>
        <td width="42%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td>
        <td width="20%" nowrap valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accelerated filer  &nbsp;</font><font face=Wingdings>o</font><font size=2></font></p> </td>
        <td width="4%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="18%" nowrap valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-accelerated filer &nbsp;&nbsp;</font><font face=Wingdings>o</font><font size=2> </font></p> </td>
        <td width="2%" nowrap valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td>
      <td  nowrap colspan="2" valign=top >&nbsp;</td>
        <td  nowrap colspan="3" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Smaller reporting company  &nbsp;</font><font face=Wingdings>o</font><font size=2></font></p> </td>
        <td width="4%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td> </tr>
    <tr>
        <td width="118" ></td>

        <td width="17" ></td>

        <td width="1" ></td>

        <td width="272" ></td>

        <td width="132" ></td>

        <td width="25" ></td>

        <td width="43" ></td>

        <td width="25" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Do not check if a smaller reporting company)</font><font size=2>&nbsp;</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="97%" style=' border-collapse:collapse; '>
  <tr style='height:21.15pt'>
    <td  colspan="5" valign=bottom style=' border-top: solid black .5pt;border-right: solid black .5pt;border-left: solid black .5pt;border-bottom:solid black .5pt;padding:0in 5.75pt 0in 5.75pt;height: 21.15pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><B><font SIZE=2>CALCULATION OF REGISTRATION FEE</font></B></p></td>
  </tr>
  <tr style='height:12.45pt'>
    <td  colspan="5" valign=bottom style=' border-right: solid black .5pt;border-left: solid black .5pt;border-bottom:solid black .5pt; padding:0in 5.75pt 0in 5.75pt;height:12.45pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="27%" valign=bottom style='border-top:none;border-left: solid black .5pt;border-right: solid black .5pt;border-bottom:solid black .5pt;border-right:solid black .5pt; padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Title of Securities to be Registered</font></p></td>
    <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Amount to be Registered (1)</font></p></td>
    <td width="19%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Proposed Maximum <br>
    Offering Price per Share <br>
    (2)</font></p></td>
    <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Proposed Maximum <br>
    Aggregate Offering <br>
    Price (2)</font></p></td>
    <td width="12%" valign=bottom style='border-right: solid black .5pt;border-bottom: solid black .5pt;padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>Amount of
          <br>
        Registration <br>
    Fee ($) </font></p></td>
  </tr>
  <tr>
    <td width="27%" valign=bottom style='border-top:none;border-left: solid black .5pt;border-bottom:solid black .5pt;border-right:solid black .5pt; padding:0in 5.75pt 0in 5.75pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Common Shares</font></p></td>
    <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,500,000</font></p></td>
    <td width="19%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38.08</font></p></td>
    <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">95,200,000</font></p></td>
    <td width="12%" valign=bottom style='border-bottom: solid black .5pt;border-right: solid black .5pt;padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">5,313</font></p></td>
  <tr>
    <td width="27%" valign=bottom style='border-top:none;border-left: solid black .5pt;border-bottom:solid black .5pt;border-right:solid black .5pt; padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total</font></p></td>
    <td width="22%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,500,000</font></p></td>
    <td width="19%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38.08</font></p></td>
    <td width="18%" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;  padding:0in 5.75pt 0in 5.75pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">95,200,000</font></p></td>
    <td width="12%" valign=bottom style='border-right: solid black .5pt;border-bottom: solid black .5pt;padding:0in 5.75pt 0in 5.75pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size="2">5,313</font></p></td>
  </tr>
</table>
<p>&nbsp;</p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="6%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>This Registration Statement covers common shares (&#147;Shares&#148;) of ArcelorMittal (the &#147;Registrant&#148;) (i) distributed pursuant to the exercise of purchase rights to be granted under the 2009 ArcelorMittal Employee Share Purchase Plan (the &#147;2009 ESPP&#148;) and (ii) pursuant to Rule 416 of the U.S. Securities Act of 1933, as amended (the &#147;Securities Act&#148;), any additional Shares, which become distributable under the 2009 ESPP by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant&#146;s receipt of consideration which results in an increase in the number of the outstanding Shares of the Registrant.  </font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="6%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Calculated pursuant to Rule 457(c) and 457(h) based on a price of $38.08 per share, which is the average of the high and low prices reported on the New York Stock Exchange on October 26, 2009, solely for the purpose of calculating the registration fee.</font></p> </td> </tr></table>



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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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


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

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

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

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

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>(a)  The Annual Report on Form 20-F of ArcelorMittal, filed with the SEC on February 20, 2009 (the &#147;2008 20-F&#148;);</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>(b)&nbsp;ArcelorMittal's current reports on Form 6-K, dated August 5, 2009, September 1, 2009, September 8, 2009, and October 2, 2009.</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>(c)  The description of the Registrant&#146;s shares contained in ArcelorMittal&#146;s Registration Statement on Form F-4 filed with the SEC on September 28, 2007 pursuant to the Securities Act, as updated by Item 10 of the 2008 20-F.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>All documents filed by ArcelorMittal (with respect to any Form 6-K, only to the extent designated therein) pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part hereof from the date of filing such documents.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>For purposes of this Registration Statement, any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement, to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-indent:7.69%; text-align:left;'><font size=2>Not applicable.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-indent:7.69%; text-align:left;'><font size=2> Not applicable.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:9pt; text-indent:5.23%;text-align:left;'><font size=2>The articles of association of ArcelorMittal provide that ArcelorMittal will, to the broadest extent permitted by law, indemnify every director or member of the Group Management Board, as well as every former director or member of the Group Management Board, the fees, costs and expenses reasonably incurred by him or her in the defense or resolution (including a settlement) of all legal actions or proceedings, whether civil, criminal or administrative, to which he or she has been involved by virtue of his or her role as former or current director or member of the Group Management Board of ArcelorMittal.</font><font size=2>&nbsp;</font></p>

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


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            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:9pt; text-indent:5.23%;text-align:left;'><font size=2>The right to indemnification does not exist in the case of gross negligence, fraud, fraudulent inducement, dishonesty or for a criminal offense or if it is ultimately determined that the director or member of the Group Management Board has not acted honestly, in good faith and with the reasonable belief that he or she was acting in the best interests of ArcelorMittal.</font></p>

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-indent:7.69%; text-align:left;'><font size=2>Not applicable.</font></p>

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

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended and Restated Articles of Association of ArcelorMittal dated July 15, 2009</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2009 ArcelorMittal Employee Share Purchase Plan</font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Deloitte S.A. </font></p> </td> </tr></table>



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        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Deloitte Accountants B.V. (Mittal Steel Company N.V. and subsidiaries)</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.3</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Audit S. &#224;. r. l (Arcelor S.A. and subsidiaries) </font></p> </td> </tr>
    <tr>
      <td nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>24.1</font></p></td>
      <td nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Power of Attorney (included on signature page(s))</font></p></td>
    </tr>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 9.  Undertakings</font></b></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="87%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The undersigned Registrant hereby undertakes:</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:7.69%; text-indent:7.69%;text-align:left;'><font size=2>(i)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:15.38%;text-align:left;'><font SIZE=2>A.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>To include any prospectus required by Section 10(a) (3) of the Securities Act;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:15.38%;text-align:left;'><font SIZE=2>B.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:15.38%;text-align:left;'><font SIZE=2>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; provided, however, that paragraphs (A) and (B) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.</font><font size=2>&nbsp;</font></p>

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


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            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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


<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:7.69%; text-indent:7.69%;text-align:left;'><font size=2>(ii)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>that, for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:7.69%; text-indent:7.69%;text-align:left;'><font size=2>(iii)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>

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

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


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

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


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            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Luxembourg, on October 27, 2009.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:56.69%; text-align:left;'><b><font size=2>ArcelorMittal</font></b></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:56.69%;text-align:left;'><font size=2>By: <u><font size=2>/s/ H.J. Scheffer</font></u></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:56.69%;text-align:left;'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:  H.J. Scheffer</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:56.69%;text-align:left;'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:  Company Secretary</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:57.69%; text-indent:-3.85%;text-align:left;'><font size=2>&nbsp;</font></p>

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

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Signature</font></u><u></u></p> </td>
        <td width="38%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Title</font></u><u></u></p> </td>
        <td width="26%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Date</font></u><u></u></p> </td> </tr>
    <tr style='height:30.15pt'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Lakshmi N. Mittal</font></u></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Lakshmi N. Mittal</font></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 30.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer, Director<br>
      and Chairman of the Board of
      Directors</font></p> </td>
        <td width="26%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:30.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Aditya Mittal</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Aditya Mittal</font></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt'>          <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer </font><br>
            <font size=2>(Principal Financial Officer and Principal Accounting Officer)</font><br>
      </p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Vanisha Mittal Bhatia</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Vanisha Mittal Bhatia</font></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr style='height:19.35pt'>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:19.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Narayanan Vaghul</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Narayanan Vaghul</font></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 19.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:19.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Wilbur L. Ross</font></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr></table>

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

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

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:22.5pt'>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Lewis B. Kaden</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Lewis B. Kaden</font><u></u></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr style='height:25.65pt'>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:25.65pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Fran&#231;ois H. Pinault</font><u></u></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 25.65pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:25.65pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr style='height:30.15pt'>
        <td width="35%" valign=bottom nowrap style='padding:0in 5.75pt 0in 5.75pt; height:30.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Jos&#233; R&#225;mon &#193;lvarez Rendueles</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Jos&#233; R&#225;mon &#193;lvarez Rendueles</font><u></u></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 30.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:30.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr style='height:.25in'>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Georges Schmit</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Georges Schmit</font><u></u></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: .25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr style='height:.25in'>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ John O. Castegnaro</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>John O. Castegnaro</font></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: .25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr style='height:22.5pt'>
        <td width="35%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Antoine Spillmann</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Antoine Spillmann</font></p> </td>
        <td width="38%" style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>
        <td width="26%" style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p> </td> </tr>
    <tr style='height:22.5pt'>
      <td valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:22.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>H.R.H. Prince Guillaume de Luxembourg</font></p></td>
      <td style='padding:0in 5.75pt 0in 5.75pt;height: 22.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p></td>
      <td style='padding:0in 5.75pt 0in 5.75pt;height:22.5pt'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>October 27, 2009</font></p></td>
    </tr></table>

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below on October 27, 2009, by the undersigned as the duly authorized representative of ArcelorMittal in the United States.</font></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="73%" style=' border-collapse:collapse'>
    <tr>
        <td width="572" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Marc Jeske</font></u></p> </td> </tr>
    <tr >
        <td  nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=top  nowrap >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Marc Jeske</font></p></td>
        </tr>
    <tr>
        <td width="572" ></td>

        <td width="27" ></td>

        <td width="176" ></td>
        </tr> </table>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><b><font size=2>Exhibit Number</font></b></p> </td>
        <td width="64%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><b><font size=2>Description</font></b></p> </td>
        <td width="23%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><b><font size=2>Method of Filing</font></b></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>4.1</font></p> </td>
        <td width="64%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Amended and Restated Articles of Association of ArcelorMittal dated July 15, 2009</font></p> </td>
        <td width="23%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>4.2</font></p> </td>
        <td width="64%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>2009 ArcelorMittal Employee Share Purchase Plan </font></p> </td>
        <td width="23%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>23.1</font></p> </td>
        <td width="64%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Deloitte S.A.</font><font size=1>&nbsp;</font></p>
      </td>
        <td width="23%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>23.2</font></p> </td>
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      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Deloitte Accountants B.V. (Mittal Steel Company N.V. and subsidiaries)</font></p> </td>
        <td width="23%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Filed herewith</font></p> </td> </tr>
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      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>23.3</font></p> </td>
        <td width="64%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of KPMG Audit S. &#224;. r. l. (Arcelor S.A. and subsidiaries)</font></p>
</td>
        <td width="23%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.75pt 0in 5.75pt'>&nbsp;</td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>24.1</font></p> </td>
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      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Powers of Attorney (included on signature page(s))</font></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.0pt'><font size=2>Filed herewith</font></p> </td> </tr></table>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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<p align="right" style=' margin-bottom:0pt; margin-top:0pt; text-align:right;'><u><font face="Arial" size=2>Exhibit 4.1</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:3.28%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:3.28%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; margin-right:16.06%;  text-align:center;line-height: 150%;border-left:solid 0.75pt;padding-left:1;border-right:solid 0.75pt;padding-right:1;border-top:solid 0.75pt;padding-top:1;'><b><font face="Arial" size=2><br>
      <img src="left-squiggle.jpg" width="13" height="16"></font></b><font face="Arial" size=2>&nbsp;</font><b><font face="Arial" size=2>ArcelorMittal</font></b><font face="Arial" size=2>&nbsp;</font><b><img src="right-squiggle.jpg" width="11" height="13"></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; margin-right:16.06%; text-align:center;line-height: 150%;border-left:solid 0.75pt;padding-left:1;border-right:solid 0.75pt;padding-right:1;padding-top:0;'><font face="Arial" size=2>soci&#233;t&#233; anonyme</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; margin-right:16.06%; text-align:center;line-height: 150%;border-left:solid 0.75pt;padding-left:1;border-right:solid 0.75pt;padding-right:1;padding-top:0;'><u><b><font face="Arial" size=2>Luxembourg</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; margin-right:16.06%; text-align:center;line-height: 150%;border-left:solid 0.75pt;padding-left:1;border-right:solid 0.75pt;padding-right:1;padding-top:0;'><font face="Arial" size=2>R.C.S. Luxembourg, section B num&#233;ro 82454</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; margin-right:16.06%; text-indent:3.28%;text-align:center;line-height: 150%;border-bottom:solid 0.75pt;padding-bottom:1;border-left:solid 0.75pt;padding-left:1;border-right:solid 0.75pt;padding-right:1;padding-top:0;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;margin-right:19.33%;text-align:center;line-height: 150%;'><font face="Arial" size=2>**********************************************************************************</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;margin-right:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-align:center;line-height: 150%;'><B><font FACE="ARIAL" SIZE=2>STATUTS COORDONNES</font></B><font face="Arial" size=2> &#224; la date du</font><b><font face="Arial" size=2> 15 juillet 2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;margin-right:19.33%;text-align:center;line-height: 150%;'><font face="Arial" size=2>**********************************************************************************</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:19.33%;text-align:justify;line-height: 150%;'><font face="Arial" size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-align:center;'><B><font SIZE=2>PAGE 1</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 1. Form - Corporate name </font></b></u><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The Company&#146;s legal name is </font><b><font face="Arial" size=2>ArcelorMittal </font></b><font face="Arial" size=2>and it is a public limited company (&#147;</font><i><font face="Arial" size=2>soci&#233;t&#233; anonyme</font></i><font face="Arial" size=2>&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 2. Duration</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The Company is established for an unlimited period. It may be dissolved at any time by decision of the general meeting of shareholders taken in the same manner as for a change in the articles of association in accordance with article 19 below. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 3. Corporate purpose</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The corporate purpose of the Company shall be the manufacture, processing and marketing of steel, steel products and all other metallurgical products, as well as all products and materials used in their manufacture, their processing and their marketing, and all industrial and commercial activities connected directly or indirectly with those objects, including mining and research activities and the creation, acquisition, holding, exploitation and sale of patents, licences, know-how and, more generally, intellectual and industrial property rights. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The Company may realise that corporate purpose either directly or through the creation of companies, the acquisition, holding or acquisition of interests in any companies or partnerships, membership in any associations, consortia and joint ventures. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>In general, the Company's corporate purpose comprises the participation, in any form whatsoever, in companies and partnerships, and the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or in any other manner of shares, bonds, debt securities, warrants and other securities and instruments of any kind. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>It may grant assistance to any affiliated company and take any measure for the control and supervision of such companies. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>It may carry out any commercial, financial or industrial operation or transaction which it considers to be directly or indirectly necessary or useful in order to achieve or further its corporate purpose.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 4. Registered office</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The Company's registered office and principal office shall be established in Luxembourg City. The registered office may be transferred within the municipality of Luxembourg City by simple decision of the board of directors. Branches or offices both in the Grand Duchy of Luxembourg and abroad may be set up by simple decision of the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>In the event that the board of directors determines that extraordinary political, economic or societal events have occurred or are imminent that may hinder the ordinary course activities of the Company at the registered office </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>or the ease of communication either with that office or from that office to places abroad, it may temporarily transfer the registered office to a location abroad until the complete cessation of the abnormal circumstances; provided, however, that such temporary transfer shall have no effect on the nationality of the Company, which, despite the temporary transfer of its registered office, shall remain a Luxembourg company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 5. Capital - Increase in capital</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.1.</font></b><font face="Arial" size=2> The issued share capital amounts to </font><b><font face="Arial" size=2>six billion eight hundred and thirty-six million eight hundred five thousand nine hundred and ninety-one Euro and eighty cents (EUR 6,836,805,991.80).</font></b><font face="Arial" size=2> It is represented by </font><b><font face="Arial" size=2>one billion five hundred sixty million nine hundred </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><b><font face="Arial" size=2>fourteen thousand six hundred and ten (1,560,914,610)</font></b><font face="Arial" size=2> shares without nominal value and fully paid up.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.2.</font></b><font face="Arial" size=2> The Company's authorised capital, including the issued capital, shall amount to seven billion eighty two million four hundred and sixty thousand Euro (EUR 7,082,460,000), represented by one billion six hundred and seventeen million (1,617,000,000) shares, without nominal value.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.3.</font></b><font face="Arial" size=2> The issued capital and the authorised capital of the Company may be increased or decreased by resolution of the general meeting of shareholders adopted in the forms and in accordance with the conditions laid down for amending the articles of association under article 19 of the present articles of association.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.4.</font></b><font face="Arial" size=2> Subject to the provisions of the law on commercial companies (hereinafter referred to as "the </font><b><font face="Arial" size=2>Law</font></b><font face="Arial" size=2>"), each shareholder shall have a preferential right of subscription in the event of the issue of new shares in return for contributions in cash. Such preferential right of subscription shall be proportional to the fraction of the capital represented by the shares held by each shareholder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The preferential subscription right may be limited or cancelled by a resolution of the general meeting of shareholders adopted in accordance with article 19 of the present articles of association.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The preferential subscription right may also be limited or cancelled by the board of directors (i) in the event that the general meeting of shareholders delegates, under the conditions laid down in article 19 of the present articles of association and by amending the present articles of association, to the board of directors the power to issue shares and to limit or cancel the preferential subscription right for a period of no more than five years set by the general meeting, as well as (ii) pursuant to the authorization conferred by article 5.5 of the present articles of association.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.5. </font></b><font face="Arial" size=2>The board of directors is authorised, during a period from the date of this general meeting of shareholders and ending on the fifth anniversary of the date of publication in the Luxembourg legal gazette of the minutes of the general meeting held on 17<sup>th</sup> June 2009, without prejudice to any renewals, to increase the issued capital on one or more occasions within the limits of the authorised capital. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors is authorised to determine the conditions of any capital increase including through contributions in cash or in kind, by the incorporation of reserves, issue premiums or retained earnings, with or without the issue of new shares, or following the issue and the exercise of subordinated or non-subordinated bonds, convertible into or repayable by or exchangeable for shares (whether provided in the terms at issue or subsequently provided), or following the issue of bonds with warrants or other rights to subscribe for shares attached, or through the issue of stand-alone warrants or any other instrument carrying an entitlement to, or the right to subscribe for, shares. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors is authorised to set the subscription price, with or without issue premium, the date from which the shares or other financial instruments will carry beneficial rights and, if applicable, the duration, amortisation, other rights (including early repayment), interest rates, conversion rates and exchange rates of the aforesaid financial instruments as well as all the other conditions and terms of such financial </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-align:center;'><B><font SIZE=2>PAGE 3</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>instruments including as to their subscription, issue and payment, for which the board of directors may make use of Article 32-1 paragraph 3 of the Law. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors is authorised to limit or cancel the preferential subscription rights of existing shareholders. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Decisions of the board of directors relating to the issue, pursuant to the authorisation conferred by this article 5.5, of any financial instruments carrying or potentially carrying a right to equity shall, by way of derogation from article 9 of the present articles of association, be taken by a majority of two-thirds of the members present or represented. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>When the board of directors has implemented a complete or partial increase in capital as authorised by the foregoing provisions, article 5 of the present articles of association shall be amended to reflect that increase. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors is expressly authorised to delegate to any natural or legal person to organise the market in subscription rights, accept subscriptions, conversions or exchanges, receive payment for the price of shares, bonds, subscription rights or other financial instruments, to have registered increases of capital carried out as well as the corresponding amendments to article 5 of the present articles of association and to have recorded in said article 5 of the present articles of association the amount by which the authorisation to increase the capital has actually been used and, where appropriate, the amounts of any such increase that are reserved for financial instruments which may carry an entitlement to shares.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.6.</font></b><font face="Arial" size=2> The non-subscribed portion of the authorised capital may be drawn on by the exercise of conversion or subscription rights already conferred by the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 6. Shares </font></b></u><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.1.</font></b><font face="Arial" size=2> Shares shall be issued solely in the form of registered shares.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.2.</font></b><font face="Arial" size=2> Subject to the provision of article 6.3 of the present articles of association, the Company shall consider the person in whose name the shares or fractions are recorded in the register of shareholders to be the owner of those shares or of those fractions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.3.</font></b><font face="Arial" size=2> However, where shares are recorded in the register of shareholders on behalf of one or more persons in the name of a securities settlement system or the operator of such a system or in the name of a professional depository of securities or any other depository (such systems, professionals or other depositories being referred to hereinafter as "</font><b><font face="Arial" size=2>Depositories</font></b><font face="Arial" size=2>") or of a sub-depository designated by one or more Depositories, the Company - subject to its having received from the Depository with whom those shares are kept in account a certificate in proper form - will permit those persons to exercise the rights attaching to those shares, including admission to and voting at general meetings, and shall consider those persons to be holders for the
purposes of article 7 of the present articles of association. The board of directors may determine the formal requirements with which such certificates must comply.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Notwithstanding the foregoing, the Company will make payments, by way of dividends or otherwise,&nbsp;in cash, shares or other assets only into the hands of the Depository or sub-depository recorded in the register or in accordance with their instructions, and that payment shall release the Company from any and all obligations for such payment.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-align:center;'><B><font SIZE=2>PAGE 4</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.4.</font></b><font face="Arial" size=2> Certificates confirming that an entry has been made in the register of shareholders will be provided to the shareholders and, in the case provided for in article 6.3 of the present articles of association upon request, to the Depositories or sub-depositories recorded in the register. Other than with respect to the procedures for transfer of fungible shares in the case provided for in article 6.3 of the present articles of association, the transfer of shares shall be made by a written declaration of transfer inscribed in the register of shareholders and dated and signed by the transferor and the transferee, or by their duly-appointed agents. The Company may accept any other document, instrument, writing or correspondence as sufficient proof of the transfer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>No entry shall be made in the register of shareholders and no notice of a transfer shall be recognised by the Company during the period starting on the fifth (5<sup>th</sup>) working day before the date of a general meeting and ending at the close of that general meeting, unless the Company establishes a shorter period.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.5.</font></b><font face="Arial" size=2> Within the limits and conditions laid down by the Law, the Company may repurchase its own shares or cause them to be repurchased by its subsidiaries.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.6.</font></b><font face="Arial" size=2> Subject to the provisions of article 6.7 of the present articles of association, the shares or fractions are indivisible vis-&#224;-vis the Company, which shall recognise only one legal owner per share or fraction. Owners per indivisum must be represented vis-&#224;-vis the Company by one single person in order to be able to exercise their rights.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.7. </font></b><font face="Arial" size=2>The shares of the Company may be divided into equal fractions, where each fraction is equal to one seventh (1/7) of a share. The division of shares into fractions shall be effected only in the event of a corporate capital restructuring decided by the general meeting of shareholders of the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>A holder of a fraction is entitled to one-seventh (1/7) of any distribution per share by the Company, or upon its liquidation.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Fractions carry no voting rights at the general meetings of shareholders of the Company, unless a number of fractions equals a full share.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Any holder of fractions who holds seven (7) fractions can request their conversion into one (1) full share.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 7. Rights and obligations of shareholders</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.1.</font></b><font face="Arial" size=2> The Company is currently subject, and for so long as its transferable securities are admitted to trading on a regulated market will remain subject, to the provisions of the law of 4 December 1992 (the </font><b><font face="Arial" size=2>&#147;Law of 4 December 1992&#148;</font></b><font face="Arial" size=2>). Any reference in these articles of association to a provision of the Law of 4 December 1992 shall be a reference to the equivalent provision in such law as the same may be amended or replaced.  The provisions of articles 1 to 10 inclusive of the Law of 4 December 1992 and the sanction of suspension of voting rights in accordance with article 13 of the Law of 4 December 1992 shall also apply, taking into account the provisions of articles 7 and 8 of the Law of 4 December 1992, (a) to any acquisition or
disposal of shares resulting in a shareholding increasing above or decreasing below a threshold of two and one-half per cent (2.5%) of voting rights in the Company, (b) to any acquisition or disposal of shares resulting in a shareholding increasing above or decreasing below a threshold of three </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 5</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>per cent (3%) of voting rights in the Company and (c), over and above three per cent (3%) of voting rights in the Company, to any acquisition or disposal of shares resulting in successive thresholds of one per cent (1%) of voting rights in the Company being crossed (either through an increase or a decrease). </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>In calculating the thresholds set out in this article 7 and applying the declaration obligations set out in this article 7, the voting rights set forth in articles 7 and 8 of the Law of 4 December 1992 shall be included as voting rights held by the person subject to the obligations described in this article.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.2</font></b><font face="Arial" size=2> Any person who, taking into account articles 7 and 8 of the Law of 4 December 1992, acquires shares resulting in possession of five per cent (5%) or more or a multiple of five percent (5%) or more of the voting rights in the Company must - on pain of the suspension of voting rights pursuant to article 13 of the Law of 4 December 1992 - inform the Company within ten (10) Luxembourg Stock Exchange trading days following the date such threshold is crossed by registered mail return receipt requested of such person&#146;s intention (a) to acquire or dispose of shares in the Company within the next twelve (12) months, (b) to seek to obtain control over the Company or (c) to seek to appoint a member to the Company's board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.3</font></b><font face="Arial" size=2> Any person under an obligation to notify the Company of the acquisition of shares conferring on that person, having regard to articles 7 and 8 of the Law of 4 December 1992, one quarter or more of the total voting rights in the Company shall be obliged to make, or cause to be made, in each country where the Company's securities are admitted to trading on a regulated or other market and in each of the countries in which the Company has made a public offering of its shares, an unconditional public offer to acquire for cash all outstanding shares and securities giving access to shares, linked to the share capital or whose rights are dependent on the profits of the Company (hereafter collectively </font><b><font face="Arial" size=2>&#147;securities linked to capital&#148;</font></b><font face="Arial" size=2>),
whether those securities were issued by the Company or by entities controlled or established by it or members of its group. Each of these public offers must be conducted in conformity and compliance with the legal and regulatory requirements applicable to public offers in each State concerned. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>In any case, the price must be fair and equitable and, in order to guarantee equality of treatment of shareholders and holders of securities linked to capital of the Company, the said public offers must be made at or on the basis of an identical price, which must be justified by a report drawn up by a first rank financial institution nominated by the Company whose fees and costs must be advanced by the person subject to the obligation laid down by this article.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>This obligation to make an unconditional cash offer shall not apply if the acquisition of the Company's shares by the person making such notification has received the prior assent of the Company's shareholders in the form of a resolution adopted in conformity with article 19 of the present articles of association at a general meeting of shareholders, including in particular in the event of a merger or a contribution in kind paid for by a share issue.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.4</font></b><font face="Arial" size=2>. If the public offer as described in article 7.3 of the present articles of association has not been made within a period of two (2) months of notification to the Company of the increase in the holding giving entitlement </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 6</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>to the percentage of voting rights provided for in article 7.3 of the present articles of association or of notification by the Company to the shareholder that such increase has taken place, or if the Company is informed that a competent authority in one of the countries in which the securities of the Company are admitted to trading (or in one of the countries in which the Company has made a public offering of its shares) has determined that the public offer was made contrary to the legal or regulatory requirements governing public offers applicable in that country, as from the expiry of the aforementioned period of two (2) months or from the date on which the Company received that information, the right to attend and vote at general meetings of shareholders and the right to receive dividends or other distributions shall be suspended in respect of the shares corresponding to
the percentage of the shares held by the shareholder in question exceeding the threshold fixed in article 7.3 of the present articles of association as from which a public offer has to be made.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>A shareholder who has exceeded the threshold fixed by article 7.3 of the present articles of association and requires a general meeting of shareholders to be called pursuant to article 70 of the Law, must, in order to be able to vote at that meeting, have made a definitive and irrevocable public offer as described in article 7.3 of the present articles of association before that meeting is held. Failing this, the right to vote attaching to the shares exceeding the threshold laid down by article 7.3 of the present articles of association shall be suspended.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Where, at the date on which the annual general meeting is held, a shareholder exceeds the threshold laid down by article 7.3 of the present articles of association, his or her voting rights shall be suspended to the extent of the percentage exceeding the threshold laid down in article 7.3 of the present articles of association, save where the shareholder in question undertakes in writing not to vote in respect of the shares exceeding the threshold of one-quarter or where the shareholder has definitively and irrevocably made the public offer as provided for in article 7.3 of the present articles of association.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.5. </font></b><font face="Arial" size=2>The provisions of article 7 shall not apply:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(i)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>to the Company itself in respect of shares directly or indirectly held in treasury,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(ii) </font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>to Depositories, acting as such, provided that said Depositories may only exercise the voting right attached to such shares if they have received instructions from the owner of the shares, the provisions of this article 7 thereby applying to the owner of the shares,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(iii) </font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>to any disposal and to any issue of shares by the Company in connection with a merger or a similar transaction or the acquisition by the Company of any other company or activity,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(iv)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</font><font face="Arial" size=2>to the acquisition of shares resulting from a public offer for the acquisition of all the shares in the Company and all of the securities linked to capital,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(v)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>to the acquisition or transfer of a participation remaining below ten per cent (10%) of total voting rights by a market maker acting in this capacity, provided that:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>a)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>it is approved by its home Member State by virtue of directive 2004/39/CE; and</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 7</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>b)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>it neither interferes in the management of the Company nor exercises influence on the Company to acquire its shares or to maintain their price.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.6. </font></b><font face="Arial" size=2>Voting rights are calculated on the basis of the entirety of the shares to which voting rights are attached even if the exercise of such voting rights is suspended.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 8. Board of directors</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.1.</font></b><font face="Arial" size=2> The Company shall be administered by a board of directors composed of at least three (3) members and of a maximum of eighteen (18) members; all of whom except the Chief Executive Officer (</font><b><font face="Arial" size=2>&#147;</font></b><i><b><font face="Arial" size=2>administrateur-pr&#233;sident de la direction g&#233;n&#233;rale</font></b></i><b><font face="Arial" size=2>&#148;</font></b><font face="Arial" size=2>) shall be non-executive. None of the members of the board of directors, except for the Chief Executive Officer</font><b><font face="Arial" size=2> </font></b><font face="Arial" size=2>of the Company (</font><b><font face="Arial" size=2>&#147;</font></b><i><b><font face="Arial" size=2>administrateur-pr&#233;sident de la direction g&#233;n&#233;rale</font></b></i><b><font face="Arial"
size=2>&#148;</font></b><font face="Arial" size=2>), shall have an executive position or executive mandate with the Company or any entity controlled by the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>At least one-half of the board of directors shall be composed of independent members. A member of the board of directors shall be considered as &#147;independent&#148;, if (i) he or she is independent within the meaning of the Listed Company Manual of the New York Stock Exchange (the "</font><b><font face="Arial" size=2>Listed Company Manual</font></b><font face="Arial" size=2>"), as it may be amended, or any successor provision, subject to the exemptions available for foreign private issuers, and if (ii) he or she is unaffiliated with any shareholder owning or controlling more than two percent (2%) of the total issued share capital of the Company (for the purposes of this article, a person is deemed affiliated to a shareholder if he or she is an executive officer, or a director who is also employed by the shareholder, a general partner, a managing member,
or a controlling shareholder of such shareholder).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.2</font></b><font face="Arial" size=2>. The members of the board of directors do not have to be shareholders in the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.3. </font></b><font face="Arial" size=2>The members of the board of directors shall be elected by the shareholders at the annual general meeting or at any other general meeting of shareholders for a period terminating on the date to be determined at the time of their appointment and, with respect to appointments which occur after the 13th November 2007 (except in the event of the replacement of a member of the board of directors during his or her mandate) at the third annual general meeting following the date of their appointment. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.4.</font></b><font face="Arial" size=2> At any general meeting of shareholders held after 1<sup>st</sup> August 2009, the Mittal Shareholder (as defined below) may, at its discretion, decide to exercise the right of proportional representation provided in the present article and nominate candidates for appointment as members of the board of directors (the </font><b><font face="Arial" size=2>&#147;Mittal Shareholder Nominees&#148;</font></b><font face="Arial" size=2>) as follows. Upon any exercise by the Mittal Shareholder of the right of proportional representation provided by this article, the general meeting of shareholders shall elect, among the Mittal Shareholder Nominees, a number of members of the board of directors determined by the Mittal Shareholder, such that the number of members of the board of directors so elected among the Mittal
Shareholder Nominees, in addition to the number of members of the board of directors in office who were elected in the past among the Mittal Shareholder Nominees, shall not exceed the Proportional Representation. For the purposes of this article, the </font><b><font face="Arial" size=2>&#147;Proportional Representation&#148;</font></b><font face="Arial" size=2> shall mean the product of the total number of members of the board of directors after the proposed </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 8</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>election(s) and the percentage of the total issued and outstanding share capital of the Company owned, directly or indirectly, by the Mittal Shareholder on the date of the general meeting of shareholders concerned, with such product rounded to the closest integral. When exercising the right of Proportional Representation granted to it pursuant to this article, the Mittal Shareholder shall specify the number of members of the board of directors that the general meeting of shareholders shall elect from among the Mittal Shareholder Nominees, as well as the identity of the Mittal Shareholder Nominees. For purposes of this article the</font><b><font face="Arial" size=2> "Mittal Shareholder"</font></b><font face="Arial" size=2> shall mean collectively Mr. Lakshmi N. Mittal or Mrs. Usha Mittal or any of their heirs or successors acting directly or indirectly through Mittal
Investments S.&#224; r.l., ISPAT International Investments S.L. or any other entity controlled, directly or indirectly, by either of them. The provisions of this article shall not in any way limit the rights that the Mittal Shareholder may additionally have to nominate and vote in favour of the election of any director in accordance with its general rights as a shareholder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.5. </font></b><font face="Arial" size=2>A member of the board of directors may be dismissed with or without cause and may be replaced at any time by the general meeting of shareholders in accordance with the aforementioned provisions relating to the composition of the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>In the event that a vacancy arises on the board of directors following a member's death or resignation or for any other reason, the remaining members of the board of directors may, by a simple majority of the votes validly cast, elect a member of the board of directors so as temporarily to fulfil the duties attaching to the vacant post until the next general meeting of shareholders in accordance with the aforementioned provisions relating to the composition of the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.6.</font></b><font face="Arial" size=2> Except for a meeting of the board of directors convened to elect a member to fill a vacancy as provided in the second paragraph of article 8.5, or to convene a general meeting of shareholders to deliberate over the election of Mittal Shareholder Nominees, and except in the event of a grave and imminent danger requiring an urgent board of directors' decision, which shall be approved by the directors elected from among the Mittal Shareholder Nominees, the board of directors of the Company will not be deemed to be validly constituted and will not be authorized to meet until the general meeting of shareholders has elected from among the Mittal Shareholder Nominees the number of members of the board of directors required under article 8.4.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.7.</font></b><font face="Arial" size=2> In addition to the directors&#146; fees determined in accordance with article 17 below, the general meeting may grant members of the board of directors a fixed amount of compensation and attendance fees, and upon the proposal of the board of directors, allow the reimbursement of the expenses incurred by members of the board of directors in order to attend the meetings, to be imputed to the charges.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors shall in addition be authorised to compensate members of the board of directors for specific missions or functions</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.8.</font></b><font face="Arial" size=2> The Company will indemnify, to the broadest extent permitted by Luxembourg law, any member of the board of directors or member of the management board, as well as any former member of the board of directors or member of the management board, for any costs, fees and expenses reasonably incurred by him or her in the defence or resolution (including a </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 9</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>settlement) of any legal actions or proceedings, whether they be civil, criminal or administrative, to which he or she may be made a party by virtue of his or her former or current role as member of the board of directors or member of the management board of the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Notwithstanding the foregoing, a former or current member of the board of directors or member of the management board will not be indemnified if he or she is found guilty of gross negligence, fraud, fraudulent inducement, dishonesty or of the commission of a criminal offence or if it is ultimately determined that he or she has not acted honestly and in good faith and with the reasonable belief that his or her actions were in the Company&#146;s best interests.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The aforementioned indemnification right shall not be forfeited in the case of a settlement of any legal actions or proceedings, whether they be civil, criminal or administrative.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The provisions above shall inure to the benefit of the heirs and successors of the former or current member of the board of directors or member of the management board without prejudice to any other indemnification rights that he or she may otherwise claim.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Subject to any procedures that may be implemented by the board of directors in the future, the expenses for the preparation and defence in any legal action or proceeding covered by this article 8.8 may be advanced by the Company, provided that the concerned former or current member of the board of directors or member of the management board delivers a written commitment that all sums paid in advance will be reimbursed to the Company if it is ultimately determined that he or she is not entitled to indemnification under this article 8.8.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 9. Procedures for meetings of the Board of Directors</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors shall choose from amongst its members a chairman of the board of directors (the &#147;</font><b><font face="Arial" size=2>Chairman of the board of directors</font></b><font face="Arial" size=2>&#148;) (</font><i><font face="Arial" size=2>Pr&#233;sident du conseil d&#146;administration)</font></i><font face="Arial" size=2> and, if considered appropriate, a president (the &#147;</font><b><font face="Arial" size=2>President</font></b><font face="Arial" size=2>&#148;) (</font><i><font face="Arial" size=2>Pr&#233;sident)</font></i><font face="Arial" size=2> and one or several vice-chairmen and shall determine the period of their office, not exceeding their appointment as director. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors shall meet, when convened by the Chairman of the board of directors or the President, or a vice-chairman, or two (2) members of the board of directors, at the place indicated in the notice of meeting.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The meetings of the board of directors shall be chaired by the Chairman of the board of directors or the President or, in their absence, by a vice-chairman. In the absence of the Chairman of the board of directors, of the President, and of the vice-chairmen, the board of directors shall appoint by a majority vote a chairman pro tempore for the meeting in question.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>A written notice of meeting shall be sent to all members of the board of directors for every meeting of the board of directors at least five (5) days before the date scheduled for the meeting, except in case of urgency, in which case the nature of the emergency shall be specified in the notice of meeting. Notice of meeting shall be given by letter or by fax or by electronic mail or by any other means of communication guaranteeing the authenticity of the document and the identification of the person who is the author of the document. Notice of meeting may be waived by the consent of each member of the board of directors given in the same manner as that required for a </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 10</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>notice of meeting. A special notice of meeting shall not be required for meetings of the board of directors held on the dates and at the times and places determined in a resolution adopted beforehand by the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>For any meeting of the board of directors, each member of the board of directors may designate another member of the board of directors to represent him and vote in his or her name and place, provided that a given member of the board of directors may not represent more than one of his or her colleagues. The representative shall be designated in the same manner as is required for notices of meeting. The mandate shall be valid for one meeting only and, where appropriate, for every further meeting as far as there is the same agenda.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors may deliberate and act validly only if the majority of the members of the board of directors are present or represented.  Decisions shall be taken by a simple majority of the votes validly cast by the members of the board of directors present or represented. None of the members of the board of directors, including the Chairman of the board of directors, the President and vice-chairmen, has a casting vote.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>A member of the board of directors may take part in and be regarded as being present at a meeting of the board of directors by telephone conference or by any other means of telecommunication which enable all the persons taking part in the meeting to hear each other and speak to each other.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>If all the members of the board of directors agree as to the decisions to be taken, the decisions in question may also be taken in writing without any need for the members of the board of directors to meet. To this end, the members of the board of directors may express their agreement in writing, including by fax or by any other means of communication guaranteeing the authenticity of the document and the identification of the member of the board of directors who wrote the document. The consent may be given on separate documents which together constitute the minutes of such decisions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 10. Minutes of meetings of the board of directors </font></b></u><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The minutes of meetings of the board of directors shall be signed by the person who chaired the meeting and by those members of the board of directors taking part in the meeting and who request to sign such minutes. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Copies or excerpts of minutes intended for use in judicial proceedings or otherwise shall be signed by the Chairman of the board of directors or the President or a vice-chairman.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 11. Powers of the board of directors</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>11.1. </font></b><font face="Arial" size=2>The board of directors shall have the most extensive powers to administer and manage the Company. All powers not expressly reserved to the general meeting by the Law or the present articles of association shall be within the competence of the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>11.2. </font></b><font face="Arial" size=2>The board of directors may decide to set up committees to consider matters submitted to them by the board of directors, including an audit committee and an appointments, remuneration and corporate governance committee. The audit committee shall be composed solely of independent members of the board of directors, as defined in article 8.1. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>11.3. </font></b><font face="Arial" size=2>The board of directors may delegate the day-to-day management of the Company's business and the power to represent the Company with respect thereto to one or more executive officers (</font><i><font face="Arial" size=2>directeurs </font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 11</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><i><font face="Arial" size=2>g&#233;n&#233;raux)</font></i><font face="Arial" size=2>, executives (</font><i><font face="Arial" size=2>directeurs) </font></i><font face="Arial" size=2>or other agents, who may together constitute a management board (</font><i><font face="Arial" size=2>direction g&#233;n&#233;rale</font></i><font face="Arial" size=2>) deliberating in conformity with rules determined by the board of directors. The board of directors may also delegate special powers to any person and confer special mandates on any person.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 12. Authorised signatures</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The Company shall be bound by the joint or individual signature of all persons to whom such power of signature shall have been delegated by the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 13. Shareholders' meetings &#150; General</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Any duly constituted general meeting of the Company's shareholders shall represent all the shareholders in the Company. It shall have the widest powers to order, implement or ratify all acts connected with the Company's operations.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>General meetings of shareholders shall be chaired by the Chairman of the board of directors or the President or, in their absence, by a vice-chairman. In the absence of the Chairman of the board of directors, of the President and of the vice-chairmen, the general meeting of shareholders shall be presided over by the most senior member of the board of directors present.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Each share shall be entitled to one vote. Each shareholder may have himself represented at any general meeting of shareholders by giving a proxy in writing, including by fax or by any other means of communication guaranteeing the authenticity of the document and enabling the shareholder giving the proxy to be identified.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Except where law or the articles of association provide otherwise, resolutions shall be adopted at general meetings by a simple majority of the votes validly cast by the shareholders present or represented.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Where, in accordance with the provisions of article 6.3 of the present articles of association, shares are recorded in the register of shareholders in the name of a Depository or sub-depository of the former, the certificates provided for in the said article 6.3 of the present articles of association must be received at the Company no later than the day preceding the fifth (5<sup>th</sup>) working day before the date of the general meeting unless the Company fixes a shorter period. Such certificates must certify the fact that the shares in the account shall be blocked until the close of the general meeting. All proxies must be received at the Company by the same deadline.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors shall adopt all other regulations and rules concerning the availability of access cards and proxy forms in order to enable shareholders to exercise their right to vote.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors may decide to allow the participation of shareholders in the general meeting of the Company</font><i><font face="Arial" size=2> </font></i><font face="Arial" size=2>by any means of telecommunication (including via telephone or videoconference), provided that such means of telecommunication allow the identification of the shareholders participating by such means, and all the other shareholders</font><i><font face="Arial" size=2> </font></i><font face="Arial" size=2>present at such general meeting (whether in person or by proxy, or by means of such type of communications device) to hear them and to be heard by them at any time.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Any shareholder that participates in a general meeting of the Company by these means shall be deemed to be present at such general meeting, shall be counted when reckoning a quorum and shall be entitled to </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>vote on matters considered at such general meeting. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Shareholders may vote by correspondence, by means of a form provided by the Company including the following information:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:9.00%;text-align:justify;'><font size=4><b>-</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the location, the date, and the time of the meeting,</font>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:9.00%;text-align:justify;'><font size=4><b>-</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>the name, address and any other pertinent information concerning the shareholder,</font>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:9.00%;text-align:justify;'><font size=4><b>-</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>the number of shares held by such shareholder,</font>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:9.00%;text-align:justify;'><font size=4><b>-</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>the agenda for the meeting,</font>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:9.00%;text-align:justify;'><font size=4><b>-</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>the option to cast a positive or negative vote or to abstain,</font>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:9.00%;text-align:justify;'><font size=4><b>-</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>the option to vote by proxy for any new resolution or any modification of the resolutions that may be proposed during the meeting or announced by the Company after the shareholder&#146;s submission of the form provided by the Company.</font>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:9.00%;text-align:justify;'><font face="Arial" size=2>The forms for voting by correspondence should be received at the Company no later than the day preceding the fifth (5<sup>th</sup>) working day before the date of the general meeting unless the Company fixes a shorter period. Once the voting forms are submitted to the Company, they can neither be retrieved nor cancelled.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Duly completed forms that are received by the Company as provided above shall be counted when reckoning a quorum at such general meeting. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The board of directors shall adopt all other regulations and rules concerning the participation in the meeting and forms to be used to vote by correspondence.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>In the event that all the shareholders are present or represented at a general meeting of shareholders and declare that they have been informed of the agenda of the general meeting, the general meeting may be held without prior notice of meeting or publication.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 14. Annual general meeting of shareholders</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The annual general meeting of shareholders shall be held in accordance with Luxembourg law at the Company's registered office or at any other place in the City of Luxembourg mentioned in the notice of meeting on the second Tuesday of the month of May each year at eleven o&#146;clock (11:00) a.m.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>If that day is not a banking day in Luxembourg, the annual general meeting shall be held on the immediately preceding banking day.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Fifteen (15) days before the general meeting, shareholders may inspect at the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>registered office the documents to be deposited at such office in accordance with the Law.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The management report, the annual and consolidated accounts and the documents drawn up by the</font><font color="#36464F"><font face="Arial" size=2> </font></font><font face="Arial" size=2>independent auditors shall be addressed to the registered shareholders at the same time as the notice of meeting. Any shareholder shall be entitled to obtain a copy of the documents referred to in the preceding paragraph free of charge, upon production of proof of his or her shareholding, fifteen (15) days before the meeting.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Following the approval of the annual accounts and consolidated accounts, the general meeting shall decide by special vote on the discharge of the liability of the members of the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The other general meetings of shareholders may be held on the dates, at the time and at the place indicated in the notice of meeting.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 13</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 15. Independent Auditors </font></b></u><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The annual accounts and consolidated accounts shall be audited, and the consistency of the management report with those accounts verified, by one or more independent auditors (&#147;</font><i><font face="Arial" size=2>r&#233;viseurs d'entreprises</font></i><font face="Arial" size=2>&#148;) appointed by the general meeting of shareholders for a period not exceeding three (3) years.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The independent auditor(s) may be re-elected.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>They shall record the result of their audit in the reports required by the Law.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 16. Financial year</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The Company's financial year shall commence on 1 January each year and end on 31 December the same year.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 17. Allocation of profits</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Five per cent (5%) of the Company's net annual profits shall be allocated to the reserve required by the Law. This allocation shall cease to be mandatory when that reserve reaches ten per cent (10%) of the subscribed capital. It shall become mandatory once again when the reserve falls below that percentage.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The remainder of the net profit shall be allocated as follows by the general meeting of shareholders upon the proposal of the board of directors:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#149;</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>a global amount shall be allocated to the board of directors by way of directors' fees (&#147;</font><i><font face="Arial" size=2>tanti&#232;mes</font></i><font face="Arial" size=2>&#148;). This amount may not be less than one million Euro (EUR 1,000,000). In the event that the profits are insufficient, the amount of one million Euro shall be imputed in whole or in part to the charges. The distribution of this amount as amongst the members of the board of directors shall be effected in accordance with the board of directors' rules of procedure;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#149;</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>the balance shall be distributed as dividends to the shareholders or placed in the reserves or carried forward.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Where, upon the conversion of convertible or exchangeable securities into shares in the Company, the Company proceeds to issue new shares or to attribute shares of its own, those shares shall not take part in the distribution of dividends for the financial year preceding the conversion or exchange, unless the issue conditions of the convertible or exchangeable securities provide otherwise.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Interim dividends may be distributed under the conditions laid down by the Law by decision of the board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>No interest shall be paid on dividends declared but not paid which are held by the Company on behalf of shareholders.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 18. Dissolution and liquidation</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>In the event of a dissolution of the Company, liquidation shall be carried out by one or more liquidators, who may be natural or legal persons, appointed by the general meeting of shareholders, which shall determine their powers and remuneration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 19. Amendment of the articles of association</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The present articles of association may be amended from time to time as considered appropriate by a general meeting of shareholders subject to the requirements as to quorum and voting laid down by the Law.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>By exception to the preceding paragraph, articles 8.1, 8.4, 8.5, 8.6 and 11.2 as well as the provision of this article 19 may only be amended by a general meeting of shareholders disposing of a majority of votes </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 14</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>representing two-thirds of the voting rights attached to the shares in the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 20. Applicable law and jurisdiction</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>For all matters not governed by the present articles of association, the parties refer to the provisions of the Law.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>All disputes which may arise during the duration of the Company or upon its liquidation between shareholders, between shareholders and the Company, between shareholders and members of the board of directors or liquidators, between members of the board of directors and liquidators, between members of the board of directors or between liquidators of the Company on account of company matters shall be subject to the jurisdiction of the competent courts of the registered office. To this end, any shareholder, member of the board of directors or liquidator shall be bound to have an address for service in the district of the court for the registered office and all summonses or service shall be duly made to that address for service, regardless of their actual domicile; if no address for service is given, summonses or service shall be validly made at the Company's
registered office.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>The foregoing provisions do not affect the Company's right to bring proceedings against the shareholders, members of the board of directors or liquidators of the Company in any other court having jurisdiction on some other ground and to carry out any summonses or service by other means apt to enable the defendant to defend itself.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><i><font face="Arial" size=2>The present articles of incorporation are worded in English followed by a French version and in case of divergences between the English and the French version, the English version will prevail.</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%;text-align:center;'><U><I><B><font FACE="ARIAL" SIZE=2>FOLLOWS THE FRENCH VERSION</font></B></I></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 1. Forme - D&#233;nomination sociale</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>La Soci&#233;t&#233; a pour d&#233;nomination </font><b><font face="Arial" size=2>ArcelorMittal</font></b><font face="Arial" size=2> et elle a la forme d&#146;une soci&#233;t&#233; anonyme.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 2. Dur&#233;e</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>La Soci&#233;t&#233; est &#233;tablie pour une p&#233;riode illimit&#233;e. Elle peut &#234;tre dissoute &#224; tout moment par d&#233;cision de l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires statuant comme en mati&#232;re de modification des statuts, conform&#233;ment &#224; l&#146;article 19 ci-apr&#232;s.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 3. Objet</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>La Soci&#233;t&#233; a pour objet la fabrication, le traitement et le commerce de l&#146;acier, de produits sid&#233;rurgiques et de tous autres produits m&#233;tallurgiques, ainsi que de tous les produits et mat&#233;riaux utilis&#233;s dans leur fabrication, leur traitement et leur commercialisation, et toutes les activit&#233;s industrielles et commerciales directement ou indirectement li&#233;es &#224; ces objets, y compris les activit&#233;s mini&#232;res et de recherche et la cr&#233;ation, l&#146;acquisition, la d&#233;tention, l&#146;exploitation et la vente de brevets, de licences, de savoir-faire et plus g&#233;n&#233;ralement de droits de propri&#233;t&#233; intellectuelle et industrielle.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>La Soci&#233;t&#233; peut r&#233;aliser cet objet soit directement soit par la cr&#233;ation de soci&#233;t&#233;s, l&#146;acquisition, la d&#233;tention et la prise de participations </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 15</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>dans toutes soci&#233;t&#233;s de capitaux ou de personnes, et l&#146;adh&#233;sion &#224; toutes associations, groupements d&#146;int&#233;r&#234;ts et op&#233;rations en commun.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>D&#146;une mani&#232;re g&#233;n&#233;rale, l&#146;objet de la Soci&#233;t&#233; comprend la participation, sous quelque forme que ce soit, dans des soci&#233;t&#233;s de capitaux ou de personnes, ainsi que l&#146;acquisition par achat, souscription ou de toute autre mani&#232;re ainsi que la cession par vente, &#233;change ou de toute autre mani&#232;re d&#146;actions, d&#146;obligations, de titres repr&#233;sentatifs de cr&#233;ances, de warrants et d&#146;autres valeurs et instruments de toute nature.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Elle peut pr&#234;ter assistance &#224; toute soci&#233;t&#233; affili&#233;e et prendre toute mesure de contr&#244;le et de surveillance de telles soci&#233;t&#233;s.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Elle peut effectuer toute op&#233;ration ou transaction commerciale, financi&#232;re ou industrielle qu&#146;elle estime directement ou indirectement n&#233;cessaire ou utile &#224; l&#146;accomplissement et au d&#233;veloppement de son objet.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 4.</font></b><font face="Arial" size=2>&nbsp;</font><b><font face="Arial" size=2> Si&#232;ge social</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le si&#232;ge social et le principal &#233;tablissement de la Soci&#233;t&#233; sont &#233;tablis &#224; Luxembourg Ville. Le si&#232;ge social peut &#234;tre transf&#233;r&#233; &#224; l&#146;int&#233;rieur de Luxembourg Ville par simple d&#233;cision du conseil d&#146;administration. Il peut &#234;tre cr&#233;&#233;, par simple d&#233;cision du conseil d&#146;administration, des succursales ou bureaux tant dans le Grand-Duch&#233; de Luxembourg qu&#146;&#224; l&#146;&#233;tranger.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Au cas o&#249; le conseil d&#146;administration estimerait que des &#233;v&#233;nements extraordinaires d&#146;ordre politique, &#233;conomique ou social de nature &#224; compromettre l&#146;activit&#233; normale de la Soci&#233;t&#233; au si&#232;ge social ou la facilit&#233; de communication avec ce si&#232;ge ou de ce si&#232;ge avec l&#146;&#233;tranger se sont produits ou sont imminents, il pourra transf&#233;rer provisoirement le si&#232;ge social &#224; l&#146;&#233;tranger jusqu&#146;&#224; cessation compl&#232;te de ces circonstances anormales; ce transfert provisoire n&#146;aura toutefois aucun effet sur la nationalit&#233; de la Soci&#233;t&#233;, laquelle nonobstant ce transfert provisoire du si&#232;ge restera luxembourgeoise.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 5. Capital &#150; Augmentation du capital</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.1.</font></b><font face="Arial" size=2> Le capital social souscrit &#233;mis s&#146;&#233;l&#232;ve &#224; </font><b><font face="Arial" size=2>six milliards huit cent trente-six millions huit cent cinq mille neuf cent quatre-vingt-onze euros et quatre-vingt centimes (6.836.805.991,80 EUR).</font></b><font face="Arial" size=2> Il est repr&#233;sent&#233; par </font><b><font face="Arial" size=2>un milliard cinq cent soixante millions neuf cent quatorze mille six cent dix (1.560.914.610)</font></b><font face="Arial" size=2> actions, sans valeur nominale, int&#233;gralement pay&#233;es.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.2.</font></b><font face="Arial" size=2> Le capital autoris&#233; de la Soci&#233;t&#233;, y inclus le capital souscrit, s&#146;&#233;l&#232;ve &#224; sept milliards quatre-vingt-deux millions quatre cent soixante mille euros (7.082.460.000 EUR) repr&#233;sent&#233; par un milliard six cent dix-sept millions (1.617.000.000) actions sans valeur nominale.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.3.</font></b><font face="Arial" size=2> Le capital souscrit et le capital autoris&#233; de la Soci&#233;t&#233; peuvent &#234;tre augment&#233;s ou r&#233;duits par d&#233;cision de l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires statuant dans les formes et selon les conditions requises en mati&#232;re de modifications des statuts conform&#233;ment &#224; l&#146;article 19 des statuts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.4.</font></b><font face="Arial" size=2> Sous r&#233;serve des dispositions de la loi sur les soci&#233;t&#233;s commerciales (ci-apr&#232;s &#171;la </font><b><font face="Arial" size=2>Loi</font></b><font face="Arial" size=2>"), chaque actionnaire aura un droit de souscription pr&#233;f&#233;rentiel en cas d&#146;&#233;mission de nouvelles actions en contrepartie d&#146;apports en num&#233;raire. Ce droit de souscription pr&#233;f&#233;rentiel sera proportionnel &#224; la part du capital que repr&#233;sentent les actions d&#233;tenues par chaque actionnaire.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 16</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le droit pr&#233;f&#233;rentiel de souscription pourra &#234;tre limit&#233; ou supprim&#233; par une r&#233;solution de l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires prise conform&#233;ment &#224; l&#146;article 19 des statuts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le droit de souscription pr&#233;f&#233;rentiel pourra &#233;galement &#234;tre limit&#233; ou supprim&#233; par le conseil d&#146;administration (i) lorsque l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires aura, dans les conditions requises par l&#146;article 19 des statuts et par modification des pr&#233;sents statuts, d&#233;l&#233;gu&#233; au conseil d&#146;administration le pouvoir d&#146;&#233;mettre des actions et de limiter ou de supprimer le droit pr&#233;f&#233;rentiel de souscription durant une p&#233;riode fix&#233;e par l&#146;assembl&#233;e g&#233;n&#233;rale et qui ne pourra exc&#233;der cinq ans, de m&#234;me que (ii) dans le cadre de l&#146;autorisation conf&#233;r&#233;e par l&#146;article 5.5 des statuts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.5.</font></b><font face="Arial" size=2> Le conseil d&#146;administration est autoris&#233; pour une p&#233;riode prenant effet &#224; la date de cette assembl&#233;e g&#233;n&#233;rale des actionnaires et prenant fin &#224; la date du cinqui&#232;me anniversaire de la date de publication dans le Journal Officiel luxembourgeois de l&#146;acte de l&#146;assembl&#233;e g&#233;n&#233;rale tenue le 17 juin 2009, sans pr&#233;judice de tout renouvellement, &#224; augmenter le capital social en une ou plusieurs occasions dans les limites du capital autoris&#233;. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration est autoris&#233; &#224; d&#233;terminer les conditions de toute augmentation de capital, y compris par des apports en esp&#232;ces ou en nature, par incorporation de r&#233;serves, de primes d&#146;&#233;mission ou de b&#233;n&#233;fices report&#233;s, avec ou sans &#233;mission de nouvelles actions, ou suite &#224; l&#146;&#233;mission et l&#146;exercice d&#146;obligations subordonn&#233;es ou non subordonn&#233;es, convertibles ou remboursables par ou &#233;changeables en actions (d&#233;termin&#233;es dans les termes &#224; l&#146;&#233;mission ou d&#233;termin&#233;es par la suite), ou suite &#224; l&#146;&#233;mission d&#146;obligations avec warrants ou tout autre droit de souscrire &#224; des actions, ou par l&#146;&#233;mission de warrants ou tout autre instrument portant un droit de souscription &#224; des actions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration est autoris&#233; &#224; d&#233;terminer le prix de souscription, avec ou sans prime d&#146;&#233;mission, la date &#224; partir de laquelle les actions ou tout autre instrument financier portera des droits et si applicables, la dur&#233;e, l&#146;amortissement, les autres droits (y compris le remboursement anticipatif), les taux d&#146;int&#233;r&#234;ts, les taux de conversion et les taux d&#146;&#233;change, de tels instruments financiers ainsi que tous autres termes et conditions de tels instruments financiers y compris quant &#224; leur souscription, &#233;mission et paiement pour lesquels le conseil d&#146;administration pourra faire usage de l&#146;article 32-1 paragraphe 3 de la Loi.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration est autoris&#233; &#224; limiter et supprimer le droit de souscription pr&#233;f&#233;rentiel des actionnaires existants.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les d&#233;cisions du conseil d&#146;administration ayant pour objet l&#146;&#233;mission, dans le cadre de l&#146;autorisation conf&#233;r&#233;e par le pr&#233;sent article 5.5, de tout instrument financier portant un droit ou potentiellement un droit &#224; des actions, seront par d&#233;rogation &#224; l&#146;article 9 des pr&#233;sents statuts, prises &#224; la majorit&#233; des deux tiers des membres pr&#233;sents ou repr&#233;sent&#233;s.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Chaque fois que le conseil d&#146;administration aura proc&#233;d&#233; &#224; l&#146;augmentation partielle ou int&#233;grale de capital tel qu&#146;autoris&#233; par les dispositions ci-dessus, l&#146;article 5 des statuts sera modifi&#233; afin de refl&#233;ter cette augmentation.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration est express&#233;ment autoris&#233; &#224; d&#233;l&#233;guer toute personne physique ou morale pour organiser le march&#233; des droits de souscription, accepter les souscriptions, conversions ou &#233;changes, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 17</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>recevoir paiement du prix des actions, obligations, droits de souscription ou autres instruments financiers, faire constater les augmentations de capital r&#233;alis&#233;es ainsi que les modifications correspondantes &#224; l&#146;article 5 des statuts et faire inscrire audit article 5 des statuts le montant &#224; concurrence duquel l&#146;autorisation d&#146;augmenter le capital a &#233;t&#233; effectivement utilis&#233;e et &#233;ventuellement les montants &#224; concurrence desquels elle est r&#233;serv&#233;e pour des instruments financiers pouvant donner droit &#224; des actions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>5.6.</font></b><font face="Arial" size=2> La partie non souscrite du capital autoris&#233; est susceptible d&#146;&#234;tre entam&#233;e par l&#146;exercice de droits de conversion ou de souscription d&#146;ores et d&#233;j&#224; conf&#233;r&#233;s par la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 6. Actions</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.1.</font></b><font face="Arial" size=2> Les actions sont &#233;mises sous la seule forme nominative.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.2.</font></b><font face="Arial" size=2> Sous r&#233;serve de ce qui est pr&#233;vu &#224; l&#146;article 6.3 des statuts, la Soci&#233;t&#233; consid&#233;rera la personne au nom de laquelle des actions ou des coupures sont inscrites dans le registre des actionnaires comme le titulaire de ces actions ou de ces coupures.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.3.</font></b><font face="Arial" size=2> Toutefois, lorsque des actions sont inscrites au registre des actionnaires pour compte d&#146;une ou de plusieurs personnes au nom d&#146;un syst&#232;me de r&#232;glement d&#146;op&#233;rations sur titres ou de l&#146;op&#233;rateur d&#146;un tel syst&#232;me, ou d&#146;un d&#233;positaire professionnel de titres ou de tout autre d&#233;positaire (ces syst&#232;mes, professionnels ou autres d&#233;positaires &#233;tant d&#233;sign&#233;s ci-apr&#232;s comme &#171;</font><b><font face="Arial" size=2>D&#233;positaires</font></b><font face="Arial" size=2>") ou d&#146;un sous-d&#233;positaire d&#233;sign&#233; par un ou plusieurs D&#233;positaires, la Soci&#233;t&#233;, sous r&#233;serve d&#146;avoir re&#231;u de la part d&#146;un D&#233;positaire aupr&#232;s duquel ces actions sont tenues en compte, une
attestation en bonne et due forme, permettra &#224; ces personnes d&#146;exercer les droits attach&#233;s &#224; ces actions, y compris l&#146;admission et le vote aux assembl&#233;es g&#233;n&#233;rales, et consid&#232;rera ces personnes comme d&#233;tenteurs pour les besoins de l&#146;article 7 des statuts. Le conseil d&#146;administration pourra d&#233;terminer les conditions de forme auxquelles devront r&#233;pondre ces attestations. Nonobstant ce qui pr&#233;c&#232;de, la Soci&#233;t&#233; n&#146;effectuera des paiements en esp&#232;ces, en actions ou en d&#146;autres valeurs, au titre de dividendes ou &#224; tout autre titre, qu&#146;entre les mains du D&#233;positaire ou sous-d&#233;positaire inscrit au registre ou conform&#233;ment aux instructions de celui-ci, et ce paiement sera lib&#233;ratoire pour la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.4.</font></b><font face="Arial" size=2> Des certificats confirmant l&#146;inscription au registre des actionnaires seront remis aux actionnaires et, dans le cas pr&#233;vu &#224; l&#146;article 6.3 des statuts et sur demande, aux D&#233;positaires ou sous-d&#233;positaires inscrits au registre. Sans pr&#233;judice des modalit&#233;s de transfert par virement d&#146;actions fongibles dans le cas pr&#233;vu &#224; l&#146;article 6.3 des statuts, la cession d&#146;actions se fera par une d&#233;claration de transfert &#233;crite port&#233;e au registre des actionnaires, dat&#233;e et sign&#233;e par le c&#233;dant et le cessionnaire, ou par leurs mandataires d&#251;ment nomm&#233;s. La Soci&#233;t&#233; peut accepter tout autre document, instrument, &#233;crit ou correspondance comme preuve suffisante de la cession. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Aucune inscription ne sera faite au registre des actionnaires et aucune signification d&#146;un transfert ne sera reconnue par la Soci&#233;t&#233; pendant la p&#233;riode d&#233;butant le cinqui&#232;me (5<sup>&#232;me</sup>) jour ouvrable avant la date d&#146;une assembl&#233;e g&#233;n&#233;rale et se terminant &#224; la cl&#244;ture de cette assembl&#233;e g&#233;n&#233;rale, &#224; moins que la Soci&#233;t&#233; ne fixe une p&#233;riode plus courte.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.5.</font></b><font face="Arial" size=2> Dans les limites et aux conditions pr&#233;vues par la Loi, la Soci&#233;t&#233; peut racheter ses propres actions ou les faire racheter par ses filiales.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 18</font></B></p>

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

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.6.</font></b><font face="Arial" size=2> Sous r&#233;serve des dispositions de l&#146;article 6.7 des statuts, les actions ou coupures sont indivisibles &#224; l&#146;&#233;gard de la Soci&#233;t&#233; qui ne reconna&#238;t qu&#146;un seul propri&#233;taire pour chaque action ou coupure. Les propri&#233;taires indivis d&#146;une action ou d&#146;une coupure sont tenus de se faire repr&#233;senter aupr&#232;s de la Soci&#233;t&#233; par une seule et m&#234;me personne afin de pouvoir exercer leurs droits.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>6.7.</font></b><font face="Arial" size=2> Les actions de la Soci&#233;t&#233; peuvent &#234;tre divis&#233;es en coupures &#233;gales, chaque coupure repr&#233;sentant un septi&#232;me (1/7) d&#146;une action. La division d&#146;actions en coupures ne pourra &#234;tre effectu&#233;e que dans le cadre d&#146;une restructuration du capital social d&#233;cid&#233;e par l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires de la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le d&#233;tenteur d&#146;une coupure aura droit &#224; un septi&#232;me (1/7) de toute distribution par action faite par la Soci&#233;t&#233;, ou suite &#224; sa liquidation.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les coupures n&#146;auront pas de droit de vote aux assembl&#233;es g&#233;n&#233;rales des actionnaires de la Soci&#233;t&#233; &#224; moins qu&#146;un nombre de coupures &#233;gal &#224; une action enti&#232;re ne soit r&#233;uni.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Tout d&#233;tenteur de coupures d&#233;tenant sept (7) coupures peut en demander la conversion en une (1) action enti&#232;re.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 7. Droits et obligations des actionnaires</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.1.</font></b><font face="Arial" size=2> La Soci&#233;t&#233; est actuellement soumise, et aussi longtemps que ses valeurs mobili&#232;res seront admises &#224; la n&#233;gociation sur un march&#233; r&#233;glement&#233;, elle restera soumise aux dispositions de la loi du 4 d&#233;cembre 1992 ("la </font><b><font face="Arial" size=2>Loi du 4 d&#233;cembre 1992</font></b><font face="Arial" size=2>"). Toute r&#233;f&#233;rence dans les pr&#233;sents statuts &#224; une disposition de la Loi du 4 d&#233;cembre 1992 se comprend comme une r&#233;f&#233;rence &#224; la disposition &#233;quivalente de cette loi telle que modifi&#233;e ou remplac&#233;e. Les dispositions des articles 1 &#224; 10 inclus de la Loi du 4 d&#233;cembre 1992 et la sanction de la suspension des droits de vote conform&#233;ment &#224; l&#146;article 13 de la Loi du 4 d&#233;cembre 1992
s&#146;appliqueront &#233;galement, apr&#232;s prise en compte des dispositions des articles 7 et 8 de la Loi du 4 d&#233;cembre 1992, (a) &#224; toute acquisition ou cession d&#146;actions entra&#238;nant le franchissement, &#224; la hausse ou &#224; la baisse, du seuil de deux virgule cinq pour-cent (2,5%) des droits de vote dans la Soci&#233;t&#233;, (b) &#224; toute acquisition ou cession d&#146;actions entra&#238;nant le franchissement, &#224; la hausse ou &#224; la baisse, du seuil de trois pour-cent (3%) des droits de vote dans la Soci&#233;t&#233; et (c) au-del&#224; de trois pour-cent (3 %) des droits de vote dans la Soci&#233;t&#233;, &#224; chaque acquisition ou cession d&#146;actions entra&#238;nant le franchissement, &#224; la hausse ou &#224; la baisse, de seuils successifs de un pour-cent (1%) des droits de vote dans la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Pour le calcul des seuils pr&#233;vus &#224; cet article 7 et l&#146;application des obligations de d&#233;claration vis&#233;es au pr&#233;sent article 7, les droits de vote &#233;num&#233;r&#233;s aux articles 7 et 8 de la Loi du 4 d&#233;cembre 1992 seront assimil&#233;s aux droits de vote poss&#233;d&#233;s par la personne tenue &#224; l&#146;information pr&#233;vue &#224; cet article. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.2.</font></b><font face="Arial" size=2> Toute personne qui, prenant en compte les articles 7 et 8 de la Loi du 4 d&#233;cembre 1992, acquiert des actions lui conf&#233;rant un droit de vote de cinq pour-cent (5%) ou plus ou d'un multiple de cinq pour-cent (5%) ou plus dans la Soci&#233;t&#233;, devra, sous peine de la suspension de son droit de vote selon les modalit&#233;s de l'article 13 de la Loi du 4 d&#233;cembre 1992, informer la Soci&#233;t&#233;, dans un d&#233;lai de dix (10) jours de bourse (sur le march&#233; du Luxembourg) suivant la date du franchissement du seuil concern&#233;, par lettre recommand&#233;e avec accus&#233; de r&#233;ception, de son </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>intention (a) d&#146;acqu&#233;rir ou de c&#233;der des actions de la Soci&#233;t&#233; dans les douze (12) prochains mois, (b) de tenter d&#146;obtenir le contr&#244;le de la Soci&#233;t&#233;, ou (c) de tenter de nommer un membre au conseil d&#146;administration de la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.3.</font></b><font face="Arial" size=2> Toute personne astreinte &#224; une obligation de notifier &#224; la Soci&#233;t&#233; l&#146;acquisition d&#146;actions conf&#233;rant &#224; cette personne, prenant en compte les articles 7 et 8 de la Loi du 4 d&#233;cembre 1992, un quart ou plus du total des droits de vote dans la Soci&#233;t&#233;, sera oblig&#233;e de faire, ou de faire effectuer, dans chaque pays o&#249; les valeurs mobili&#232;res de la Soci&#233;t&#233; sont admises &#224; la n&#233;gociation &#224; un march&#233; r&#233;glement&#233; ou &#224; un autre march&#233; ainsi que dans chacun des pays o&#249; la Soci&#233;t&#233; a fait une offre publique de ses actions, une offre publique inconditionnelle d&#146;acquisition en num&#233;raire de toutes les actions et de tous les titres donnant acc&#232;s au capital, li&#233;s au capital ou
dont les droits d&#233;pendent des b&#233;n&#233;fices de la Soci&#233;t&#233; (ci-apr&#232;s collectivement les &#171;&nbsp;</font><b><font face="Arial" size=2>titres li&#233;s au capital</font></b><font face="Arial" size=2>&nbsp;"), que ces titres soient &#233;mis par la Soci&#233;t&#233; ou par des entit&#233;s contr&#244;l&#233;es ou &#233;tablies par elle ou des membres de son groupe. Chacune de ces offres publiques devra se d&#233;rouler en conformit&#233; et dans le respect des prescriptions l&#233;gales et r&#233;glementaires applicables aux offres publiques dans chaque Etat concern&#233;. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Dans tous les cas, le prix devra &#234;tre juste et &#233;quitable et, afin de garantir l&#146;&#233;galit&#233; de traitement des actionnaires et d&#233;tenteurs de titres li&#233;s au capital de la Soci&#233;t&#233;, lesdites offres publiques devront &#234;tre r&#233;alis&#233;es &#224; ou sur base d&#146;un prix identique qui devra &#234;tre justifi&#233; par un rapport &#233;tabli par un &#233;tablissement financier de premier rang nomm&#233; par la Soci&#233;t&#233; et dont les honoraires et frais devront &#234;tre avanc&#233;s par la personne astreinte &#224; l&#146;obligation pr&#233;vue au pr&#233;sent article.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Cette obligation de faire une offre en num&#233;raire sans conditions ne s&#146;appliquera pas si l&#146;acquisition des actions de la Soci&#233;t&#233; par la personne effectuant cette notification a re&#231;u l&#146;assentiment pr&#233;alable des actionnaires de la Soci&#233;t&#233; par une r&#233;solution adopt&#233;e conform&#233;ment &#224; l&#146;article 19 des statuts lors d&#146;une assembl&#233;e g&#233;n&#233;rale des actionnaires y inclus notamment en cas de fusion ou d&#146;apport en nature r&#233;mun&#233;r&#233; par une &#233;mission d&#146;actions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.4.</font></b><font face="Arial" size=2> Si l&#146;offre publique telle que d&#233;crite &#224; l&#146;article 7.3 des statuts n&#146;a pas &#233;t&#233; faite end&#233;ans une p&#233;riode de deux (2) mois apr&#232;s la notification &#224; la Soci&#233;t&#233; de l&#146;augmentation de la participation donnant droit au pourcentage des droits de vote pr&#233;vu &#224; l&#146;article 7.3 des statuts ou de la notification par la Soci&#233;t&#233; &#224; l&#146;actionnaire de la connaissance par la Soci&#233;t&#233; de la r&#233;alisation d&#146;une telle augmentation, ou si la Soci&#233;t&#233; est inform&#233;e qu&#146;une autorit&#233; comp&#233;tente d&#146;un des pays o&#249; les valeurs de la Soci&#233;t&#233; sont admises &#224; la n&#233;gociation(ou d&#146;un des pays o&#249; la Soci&#233;t&#233; a fait une offre publique de ses actions) a
d&#233;termin&#233; que l&#146;offre publique a &#233;t&#233; effectu&#233;e en violation des prescriptions l&#233;gales ou r&#233;glementaires en mati&#232;re d&#146;offres publiques applicables dans ce pays, &#224; partir de l&#146;expiration du susdit d&#233;lai de deux (2) mois ou de la date &#224; laquelle la Soci&#233;t&#233; a re&#231;u cette information, le droit d&#146;assister et de voter aux assembl&#233;es g&#233;n&#233;rales des actionnaires et le droit de recevoir des dividendes ou autres distributions seront suspendus sur les actions correspondant au pourcentage des actions d&#233;tenues par l&#146;actionnaire en question d&#233;passant le seuil fix&#233; &#224; l&#146;article 7.3 des statuts &#224; partir duquel une offre publique doit &#234;tre faite. </font></p>

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

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>L&#146;actionnaire ayant d&#233;pass&#233; le seuil fix&#233; &#224; l&#146;article 7.3 des statuts et qui requiert la convocation d&#146;une assembl&#233;e g&#233;n&#233;rale des actionnaires conform&#233;ment &#224; l&#146;article 70 de la Loi devra, afin de pouvoir voter &#224; cette assembl&#233;e, avoir proc&#233;d&#233; &#224; l&#146;offre publique d&#233;finitive et irr&#233;vocable telle que d&#233;crite &#224; l&#146;article 7.3 des statuts avant la tenue de cette assembl&#233;e. A d&#233;faut, le droit de vote attach&#233; aux actions d&#233;passant le seuil fix&#233; &#224; l&#146;article 7.3 des statuts sera suspendu. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Lorsque, &#224; la date de la tenue de l&#146;assembl&#233;e g&#233;n&#233;rale annuelle, un actionnaire d&#233;passe le seuil fix&#233; &#224; l&#146;article 7.3. des statuts, ses droits de vote seront suspendus &#224; hauteur du pourcentage d&#233;passant le seuil pr&#233;vu &#224; l&#146;article 7.3. des statuts sauf au cas o&#249; l&#146;actionnaire concern&#233; s&#146;engage par &#233;crit &#224; ne pas voter pour les actions d&#233;passant le seuil d&#146;un quart, ou si l&#146;actionnaire a proc&#233;d&#233; d&#233;finitivement et irr&#233;vocablement &#224; l&#146;offre publique telle que pr&#233;vue &#224; l&#146;article 7.3. des statuts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.5.</font></b><font face="Arial" size=2> Les dispositions du pr&#233;sent article 7 ne s&#146;appliquent pas:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(i)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>&#224; la Soci&#233;t&#233; elle-m&#234;me pour les actions qu&#146;elle d&#233;tiendrait directement ou indirectement,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(ii)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>aux D&#233;positaires, agissant en cette qualit&#233; pour autant que lesdits D&#233;positaires ne puissent exercer les droits de vote attach&#233;s &#224; ces actions que sur instruction du propri&#233;taire des actions, les dispositions de l&#146;article 7 s&#146;appliquant alors au propri&#233;taire des actions,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(iii)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>&#224; toute cession et &#224; toute &#233;mission d&#146;actions par la Soci&#233;t&#233; dans le cadre d&#146;une fusion ou une op&#233;ration similaire ou de l&#146;acquisition par la Soci&#233;t&#233; de toute autre soci&#233;t&#233; ou activit&#233;,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(iv)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>&#224; l&#146;acquisition d&#146;actions r&#233;sultant d&#146;une offre publique d&#146;acquisition de toutes les actions de la Soci&#233;t&#233; et de tous les titres li&#233;s au capital,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>(v)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>&#224; l&#146;acquisition ou &#224; la cession d&#146;une participation restant inf&#233;rieure &#224; dix pour-cent (10%) du total des droits de vote par un teneur de march&#233; agissant en cette qualit&#233;, pour autant&nbsp;: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>a)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>qu&#146;il soit agr&#233;&#233; par son Etat membre d&#146;origine en vertu de la directive 2004/39/CE&nbsp; et</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>b)</font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>qu&#146;il n&#146;intervienne pas dans la gestion de la Soci&#233;t&#233; ni n&#146;exerce une influence pour pousser la Soci&#233;t&#233; &#224; acqu&#233;rir ses actions ou &#224; en soutenir le prix.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>7.6.</font></b><font face="Arial" size=2> Les droits de vote sont calcul&#233;s sur la base de l&#146;ensemble des actions auxquelles sont attach&#233;s des droits de vote, m&#234;me si l&#146;exercice de ceux-ci est suspendu.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 8. Conseil d&#146;administration</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.1. </font></b><font face="Arial" size=2>La Soci&#233;t&#233; est administr&#233;e par un conseil d&#146;administration compos&#233; de trois membres (3) au moins et de dix-huit (18) membres au plus qui seront tous, &#224; l&#146;exception de l'administrateur-pr&#233;sident de la direction g&#233;n&#233;rale (</font><i><font face="Arial" size=2>Chief Executive Officer</font></i><font face="Arial" size=2>), non ex&#233;cutifs. Aucun des membres du conseil d&#146;administration, autre que l'administrateur-pr&#233;sident de la direction g&#233;n&#233;rale de la Soci&#233;t&#233; (</font><i><font face="Arial" size=2>Chief Executive Officer</font></i><font face="Arial" size=2>), n&#146;aura un mandat de gestion ou une fonction de gestion au sein de la Soci&#233;t&#233; ou de toute autre entit&#233; contr&#244;l&#233;e par la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>La moiti&#233; du conseil d&#146;administration au moins sera compos&#233;e de membres ind&#233;pendants. Un membre du conseil sera consid&#233;r&#233; comme &#171;&nbsp;ind&#233;pendant&nbsp;", si (i) il est ind&#233;pendant au sens du manuel de la soci&#233;t&#233; cot&#233;e de la Bourse de New York, New York Stock Exchange, (le &#171;&nbsp;</font><b><font face="Arial" size=2>Manuel </font></b></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><b><font face="Arial" size=2>de la Soci&#233;t&#233; Cot&#233;e</font></b><font face="Arial" size=2>&nbsp;"), tel qu&#146;il peut &#234;tre modifi&#233;, ou de toute autre disposition le rempla&#231;ant, sous r&#233;serve des exemptions applicables aux &#233;metteurs priv&#233;s &#233;trangers, et si (ii) il n&#146;est pas affili&#233; &#224; un actionnaire d&#233;tenant ou contr&#244;lant plus de deux pour cent (2%) du capital social &#233;mis de la Soci&#233;t&#233; (pour les besoins du pr&#233;sent article, une personne est consid&#233;r&#233;e comme &#233;tant affili&#233;e &#224; un actionnaire si elle en est un dirigeant, un administrateur &#233;galement employ&#233; par l&#146;actionnaire, un associ&#233; ind&#233;finiment responsable, un g&#233;rant ou un actionnaire de contr&#244;le).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.2.</font></b><font face="Arial" size=2> Les membres du conseil d&#146;administration n&#146;auront pas &#224; &#234;tre actionnaire de la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.3.</font></b><font face="Arial" size=2> Les membres du conseil d&#146;administration seront &#233;lus par les actionnaires lors de l&#146;assembl&#233;e g&#233;n&#233;rale annuelle ou &#224; l&#146;occasion de toute autre assembl&#233;e g&#233;n&#233;rale des actionnaires pour une p&#233;riode prenant fin &#224; la date d&#233;termin&#233;e lors de leur nomination et, s&#146;agissant des nominations post&#233;rieures au</font><b><font face="Arial" size=2> </font></b><font face="Arial" size=2>13 novembre 2007</font><b><font face="Arial" size=2> </font></b><font face="Arial" size=2>(hors cas du remplacement d&#146;administrateurs en cours de mandat), lors de la troisi&#232;me assembl&#233;e g&#233;n&#233;rale annuelle suivant la date de leur nomination.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.4.</font></b><font face="Arial" size=2> A toute assembl&#233;e g&#233;n&#233;rale des actionnaires tenue apr&#232;s le 1<sup>er</sup> ao&#251;t 2009, l&#146;Actionnaire Mittal (tel que d&#233;fini ci-dessous) peut, &#224; sa discr&#233;tion, d&#233;cider d&#146;exercer le droit de repr&#233;sentation proportionnelle pr&#233;vu dans le pr&#233;sent article et proposer des candidats &#224; nommer en tant que membres du conseil d&#146;administration (les &#171;&nbsp;</font><b><font face="Arial" size=2>Candidats de l&#146;Actionnaire Mittal</font></b><font face="Arial" size=2>&nbsp;") comme suit. Lors de l&#146;exercice par l&#146;Actionnaire Mittal du droit de repr&#233;sentation proportionnelle pr&#233;vu dans cet article, l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires &#233;lira, parmi les Candidats de l&#146;Actionnaire Mittal, un nombre de
membres du conseil d&#146;administration d&#233;termin&#233; par l&#146;Actionnaire Mittal, de fa&#231;on &#224; ce que le nombre de membres du conseil d&#146;administration ainsi &#233;lu parmi les Candidats de l&#146;Actionnaire Mittal, ajout&#233; au nombre de membres du conseil d&#146;administration en fonction &#233;lu par le pass&#233; parmi les Candidats de l&#146;Actionnaire Mittal, n&#146;exc&#232;de pas la Repr&#233;sentation Proportionnelle. Pour les besoins de cet article, la &#171;&nbsp;</font><b><font face="Arial" size=2>Repr&#233;sentation Proportionnelle</font></b><font face="Arial" size=2>&nbsp;" signifie le produit du nombre total de membres du conseil d&#146;administration apr&#232;s le ou les &#233;lections propos&#233;es et du pourcentage du capital total &#233;mis et en circulation de la Soci&#233;t&#233; d&#233;tenu, directement ou indirectement par l&#146;Actionnaire Mittal &#224; la date de l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires
consid&#233;r&#233;e, ce produit &#233;tant arrondi &#224; la plus proche unit&#233;. Lors de l&#146;exercice du droit de Repr&#233;sentation Proportionnelle octroy&#233; par le pr&#233;sent article, l&#146;Actionnaire Mittal indiquera le nombre de membres du conseil d&#146;administration que l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires devra &#233;lire parmi les Candidats de l&#146;Actionnaire Mittal, ainsi que l&#146;identit&#233; des Candidats de l&#146;Actionnaire Mittal. Pour les besoins de cet article, l&#146; &#171;&nbsp;</font><b><font face="Arial" size=2>Actionnaire Mittal</font></b><font face="Arial" size=2>&nbsp;" signifie collectivement Mr. Lakshmi N. Mittal ou Mme Usha Mittal ou chacun de leurs h&#233;ritiers ou successeurs, agissant directement ou indirectement par l&#146;interm&#233;diaire de Mittal Investments S.&#224; r.l., ISPAT International Investments S.L. ou toute autre entit&#233; contr&#244;l&#233;e, directement ou indirectement, par l&#146;un
d&#146;eux. Les dispositions de cet article ne limiteront en aucune fa&#231;on les droits que l&#146;Actionnaire Mittal pourrait avoir par ailleurs de proposer et voter en faveur de l&#146;&#233;lection de tout administrateur conform&#233;ment &#224; ses droits g&#233;n&#233;raux d&#146;actionnaire. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.5. </font></b><font face="Arial" size=2>Un membre du conseil d&#146;administration peut &#234;tre r&#233;voqu&#233; avec ou sans motif et peut &#234;tre remplac&#233; &#224; tout moment par l&#146;assembl&#233;e </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>g&#233;n&#233;rale des actionnaires dans le respect des dispositions relatives &#224; la composition du conseil d&#146;administration qui pr&#233;c&#232;dent.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Au cas o&#249; le poste d&#146;un administrateur devient vacant &#224; la suite de son d&#233;c&#232;s ou de sa d&#233;mission ou pour toute autre raison, les administrateurs restants pourront &#224; la majorit&#233; simple des voix valablement exprim&#233;es &#233;lire un administrateur pour remplir provisoirement les fonctions attach&#233;es au poste devenu vacant jusqu&#146;&#224; la prochaine assembl&#233;e g&#233;n&#233;rale des actionnaires dans le respect des dispositions relatives &#224; la composition du conseil qui pr&#233;c&#232;dent.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.6</font></b><font face="Arial" size=2>. A l&#146;exception d&#146;un conseil d'administration r&#233;uni pour nommer un administrateur conform&#233;ment aux dispositions du deuxi&#232;me alin&#233;a de l&#146;article 8.5 afin de pourvoir un poste vacant, ou pour convoquer une assembl&#233;e g&#233;n&#233;rale des actionnaires afin de d&#233;lib&#233;rer sur l&#146;&#233;lection de Candidats de l&#146;Actionnaire Mittal, et sauf en cas de danger grave et imminent n&#233;cessitant une d&#233;cision du conseil d&#146;administration qui devra &#234;tre approuv&#233;e par les administrateurs &#233;lus parmi les Candidats de l&#146;Actionnaire Mittal, le conseil d&#146;administration de la Soci&#233;t&#233; ne sera pas valablement constitu&#233; et ne pourra pas valablement se r&#233;unir jusqu&#146;&#224; ce que l&#146;assembl&#233;e g&#233;n&#233;rale des
actionnaires ait &#233;lu le nombre de membres du conseil d'administration requis conform&#233;ment &#224;</font><b><font face="Arial" size=2> </font></b><font face="Arial" size=2>l'article 8.4 parmi les Candidats de l&#146;Actionnaire Mittal.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.7. </font></b><font face="Arial" size=2>L&#146;assembl&#233;e g&#233;n&#233;rale peut, en sus des tanti&#232;mes d&#233;termin&#233;s conform&#233;ment &#224; l&#146;article 17 ci-apr&#232;s, allouer aux administrateurs une r&#233;mun&#233;ration fixe et des jetons de pr&#233;sence et d&#233;cider sur proposition du conseil d&#146;administration, la prise en charge des d&#233;penses encourues par les administrateurs pour assister aux r&#233;unions, &#224; imputer aux charges.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration est &#233;galement autoris&#233; &#224; r&#233;mun&#233;rer les administrateurs pour des fonctions ou missions sp&#233;ciales.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>8.8. </font></b><font face="Arial" size=2>La Soci&#233;t&#233; indemnisera, dans la mesure la plus large permise par la loi luxembourgeoise, tout administrateur ou membre de la direction g&#233;n&#233;rale, ainsi que tout ancien administrateur ou membre de la direction g&#233;n&#233;rale, des frais, charges et d&#233;penses, raisonnablement engag&#233;s par lui dans le cadre de la d&#233;fense ou du r&#232;glement (y compris sous forme de transaction) de tous actions, proc&#232;s ou proc&#233;dures civiles, p&#233;nales ou administratives auxquels il aura &#233;t&#233; partie en sa qualit&#233; d&#146;ancien ou d&#146;actuel administrateur ou membre de la direction g&#233;n&#233;rale de la Soci&#233;t&#233;.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Nonobstant ce qui pr&#233;c&#232;de, l&#146;ancien ou l&#146;actuel administrateur ou membre de la direction g&#233;n&#233;rale n&#146;aura droit &#224; aucune indemnisation s&#146;il est finalement condamn&#233; pour n&#233;gligence grave, fraude, dol, malhonn&#234;tet&#233; ou pour une infraction p&#233;nale ou s&#146;il appara&#238;t finalement qu&#146;il n&#146;a pas agi honn&#234;tement et de bonne foi et avec la conviction raisonnable qu&#146;il agissait dans le meilleur int&#233;r&#234;t de la Soci&#233;t&#233;. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le droit &#224; indemnisation sera maintenu en cas de transaction au titre de tous actions, proc&#232;s ou proc&#233;dures civiles, p&#233;nales ou administratives. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les dispositions susvis&#233;es b&#233;n&#233;ficieront &#233;galement aux h&#233;ritiers et ayants droits de l&#146;ancien ou de l&#146;actuel administrateur ou membre de la direction g&#233;n&#233;rale et sont sans pr&#233;judice de tous autres droits &#224; indemnisation dont il pourrait disposer par ailleurs. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Sous r&#233;serve des proc&#233;dures dont le conseil d&#146;administration pourrait d&#233;cider la mise en place, les sommes engag&#233;es dans le cadre de </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 23</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>la pr&#233;paration et de la mise en &#156;uvre de la d&#233;fense contre tous actions, proc&#232;s ou proc&#233;dures rentrant dans le champ d&#146;application du pr&#233;sent article 8.8 pourront &#234;tre avanc&#233;es par la Soci&#233;t&#233; &#224; l&#146;ancien ou &#224; l&#146;actuel administrateur ou membre de la direction g&#233;n&#233;rale concern&#233;, &#224; condition que ce dernier s&#146;engage par avance et par &#233;crit &#224; l&#146;&#233;gard de la Soci&#233;t&#233; &#224; lui restituer l&#146;int&#233;gralit&#233; des sommes s&#146;il s&#146;av&#232;re en d&#233;finitive qu&#146;il n&#146;a pas droit &#224; une indemnisation en vertu du pr&#233;sent article 8.8.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 9. Proc&#233;dures des r&#233;unions du conseil d&#146;administration</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d'administration choisira parmi ses membres un pr&#233;sident du conseil d&#146;administration (le "</font><b><font face="Arial" size=2>Pr&#233;sident du conseil d'administration</font></b><font face="Arial" size=2>") (</font><i><font face="Arial" size=2>Chairman of the board of directors</font></i><font face="Arial" size=2>) et si jug&#233; opportun un pr&#233;sident (le "</font><b><font face="Arial" size=2>Pr&#233;sident</font></b><font face="Arial" size=2>") (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) et un ou plusieurs vice-pr&#233;sidents et fixera la dur&#233;e de leur fonction, qui ne peut exc&#233;der leur nomination en tant qu&#146;administrateur. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration se r&#233;unira, sur la convocation du Pr&#233;sident du conseil d&#146;administration (</font><i><font face="Arial" size=2>Chairman of the board of directors</font></i><font face="Arial" size=2>) ou du Pr&#233;sident (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) ou d&#146;un vice-pr&#233;sident ou de deux (2) administrateurs, au lieu indiqu&#233; dans l&#146;avis de convocation.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les r&#233;unions du conseil d&#146;administration seront pr&#233;sid&#233;es par le Pr&#233;sident du conseil d&#146;administration (</font><i><font face="Arial" size=2>Chairman of the board of directors</font></i><font face="Arial" size=2>) ou le Pr&#233;sident (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) et en leur absence par un vice-pr&#233;sident. En l&#146;absence du Pr&#233;sident du conseil d&#146;administration (</font><i><font face="Arial" size=2>Chairman of the board of directors</font></i><font face="Arial" size=2>), du Pr&#233;sident (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) et de(s) vice(s)-pr&#233;sident(s), le conseil d&#146;administration d&#233;signera &#224; la majorit&#233; un pr&#233;sident pro tempore pour la r&#233;union concern&#233;e.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Une convocation &#233;crite sera adress&#233;e &#224; tous les administrateurs pour toute r&#233;union du conseil d&#146;administration au moins cinq (5) jours avant la date pr&#233;vue pour la r&#233;union, sauf s&#146;il y a urgence, auquel cas la nature de cette urgence sera mentionn&#233;e dans l&#146;avis de convocation. La convocation sera faite par lettre ou par t&#233;l&#233;copie ou par courrier &#233;lectronique ou par tout autre moyen de communication assurant l&#146;authenticit&#233; du document ainsi que l&#146;identification de la personne auteur du document. Il peut &#234;tre renonc&#233; &#224; la convocation moyennant l&#146;assentiment de chaque administrateur donn&#233; en la m&#234;me forme que celle requise pour la convocation. Une convocation sp&#233;ciale ne sera pas requise pour les r&#233;unions du conseil d&#146;administration se
tenant aux jours, heures et endroits d&#233;termin&#233;s dans une r&#233;solution pr&#233;alablement adopt&#233;e par le conseil d&#146;administration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Chaque administrateur pourra, pour toute r&#233;union du conseil d&#146;administration, d&#233;signer un autre administrateur pour le repr&#233;senter et voter en ses nom et place, un m&#234;me administrateur ne pouvant repr&#233;senter qu&#146;un seul de ses coll&#232;gues. La d&#233;signation du repr&#233;sentant se fera en la m&#234;me forme que celle requise pour les convocations. Le mandat n&#146;est valable que pour une seule s&#233;ance ainsi que, le cas &#233;ch&#233;ant, pour toute s&#233;ance ult&#233;rieure dans la mesure o&#249; elle aura le m&#234;me ordre du jour.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration ne pourra d&#233;lib&#233;rer et agir valablement que si la majorit&#233; des administrateurs est pr&#233;sente ou repr&#233;sent&#233;e. Les d&#233;cisions sont prises &#224; la majorit&#233; simple des voix valablement exprim&#233;es des administrateurs pr&#233;sents ou repr&#233;sent&#233;s.  Aucun des membres du conseil, en ce compris le Pr&#233;sident du conseil d&#146;administration (</font><i><font face="Arial" size=2>Chairman </font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 24</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><i><font face="Arial" size=2>of the board of directors),</font></i><font face="Arial" size=2> le Pr&#233;sident (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) et le(s) vice(s)-pr&#233;sident(s), n&#146;a une voix pr&#233;pond&#233;rante.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Un administrateur peut prendre part &#224; une r&#233;union du conseil d&#146;administration et &#234;tre consid&#233;r&#233; comme y &#233;tant pr&#233;sent par conf&#233;rence t&#233;l&#233;phonique ou par tout autre moyen de t&#233;l&#233;communication permettant &#224; toutes les personnes participant &#224; la r&#233;union de s&#146;entendre et de se parler.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Si tous les administrateurs sont d&#146;accord avec les d&#233;cisions &#224; prendre, les d&#233;cisions en question peuvent &#233;galement &#234;tre prises par &#233;crit, sans que les administrateurs aient &#224; se r&#233;unir. A cette fin, les administrateurs peuvent exprimer leur accord par &#233;crit y compris par t&#233;l&#233;copie ou par tout autre moyen de communication assurant l&#146;authenticit&#233; du document ainsi que l&#146;identification de l&#146;administrateur auteur du document. Cet accord peut &#234;tre donn&#233; sur des instruments distincts, qui ensemble constituent le proc&#232;s-verbal de ces d&#233;cisions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 10. Proc&#232;s-verbaux des r&#233;unions du conseil d&#146;administration</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les proc&#232;s-verbaux des r&#233;unions du conseil d&#146;administration seront sign&#233;s par celui qui aura pr&#233;sid&#233; la r&#233;union et par ceux des administrateurs ayant assist&#233; &#224; la r&#233;union qui en font la demande.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les copies ou extraits des proc&#232;s-verbaux destin&#233;s &#224; servir en justice ou ailleurs seront sign&#233;s par le Pr&#233;sident du conseil d'administration (</font><i><font face="Arial" size=2>Chairman of the board of directors</font></i><font face="Arial" size=2>) ou le Pr&#233;sident (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) ou un vice-pr&#233;sident.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 11. Pouvoirs du conseil d&#146;administration</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>11.1. </font></b><font face="Arial" size=2>Le conseil d&#146;administration a les pouvoirs les plus &#233;tendus d&#146;administration et de gestion de la Soci&#233;t&#233;. Tous pouvoirs non express&#233;ment r&#233;serv&#233;s &#224; l&#146;assembl&#233;e g&#233;n&#233;rale par la Loi ou par les pr&#233;sents statuts sont de la comp&#233;tence du conseil d&#146;administration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>11.2.</font></b><font face="Arial" size=2> Le conseil d&#146;administration peut d&#233;cider de cr&#233;er des comit&#233;s charg&#233;s de consid&#233;rer les affaires soumises par le conseil, en ce compris un comit&#233; d&#146;audit et un comit&#233; de nominations, r&#233;mun&#233;rations et de gouvernance d&#146;entreprise. Le comit&#233; d&#146;audit sera compos&#233; exclusivement d&#146;administrateurs ind&#233;pendants tels que d&#233;finis dans l&#146;article 8.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><b><font face="Arial" size=2>11.3.</font></b><font face="Arial" size=2> Le conseil d&#146;administration peut d&#233;l&#233;guer ses pouvoirs de gestion journali&#232;re des affaires de la Soci&#233;t&#233; et la repr&#233;sentation de la Soci&#233;t&#233; dans la conduite de ces affaires &#224; un ou plusieurs directeurs g&#233;n&#233;raux, directeurs ou autres agents qui peuvent ensemble constituer une direction g&#233;n&#233;rale d&#233;lib&#233;rant en conformit&#233; avec les r&#232;gles fix&#233;es par le conseil d&#146;administration. Le conseil d&#146;administration peut &#233;galement d&#233;l&#233;guer des pouvoirs sp&#233;ciaux et conf&#233;rer des mandats sp&#233;ciaux &#224; toute personne.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 12. Signatures autoris&#233;es</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>La Soci&#233;t&#233; sera engag&#233;e par la signature conjointe ou individuelle de toutes personnes auxquelles ce pouvoir de signature aura &#233;t&#233; d&#233;l&#233;gu&#233; par le conseil d&#146;administration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 13. Assembl&#233;e des actionnaires - G&#233;n&#233;ralit&#233;s</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Toute assembl&#233;e g&#233;n&#233;rale r&#233;guli&#232;rement constitu&#233;e des actionnaires de la Soci&#233;t&#233; repr&#233;sente l&#146;ensemble des actionnaires de la Soci&#233;t&#233;. Elle disposera des pouvoirs les plus &#233;tendus pour ordonner, mettre en oeuvre ou ratifier tous actes en rapport avec les op&#233;rations de la Soci&#233;t&#233;.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 25</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les assembl&#233;es g&#233;n&#233;rales des actionnaires seront pr&#233;sid&#233;es par le Pr&#233;sident du conseil d&#146;administration (</font><i><font face="Arial" size=2>Chairman of the board of directors</font></i><font face="Arial" size=2>) ou le Pr&#233;sident (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) et en leur absence par un vice-pr&#233;sident. En l&#146;absence du Pr&#233;sident du conseil d&#146;administration (</font><i><font face="Arial" size=2>Chairman of the board of directors</font></i><font face="Arial" size=2>), du Pr&#233;sident (</font><i><font face="Arial" size=2>President</font></i><font face="Arial" size=2>) et du (des) vice(s)-pr&#233;sident(s), l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires sera pr&#233;sid&#233;e par le plus ancien des administrateurs pr&#233;sents.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Chaque action donne droit &#224; une voix. Chaque actionnaire pourra se faire repr&#233;senter &#224; toute assembl&#233;e g&#233;n&#233;rale des actionnaires au moyen d&#146;une procuration donn&#233;e par &#233;crit y compris par t&#233;l&#233;copie ou par tout autre moyen de communication assurant l&#146;authenticit&#233; du document et permettant d&#146;identifier l&#146;actionnaire donnant la procuration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Sauf disposition l&#233;gale ou statutaire contraire, les r&#233;solutions prises aux assembl&#233;es g&#233;n&#233;rales seront adopt&#233;es &#224; la majorit&#233; simple des voix valablement exprim&#233;es des actionnaires pr&#233;sents ou repr&#233;sent&#233;s.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Au cas o&#249; les actions sont inscrites, selon les dispositions de l&#146;article 6.3 des statuts, au registre des actionnaires au nom d&#146;un D&#233;positaire ou d&#146;un sous-d&#233;positaire de celui-ci, les attestations pr&#233;vues au dit article 6.3 des statuts devront parvenir &#224; la Soci&#233;t&#233; au plus tard le jour pr&#233;c&#233;dant le cinqui&#232;me (5<sup>i&#232;me</sup>) jour ouvrable avant la date de l&#146;assembl&#233;e g&#233;n&#233;rale sauf si la Soci&#233;t&#233; fixe un d&#233;lai plus court. Ces attestations devront constater l&#146;indisponibilit&#233; des actions inscrites en compte jusqu&#146;&#224; la cl&#244;ture de l&#146;assembl&#233;e g&#233;n&#233;rale. Toutes procurations devront parvenir &#224; la Soci&#233;t&#233; dans le m&#234;me d&#233;lai.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration adoptera tous autres r&#232;glements et modalit&#233;s concernant la mise &#224; disposition de cartes d&#146;acc&#232;s et de formulaires de procuration afin de permettre aux actionnaires d&#146;exercer leur droit de vote.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration pourra d&#233;cider d&#146;autoriser la participation des actionnaires &#224; l&#146;assembl&#233;e par tous moyens de t&#233;l&#233;communication (y compris le t&#233;l&#233;phone ou une vid&#233;o conf&#233;rence), pour autant qu&#146;ils permettent l&#146;identification des actionnaires participant &#224; l&#146;assembl&#233;e par ces moyens, aux autres actionnaires pr&#233;sents &#224; cette assembl&#233;e g&#233;n&#233;rale (soit en personne, soit par mandataire ou au moyen de ce type de communication) d&#146;entendre ces actionnaires et &#224; ces derniers d&#146;entendre &#224; tout moment les autres actionnaires.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Tout actionnaire qui participe &#224; l&#146;assembl&#233;e g&#233;n&#233;rale de la Soci&#233;t&#233; via un tel moyen de communication, sera consid&#233;r&#233; comme &#233;tant pr&#233;sent &#224; cette assembl&#233;e g&#233;n&#233;rale, sera pris en compte pour le calcul du quorum et autoris&#233; &#224; voter sur les mati&#232;res trait&#233;es &#224; cette assembl&#233;e g&#233;n&#233;rale. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les actionnaires pourront voter par correspondance au moyen d&#146;un formulaire fourni par la Soci&#233;t&#233; comprenant les mentions suivantes:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</b></font><font face="Arial" size=2>le lieu, la date et l&#146;heure de l&#146;assembl&#233;e,</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#8211;</b></font><font size=4><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</b></font><font face="Arial" size=2></font><font face="Arial" size=2>le nom, l&#146;adresse et toute autre information appropri&#233;e concernant l&#146;actionnaire,</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#8211;</b></font><font size=4><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</b></font><font face="Arial" size=2>le nombre des actions d&#233;tenues par l&#146;actionnaire,</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#8211;</b></font><font size=4><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</b></font><font face="Arial" size=2>l&#146;ordre du jour,</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#8211;</b></font><font size=4><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</b></font><font face="Arial" size=2>le texte des r&#233;solutions propos&#233;es,</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#8211;</b></font><font size=4><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</b></font><font face="Arial" size=2>la possibilit&#233; d&#146;exprimer un vote positif ou n&#233;gatif ou une abstention,</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 26</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#8211;</b></font><font size=4><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</b></font><font face="Arial" size=2>la possibilit&#233; de donner procuration de vote pour toute nouvelle r&#233;solution ou toute modification aux r&#233;solutions qui seraient propos&#233;es &#224; l&#146;assembl&#233;e ou annonc&#233;es par la Soci&#233;t&#233; apr&#232;s la remise par l&#146;actionnaire du formulaire de vote par correspondance.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les formulaires de vote par correspondance devront parvenir &#224; la Soci&#233;t&#233; au plus tard le jour pr&#233;c&#233;dant le cinqui&#232;me (5<sup>i&#232;me</sup>) jour ouvrable avant la date de l&#146;assembl&#233;e g&#233;n&#233;rale, sauf si la Soci&#233;t&#233; fixe un d&#233;lai plus court. Une fois que les formulaires de vote par correspondance auront &#233;t&#233; remis &#224; la Soci&#233;t&#233;, ils ne pourront plus &#234;tre retir&#233;s ou annul&#233;s.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les formulaires d&#251;ment compl&#233;t&#233;s et re&#231;us par la Soci&#233;t&#233; conform&#233;ment &#224; ce qui pr&#233;c&#232;de seront pris en compte pour le calcul du quorum &#224; cette assembl&#233;e g&#233;n&#233;rale.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le conseil d&#146;administration adoptera tous les autres r&#232;glements et r&#232;gles relatifs &#224; la participation &#224; l'assembl&#233;e et aux formulaires de vote par correspondance.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Si tous les actionnaires sont pr&#233;sents ou repr&#233;sent&#233;s &#224; une assembl&#233;e g&#233;n&#233;rale des actionnaires et s&#146;ils d&#233;clarent avoir &#233;t&#233; inform&#233;s de l&#146;ordre du jour de l&#146;assembl&#233;e g&#233;n&#233;rale, l&#146;assembl&#233;e g&#233;n&#233;rale pourra &#234;tre tenue sans convocation ou publication pr&#233;alables.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 14.</font></b><font face="Arial" size=2>&nbsp;</font><b><font face="Arial" size=2> Assembl&#233;e g&#233;n&#233;rale annuelle des actionnaires</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>L&#146;assembl&#233;e g&#233;n&#233;rale annuelle des actionnaires se tiendra conform&#233;ment &#224; la loi luxembourgeoise au si&#232;ge social de la Soci&#233;t&#233; ou &#224; tout autre endroit de la Ville de Luxembourg, pr&#233;cis&#233; dans l&#146;avis de convocation, le second mardi du mois de mai chaque ann&#233;e &#224; onze heures (11:00).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Si ce jour n&#146;est pas un jour ouvrable bancaire &#224; Luxembourg, l&#146;assembl&#233;e g&#233;n&#233;rale annuelle se tiendra le premier jour ouvrable bancaire pr&#233;c&#233;dent.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Quinze (15) jours avant l&#146;assembl&#233;e g&#233;n&#233;rale, les actionnaires peuvent prendre connaissance au si&#232;ge social des documents qui doivent y &#234;tre d&#233;pos&#233;s conform&#233;ment &#224; la Loi.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le rapport de gestion, les comptes annuels et consolid&#233;s, ainsi que les documents &#233;tablis par les r&#233;viseurs d&#146;entreprises, sont adress&#233;s aux actionnaires nominatifs en m&#234;me temps que la convocation. Tout actionnaire a le droit d&#146;obtenir gratuitement, sur la production de son titre, quinze (15) jours avant l&#146;assembl&#233;e, un exemplaire des pi&#232;ces auxquelles il est fait r&#233;f&#233;rence &#224; l&#146;alin&#233;a qui pr&#233;c&#232;de.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Apr&#232;s l&#146;approbation des comptes annuels et des comptes consolid&#233;s, l&#146;assembl&#233;e g&#233;n&#233;rale d&#233;cidera par vote sp&#233;cial la d&#233;charge de la responsabilit&#233; des administrateurs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les autres assembl&#233;es g&#233;n&#233;rales des actionnaires pourront se tenir aux jours, heure et lieu indiqu&#233;s dans les avis de convocation.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 15.</font></b><font face="Arial" size=2>&nbsp;</font><b><font face="Arial" size=2> R&#233;viseurs d&#146;entreprises</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le contr&#244;le des comptes annuels et des comptes consolid&#233;s et de la concordance du rapport de gestion avec les comptes sera confi&#233; &#224; un ou plusieurs r&#233;viseurs d&#146;entreprises d&#233;sign&#233;s par l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires pour une p&#233;riode ne pouvant d&#233;passer trois (3) ans.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le ou les r&#233;viseurs d&#146;entreprise(s) seront r&#233;&#233;ligibles.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Ils consigneront le r&#233;sultat de leur contr&#244;le dans les rapports exig&#233;s par la Loi. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 27</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 16.</font></b><font face="Arial" size=2>&nbsp;</font><b><font face="Arial" size=2> Exercice social</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>L&#146;exercice social de la Soci&#233;t&#233; commencera le premier janvier de chaque ann&#233;e et se terminera le 31 d&#233;cembre de la m&#234;me ann&#233;e.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 17.</font></b><font face="Arial" size=2>&nbsp;</font><b><font face="Arial" size=2> Affectation des b&#233;n&#233;fices</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Il sera pr&#233;lev&#233; sur le b&#233;n&#233;fice net annuel de la Soci&#233;t&#233; cinq pour cent (5%) qui seront affect&#233;s &#224; la r&#233;serve pr&#233;vue par la Loi. Ce pr&#233;l&#232;vement cessera d&#146;&#234;tre obligatoire lorsque cette r&#233;serve aura atteint dix pour-cent (10%) du capital souscrit. Cette obligation reprendra du moment que ce dixi&#232;me est entam&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Le surplus du b&#233;n&#233;fice net sera affect&#233; comme suit par l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires, sur proposition du conseil d&#146;administration:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#149;</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>un montant global sera allou&#233; au conseil d&#146;administration &#224; titre de tanti&#232;mes. Ce montant ne pourra pas &#234;tre inf&#233;rieur &#224; un million d&#146;euros (1.000.000 EUR). En cas d&#146;insuffisance du r&#233;sultat, le montant d&#146;un million d&#146;euros sera imput&#233; en tout ou en partie aux charges. La r&#233;partition de cette somme entre les membres du conseil d&#146;administration sera effectu&#233;e conform&#233;ment au r&#232;glement int&#233;rieur du conseil;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font size=4><b>&#149;</b></font><font face="Arial" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>le solde sera distribu&#233; &#224; titre de dividendes aux actionnaires, ou affect&#233; aux r&#233;serves, ou report&#233; &#224; nouveau.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Lorsque, sur conversion de titres convertibles ou &#233;changeables en actions de la Soci&#233;t&#233;, la Soci&#233;t&#233; proc&#232;de &#224; l&#146;&#233;mission de nouvelles actions ou &#224; l&#146;attribution d&#146;actions propres, ces actions, &#224; moins que les conditions d&#146;&#233;mission de ces titres convertibles ou &#233;changeables n&#146;en disposent autrement, ne participent pas &#224; la distribution des dividendes pour l&#146;exercice comptable qui pr&#233;c&#232;de la conversion ou l&#146;&#233;change.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Des acomptes sur dividendes pourront &#234;tre distribu&#233;s dans les conditions pr&#233;vues par la loi sur d&#233;cision du conseil d&#146;administration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Aucun int&#233;r&#234;t ne sera pay&#233; sur les dividendes d&#233;clar&#233;s et non pay&#233;s qui seront d&#233;tenus par la Soci&#233;t&#233; pour le compte des actionnaires.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 18. Dissolution et liquidation</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>En cas de dissolution de la Soci&#233;t&#233;, il sera proc&#233;d&#233; &#224; la liquidation par les soins d&#146;un ou de plusieurs liquidateurs, personnes physiques ou morales, qui seront nomm&#233;s par l&#146;assembl&#233;e g&#233;n&#233;rale des actionnaires qui d&#233;terminera leurs pouvoirs et leur r&#233;mun&#233;ration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 19. Modification des statuts</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%;text-align:justify;'><font face="Arial" size=2>Les pr&#233;sents statuts pourront &#234;tre modifi&#233;s en temps et lieu qu&#146;il appartiendra par une assembl&#233;e g&#233;n&#233;rale des actionnaires soumise aux conditions de quorum et de vote requises par la Loi.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Par d&#233;rogation au paragraphe pr&#233;c&#233;dent, les articles 8.1, 8.4, 8.5, 8.6 et 11.2 ainsi que les dispositions du pr&#233;sent article 19 ne pourront &#234;tre modifi&#233;s que par une assembl&#233;e g&#233;n&#233;rale des actionnaires moyennant une majorit&#233; des votes repr&#233;sentant deux tiers des droits de vote attach&#233;s aux actions de la Soci&#233;t&#233;. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><u><b><font face="Arial" size=2>Article 20.</font></b><font face="Arial" size=2>&nbsp;</font><b><font face="Arial" size=2> Loi applicable et comp&#233;tence judiciaire</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Pour toutes les mati&#232;res qui ne sont pas r&#233;gl&#233;es par les pr&#233;sents statuts, les parties se r&#233;f&#232;rent aux dispositions de la Loi.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Toutes les contestations qui peuvent s&#146;&#233;lever, durant la dur&#233;e de la Soci&#233;t&#233; ou lors de sa liquidation, entre actionnaires, entre les actionnaires et la Soci&#233;t&#233;, entre actionnaires et administrateurs ou liquidateurs, entre administrateurs et liquidateurs, entre administrateurs ou entre liquidateurs, de la Soci&#233;t&#233;, en raison des affaires sociales, sont soumises &#224; la juridiction </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 28</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.22%;text-align:justify;'><font face="Arial" size=2>des tribunaux comp&#233;tents du si&#232;ge social. A cet effet, tout actionnaire, administrateur et liquidateur sera tenu de faire &#233;lection de domicile dans l&#146;arrondissement du tribunal du si&#232;ge social et toutes les assignations ou significations seront r&#233;guli&#232;rement d&#233;livr&#233;es &#224; ce domicile &#233;lu, sans avoir &#233;gard au domicile actuel; &#224; d&#233;faut d&#146;&#233;lection de domicile, les assignations ou significations seront valablement faites au si&#232;ge social de la Soci&#233;t&#233;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Les dispositions qui pr&#233;c&#232;dent ne pr&#233;judicient pas du droit de la Soci&#233;t&#233; d&#146;agir contre les actionnaires, administrateurs ou liquidateurs de la Soci&#233;t&#233; devant toutes autres juridictions ayant comp&#233;tence &#224; cet effet &#224; un autre titre et de faire toutes assignations ou significations par d&#146;autres moyens aptes &#224; permettre au d&#233;fendeur d&#146;assumer sa d&#233;fense. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><i><font face="Arial" size=2>Les pr&#233;sents statuts sont r&#233;dig&#233;s en anglais, suivis d&#146;une version fran&#231;aise et en cas de divergences entre le texte anglais et le texte fran&#231;ais, la version anglaise fera foi.</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><B><font FACE="ARIAL" SIZE=2>POUR COPIE CONFORME DES STATUTS COORDONNES</font></B><font face="Arial" size=2>, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:16.06%; text-indent:8.03%;text-align:justify;'><font face="Arial" size=2>Belvaux, le 22 juillet 2009.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PAGE 29</font></B></p>

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<p align="right" style=' margin-bottom:12pt; margin-top:0pt;text-align:right;'><u><font size=2>Exhibit 4.2 </font></u></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'>&nbsp;</p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>2009 ARCELORMITTAL EMPLOYEE SHARE PURCHASE PLAN</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 1.  Purpose</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>This 2009 ArcelorMittal Employee Share Purchase Plan (the &#147;ESPP 2009&#148;) is intended to enable Employees of the Companies to acquire an equity interest in ArcelorMittal through the acquisition of Shares (in each case, as defined hereinafter) on favourable terms and thereby for ArcelorMittal to align the interest of those employees and of ArcelorMittal&#146;s shareholders.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 2.  Definitions</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>For the purposes of the ESPP 2009, the following terms shall have the meaning set forth below:</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="98%" style=' margin-left:5.4pt;border-collapse:collapse'>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Allocation Date&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means 7 December 2009.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;ArcelorMittal&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means ArcelorMittal, a Luxembourg public limited liability company (</font><i><font size=2>soci&#233;t&#233; anonyme</font></i><font size=2>) with its registered office at 19, Avenue de la Libert&#233;, L-2930 Luxembourg, Grand Duchy of Luxembourg.  ArcelorMittal is registered with the Luxembourg Registry of Trade and Companies under number B 82.454.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Board&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the Board of Directors of ArcelorMittal.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Committee&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the Appointments, Remuneration and Corporate Governance Committee of the Board or such other committee appointed by the Board to administer the ESPP 2009.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Company&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means any of (i)&nbsp;the entities exclusively controlled, directly or indirectly, by ArcelorMittal (which, for the avoidance of doubt, includes Paul Wurth entities) and having their registered office in the Jurisdictions or (ii)&nbsp;the U.S. joint venture entity I/N Tek or I/N Kote.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>For the purposes hereof, an entity shall be deemed &#147;exclusively controlled&#148; by ArcelorMittal if it is fully consolidated in ArcelorMittal&#146;s financial statements.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Custodian&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means either the European Custodian or the U.S. Custodian, as applicable.</font></p> </td> </tr></table>

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

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

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


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        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

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

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


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    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Early Exit Event&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, for any Participant, (i)&nbsp;the termination of the Participant&#146;s employment with any Company for any reason, whether voluntarily or involuntarily, including death, unless after such termination, the Participant is an employee of an entity exclusively or jointly controlled, directly or indirectly, by ArcelorMittal, or (ii)&nbsp;the permanent disability of the Participant, as determined in the sole discretion of the human resources department of the relevant Company.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Early Exit Notice&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Section 8.1.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Employee&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means a person who is an employee of any Company (for a definite or indefinite period of time) at the end of the Subscription Period, excluding any such employee who has given or received notice of termination of employment or who will have been employed for less than three months as of the end of the Subscription Period.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;ESPP 2009&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Article 1.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;European Custodian&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, with respect to Shares purchased by Employees of Companies having their registered office in Jurisdictions other than the United States of America or Canada, BNP Paribas Securities Services, a French public limited liability company (</font><i><font size=2>soci&#233;t&#233; anonyme</font></i><font size=2>) with its registered office at 3, rue d&#146;Antin, 75002 Paris, France, registered with the Paris Registry of Trade and Companies under number 552 108 011 RCS.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;European Securities Account&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Section 4.4.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;European Stock Exchange&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means any European regulated market on which ArcelorMittal shares are officially admitted to trading.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Expiration Date&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means 21 January 2013; provided, that if such day is not a Stock Exchange Day, then the Expiration Date will be the following Stock Exchange Day.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;First Cap&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Section 3.2.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Initial FX Rate&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, with respect to any Local Currency other than the U.S. dollar, the foreign exchange rate of the U.S. dollar into the Local Currency (or, depending on the context, of the Local Currency into the U.S. dollar) fixed by ArcelorMittal:</font></p> </td> </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left; '><font size=4><b>&#149;</b></font>&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>for Local Currencies for which there is a U.S. Federal Reserve official exchange rate of the US. dollar into the Local Currency, based on the foreign exchange rate of the U.S. dollar into the Local Currency for the Stock Exchange Day immediately preceding the date of the determination of the Reference Price, as published by the U.S. Federal Reserve at http://www.federalreserve.gov/Releases/H10/;</font></p> </td> </tr></table>

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

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

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


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        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

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


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        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left; '><font size=4><b>&#149;</b></font>&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>for Local Currencies for which there is no U.S. Federal Reserve official exchange rate of the U.S. dollar into the Local Currency but for which there is a European Central Bank official exchange rate of the euro into the Local Currency, based on the foreign exchange rate of the euro into the Local Currency published by the European Central Bank at 14:15 Central European time (page 37<sup>(1)</sup>) on the Stock Exchange Day immediately preceding the date of the determination of the Reference Price, as converted from the euro to the U.S. dollar based on the foreign exchange rate of the euro into the U.S. dollar published by the European Central Bank at the same time and on the same page; and</font></p> </td> </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;margin-bottom:0pt; '><font size=4><b>&#149;</b></font>&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>for other Local Currencies, based on the foreign exchange rate of the U.S. dollar into the Local Currency published by the central bank of the relevant jurisdiction on the Stock Exchange Day immediately preceding the date of the determination of the Reference Price.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Insider Dealing Regulations&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the insider dealing regulations adopted by the Board (as amended from time to time), in order to ensure appropriate treatment of inside information and thus avoid insider dealing and market manipulation.  Such regulations, which are available on the ArcelorMittal website (</font><u><font size=2>www.arcelormittal.com</font></u><font size=2>), form an integral part of the ESPP 2009.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Interest Period&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>for any dividend payment on the Shares, the duration of the first Interest Period shall be from and including the date on which the Custodian receives the dividend on the Shares held in the relevant Securities Account to and including the last day of the same month, and the duration of each subsequent Interest Period shall be from but excluding the last day of the previous Interest Period to and including the last day of the subsequent month.</font></p> </td> </tr></table>

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


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        <td  nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td colspan="3" valign=top  nowrap >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Also available at http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html.</font></p></td>
  </tr>
    <tr>
        <td width="52" ></td>

        <td width="264" ></td>

        <td width="4" ></td>

        <td width="560" ></td> </tr> </table>

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

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

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


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    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="98%" style=' margin-left:5.4pt;border-collapse:collapse'>
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        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Interest Rate&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, for each Interest Period, (i)&nbsp;with respect to dividends paid on the Shares held in the U.S. Securities Account, the percentage rate per annum equal to the U.S. Federal Funds rate relevant for that Interest Period (as determined by the U.S. Custodian) less ten basis points, and (ii)&nbsp;with respect to dividends paid on the Shares held in the European Securities Account, the percentage rate per annum equal to the Euribor one-month rate relevant for that Interest Period (as determined by the European Custodian) less ten basis points.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any interest accruing under the ESPP 2009 shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the relevant interbank market differs, in accordance with that market practice.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Jurisdictions&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means Argentina, Austria, Belgium, Bosnia &amp; Herzegovina, Brazil, Canada, Costa Rica, the Czech Republic, Germany, India, Italy, Kazakhstan, Liberia, Luxembourg, Mexico, the Netherlands, Poland, Romania, South Africa, Spain, the United Kingdom and the United States of America.</font><font size=2><sup>(2)</sup></font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Local Currency&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, with respect to any Jurisdiction, the official currency of that Jurisdiction.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Local Supplement&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, with respect to any Jurisdiction, the supplement to the ESPP 2009 providing a summary of certain specific terms and conditions of the ESPP 2009 applicable in that Jurisdiction. The provisions of the Local Supplement (other than the tax and social charges withholding summary included therein) constitute an integral and essential part of the ESPP 2009 applicable in the relevant Jurisdiction.  In case of inconsistencies between the ESPP 2009 and the Local Supplement, the provisions of the Local Supplement shall prevail.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
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        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Maximum Number of Shares&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means 2.5 million Shares.</font></p> </td> </tr>
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      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
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        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;NYSE&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the New York Stock Exchange.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
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    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Open Market&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, (i)&nbsp;if the Custodian is the U.S. Custodian, the NYSE, and (ii)&nbsp;if the Custodian is the European Custodian, any European Stock Exchange, at the European Custodian&#146;s discretion.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Participant&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means an Employee (i)&nbsp;who was validly enrolled in the ESPP 2009 in accordance with Article 3 and (ii)&nbsp;whose participation in the ESPP 2009 has not terminated.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Purchase Price&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the purchase price per Share as determined in accordance with Section 3.2.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Purchased Shares&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Section 4.2.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>_________________________</font></p>
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    <td width="52" nowrap valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p></td>
    <td valign=top nowrap >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subject to feasibility.</font><font size=1>&nbsp;</font></p>      </td>
  </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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


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        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="98%" style=' margin-left:5.4pt;border-collapse:collapse'>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Reference Price&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the average of the opening and closing market prices of the Share on the NYSE on the Stock Exchange Day before the first day of the Subscription Period.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Second Cap&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Section 3.2.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Securities Account&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the U.S. Securities Account or the European Securities Account.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Settlement Date&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means 21 January 2010.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Share&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means an ordinary, whole, existing share of ArcelorMittal and/or, if ArcelorMittal decide to delivers in whole or in part newly-issued shares carrying the same rights as existing shares, a newly-issued share of ArcelorMittal carrying upon issuance the same rights as existing shares.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Stock Exchange Day&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means a day on which the NYSE and all of the European Stock Exchanges are open.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Subscription Amount&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the aggregate amount to be paid by an Employee to purchase Shares under the ESPP 2009, based on the Purchase Price.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Subscription Form&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the Subscription Form provided by ArcelorMittal and, in Italy, by the financial intermediary appointed by ArcelorMittal, to be executed by an Employee pursuant to Section 3.1 in connection with participation in the ESPP 2009.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
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        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Subscription Period&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means the period beginning on 10 November 2009 at 00:01 New York time and ending on 19 November 2009 at 23:59 New York time.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;Termination Notice&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Section 7.1.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;U.S. Custodian&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>means, with respect to Shares purchased by Employees of Companies having their registered office in the United States of America or Canada, The Bank of New York Mellon, a corporation incorporated under the laws of the State of New York, with its registered office at One Wall Street, New York, NY 10286.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
      <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>&nbsp;</td>
    </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>&#147;U.S. Securities Account&#148;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>has the meaning set forth in Section 4.4.</font></p> </td> </tr>
    <tr>
        <td width="43%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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


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    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 3.  Subscription</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pursuant to the ESPP 2009, an Employee may apply to purchase a number of whole Shares not exceeding that number of whole Shares equal to the lower of (i) 200 Shares and (ii) the whole number of Shares that may be purchased for US$ 15,000 pursuant to Section 3.2 (rounded down to the nearest whole number of Shares), by submitting a duly completed and signed Subscription Form during the Subscription Period or, where applicable, by subscribing online during the Subscription Period, in each case as set out in the applicable Local Supplement and, as the case may be, accompanied by any means of payment or document permitted and required to be delivered in accordance with the terms and conditions of the Subscription Form and the Local Supplement.  Unless the Local Supplement provides for a cancellation right, the submission of the
Subscription Form or the subscription online, as the case may be, will be an irrevocable and definitive subscription order and cannot be cancelled or rescinded by the Employee once such order has been submitted.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Purchase Price will be equal to the Reference Price, less a discount equal to:</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>15% of the Reference Price for a purchase order not exceeding the lower of (x)&nbsp;100 Shares and (y)&nbsp;the number of Shares (rounded down to the nearest whole number) corresponding to an investment of US$ 7,500 (the &#147;First Cap&#148;); and thereafter;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10% of the Reference Price for any additional acquisition of Shares up to a number of Shares (including those in the First Cap) not exceeding the lower of (x)&nbsp;200 Shares and (y)&nbsp;the number of Shares (rounded down to the nearest whole number) corresponding to an investment of US$ 15,000 (the &#147;Second Cap&#148;).</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.3</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Subscription Amount (converted into the Employee&#146;s Local Currency at the Initial FX Rate, if applicable) shall be payable in Local Currency in accordance with the terms and conditions set out in the relevant Local Supplement.  In the event that an Employee fails in whole or in part to make such payment in accordance with the terms and conditions set out in the Local Supplement, his/her subscription shall be null, void and without effect.  If the payment default is identified after the Settlement Date, then the Custodian will deliver the corresponding Shares to ArcelorMittal as soon as practicable.  In case of a partial payment by an Employee, any such payment shall be refunded to the Employee without any accrual or payment of interest as soon as practicable through means such as payroll, wire transfer or check, at
ArcelorMittal&#146;s option.  </font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 4.  Reduction, Allocation and Settlement</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>If the total amount of the Subscription Amounts, as converted into U.S. dollars at the Initial FX Rate if applicable, of all Participants for whom no partial or total payment default has been identified as of 17:00 Central European time on the Stock Exchange Day immediately preceding the Allocation Date, corresponds to a number of Shares exceeding the Maximum Number of Shares, each Participant&#146;s subscription order shall be reduced such that the number of Shares effectively purchased by him/her shall be equal to the sum of (i)&nbsp;one Share and (ii)&nbsp;the number of Shares (rounded down to the nearest whole number of Shares) corresponding to the product of (x)&nbsp;the ratio of (1)&nbsp;the excess of such Participant&#146;s demand over one Share over (2)&nbsp;the aggregate demand of all the Participants in excess of one
Share per Participant and (y)&nbsp;the difference between the Maximum Number of Shares and the number of Participants (for the avoidance of doubt, excluding any Participants for whom a partial or total payment default has been identified).  The Subscription Amount of each Participant shall be reduced accordingly, based on the reduced </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>6</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'><font size=2>number of Shares allocated to him or her, the Purchase Price and, if applicable, the Initial FX Rate.</font></td>
    </tr>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>As soon as practicable after the Settlement Date, each Participant will receive an individual allocation statement setting forth the final number of Shares allocated to such Employee under the ESPP 2009, as reduced in accordance with the provisions of Section 4.1 (the &#147;Purchased Shares&#148;).</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.3</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Any excess payment made by a Participant resulting from the reduction contemplated by Section 4.1 shall be refunded to such Participant, without any accrual or payment of interest, as soon as practicable through means such as payroll, wire transfer or check, at ArcelorMittal&#146;s option. </font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.4</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>On the Settlement Date, in consideration of the Participants&#146; payment of the Subscription Amount, as reduced in accordance with Section 4.1, ArcelorMittal shall cause (i)&nbsp;a number of Shares equal to the aggregate number of Purchased Shares of the Employees of the Companies having their registered office in the United States of America or in Canada to be delivered to and deposited in a securities account maintained by the U.S. Custodian for the ESPP 2009 (the &#147;U.S. Securities Account&#148;) and (ii)&nbsp;a number of Shares equal to the aggregate number of Purchased Shares of the Employees of the Companies having their registered office in Jurisdictions other than the United States of America or Canada to be delivered to and deposited in a securities account maintained by the European Custodian for the ESPP 2009
(the &#147;European Securities Account&#148;).</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 5.  Custody &#150; Dividends</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>ArcelorMittal shall cause the relevant Custodian to credit in its records in the name of each </font><font size=2>Participant the number of Purchased Shares purchased by such Participant.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>From the Settlement Date, subject to the transfer restrictions set out in Article 6 and the specific terms relating to the payment of dividends set out in Section 5.3 and seq., any Participant shall have, with respect to his/her Purchased Shares, all of the rights of a holder of such Shares, including the right to vote the Shares.  In order to attend a general meeting of shareholders in person or by proxy, Participants must contact the Custodian or use the documents enabling them to vote o the ArcelorMittal website (www.arcelormittal.com), which will be available as from the date of publication of the convening notice, which is announced by press release.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.3</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Any cash dividend paid by ArcelorMittal on the Shares held in the U.S. Securities Account shall be paid to and deposited with the U.S. Custodian, net of applicable withholding tax, in a separate global U.S. dollar cash account opened and maintained for such purposes.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.4</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Any cash dividend paid by ArcelorMittal on the Shares held in the European Securities Account shall be paid to and deposited with the European Custodian, net of applicable withholding tax, in a separate global euro cash account opened and maintained for such purposes.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.5</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Any cash dividend paid by ArcelorMittal on the Shares will not be paid to the Participant until the delivery of the Shares to such Participant&#146;s securities account or the sale of his/her Shares on the Open Market, in each case, as set out in Articles 7 and 8.  The net amount of such dividends will accrue interest at the Interest Rate between the date of their receipt by the Custodian and the last day of the month preceding the month during which dividends are effectively paid to the Participant.  The Custodian will provide the Participant with annual statements indicating the amount of the dividend earned by the Participant on his/her Shares, net of any applicable </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>7</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
      <td valign=top style='padding:0in 0in 12.0pt 0in'>&nbsp;</td>
      <td  valign=top style='padding:0in 0in 12.0pt 0in'><font size=2>withholding tax levied at the time of the payment of the dividends to the Custodian, together with the Interest Rate applied for the relevant period. Payment of the dividends (and interest accrued thereon) to the Participants will be made net of any applicable withholding tax and in Local Currency, based on the applicable foreign exchange rate when the Local Currency differs from the functional currency of the cash account to which the dividends were credited.</font></td>
    </tr>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.6</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>ArcelorMittal will bear any bookkeeping costs incurred in connection with the custody of the Purchased Shares until the earlier of the Expiration Date and the early sale or delivery of the Purchased Shares in accordance with Article 8, as the case may be.  ArcelorMittal will bear any brokerage and related fees and stock exchange duties incurred in connection with the sale of the Purchased Shares in accordance with Article 7.  Any other costs (including any brokerage and related fees and stock exchange duties) incurred in connection with the sale of the Purchased Shares in accordance with Article 8, other than upon the death of the Participant, shall be borne by the Participants.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 6.  Transfer Restrictions</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>Subject to the provisions of Article 8, no Purchased Shares and no interest therein may be assigned, transferred, sold, exchanged, pledged or otherwise encumbered or disposed of by a Participant or any beneficiary of any Participant until the Expiration Date.  Any attempted assignment, transfer, sale, exchange, pledge or other encumbrance or disposition shall be null and void.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 7.  Termination</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Approximately 90 days prior to the Expiration Date, the Custodian shall distribute to the Participants a notice (the &#147;Termination Notice&#148;) pursuant to which the Participant may request, subject to compliance with the Insider Dealing Regulations, either the delivery to such Participant of all of his/her Purchased Shares or the sale of all of his/her Purchased Shares by the relevant Custodian on the Open Market on his/her behalf.  The Termination Notice shall set forth a deadline for Participants to return a duly completed Termination Notice to the Custodian.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>As soon as possible after the Expiration Date and in accordance with the Termination Notice, the Custodian shall, in accordance with the Participant&#146;s choice, cause all of his/her Purchased Shares to be delivered to him/her or cause such Shares to be sold on the Open Market on his/her behalf in accordance with Section 7.4.  A combination of these alternatives will not be permitted.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.3</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Any Participant&#146;s Purchased Shares for which the Custodian has not received a duly completed Termination Notice in due time will be sold on the Open Market as soon as possible after the Expiration Date on behalf of such Participant together with the Shares for which the Custodian has received or is deemed to have received a selling instruction.  The provisions of Section 7.4 shall apply to such sale.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.4</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The relevant Custodian will cause the Purchased Shares as to which it has received a selling instruction or no instruction to be sold in accordance with the provisions of this Article 7 on the Open Market for the accounts of the relevant Participants at dates it shall determine in its sole discretion but not later than 15 Stock Exchange Days following the Expiration Date; provided, however, that this period may be extended by the Custodian in case of market disruption or in order to comply with the Insider Dealing Regulations or any other regulations that would restrict the ability of the Custodian to sell the Shares on the Open Market; provided, further, that the Custodian shall take all reasonable steps to obtain, when executing or transmitting sales instructions for execution pursuant to this Section 7, the best possible
result for the Participating Employees, taking into account the price,</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>8</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

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

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse; margin-bottom: 12pt;'>
  <tr>
    <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p></td>
    <td  valign=top style='padding:0in 0in 12.0pt 0in'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2> costs, speed, likelihood of execution and settlement, size, nature, or any other consideration relevant to the execution of these instructions, including the aggregation of the sales instructions in accordance with Section 7.3 (which may potentially result in a less favourable execution than in the absence of any such aggregation). The proceeds realised from such sale will be paid to each Participant entitled thereto in proportion to each Participant&#146;s interest in the aggregate number of Shares sold. No interest will accrue or be paid in respect of the cash proceeds resulting from the sale. Payment to the Participants will be made net of any applicable withholding tax and in Local Currency, based on the applicable foreign exchange rate when the Local Currency differs from the currency of the Open Market. If a Participant cannot be reached at the address provided by him or her, such funds will
 continue to be held on his/her behalf until the expiration of the applicable statute of limitations. When this period has elapsed, the Custodian shall dispose of the corresponding sums in accordance with applicable laws. No interest will accrue or be paid in respect of such sums.</font></p></td>
  </tr>
</table>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 8.  Early Exit</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Subject to compliance with the Insider Dealing Regulations, upon the occurrence of an Early Exit Event, a Participant (or, in case of the Participant&#146;s death, his/her beneficiaries) shall be permitted but not required to deliver to the human resources department of his Company (or former Company) a notice (an &#147;Early Exit Notice&#148;) within three months following the occurrence of an Early Exit Event, which notice requests either the delivery to such Participant of all of his/her Purchased Shares or the sale of all of his/her Purchased Shares by the Custodian on the Open Market on his/her behalf; provided, however, that the Companies will not accept any Early Exit Notice received on or after the fifteenth day before the Expiration Date.  A combination of these alternatives will not be permitted.  The Company will be
responsible for confirming the occurrence of an Early Exit Event and for transmitting the Early Exit Notice to the relevant Custodian.  In the event that for a given Participant the Custodian receives an Early Exit Notice after having received a Termination Notice, the Early Exit Notice shall prevail.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>As soon as practicable following the receipt of a properly completed Early Exit Notice, the Custodian shall, in accordance with the Participant&#146;s choice, cause all of his/her Purchased Shares to be delivered to him/her, or cause such Shares to be sold on the Open Market on his/her behalf.  In the latter case, the cash proceeds of the sale (net of applicable fees) shall be paid to the relevant Participant(s) as soon as practicable thereafter in Local Currency, based on the applicable foreign exchange rate when the Local Currency differs from the currency of the Open Market.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.3</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Upon the occurrence of an Early Exit Event, in the event that a Participant does not submit a properly completed Early Exit Notice on a timely basis, then his/her Shares shall be maintained in the relevant Securities Account and remain subject to the terms and conditions of the ESPP 2009, including the transfer restrictions, until the earlier of the Expiration Date or the occurrence of a subsequent Early Exit Event for which the Participant submits a properly completed Early Exit Notice.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 9.  Administration</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>The ESPP 2009 shall be administered by the Committee.  The Committee may, from time to time, adopt rules and regulations for carrying out the provisions and purposes of the ESPP 2009.  The Committee, in its absolute discretion, shall have the power to interpret and construe the ESPP 2009; provided, however, that the Committee or the Board may designate persons other than members of the Committee to carry out such responsibilities of the Committee under the ESPP 2009 as it may deem appropriate.  Any interpretation or construction of any provision of this ESPP 2009 by the Committee shall be final and conclusive upon all parties.  No member of the Committee or the Board shall be liable for any action or determination made hereunder in good faith.</font></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>9</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>ARTICLE 10.  Miscellaneous</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>No Additional Rights</font></u><font size=2>.  Nothing in the ESPP 2009 shall interfere with or limit in any way the right of any Company to terminate any Participant&#146;s employment at any time, or confer upon any Participant any right to continue employment with any Company.  The benefits arising under the ESPP 2009 shall neither constitute part of a Participant&#146;s employment contract with any Company or other affiliates of ArcelorMittal nor be taken into account for the computation of any labour-related benefits, including any severance payments.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.2</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Binding Effect</font></u><font size=2>.  Any decision made or action taken by ArcelorMittal, the Board or the Committee arising out of or in connection with the construction, administration, interpretation, and effect of the ESPP 2009 shall be conclusive and binding upon all persons having any interest in the ESPP 2009, including ArcelorMittal, its employees, Participants and their beneficiaries.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.3</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Withholding</font></u><font size=2>.  The Companies and the Custodian shall, to the fullest extent permitted by applicable laws and regulations, have the power and the right to deduct or withhold from any payment due to a Participant, or require a Participant to remit to the Companies or the Custodian, an amount sufficient to satisfy all taxes and social security contributions or similar social charges required by law or regulation to be withheld or accounted for in connection with this ESPP 2009.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.4</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Changes in Capital Structure</font></u><font size=2>.  In the event of any changes in the common stock or the capital structure of ArcelorMittal through a corporate transaction, including, without limitation, pursuant to a merger, demerger (including a spin-off), reorganization, partial or complete liquidation, recapitalization, stock dividend, stock split or reverse stock split, any such transaction shall be binding on the Participant as on any other ArcelorMittal shareholder and the Committee shall make any appropriate adjustments and changes, to the extent necessary, to reflect such changes in the ESPP 2009.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.5</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Amendments</font></u><font size=2>.  The Board may at any time alter, amend, suspend, or terminate the ESPP 2009 in whole or in part; provided, however, that no amendment, suspension or termination of the ESPP 2009 shall be permitted that would impair or diminish, in any material respect, any outstanding right of a Participant without such Participant&#146;s written consent.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.6</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Delivery of Title</font></u><font size=2>.  ArcelorMittal shall have no obligation to deliver Shares under the ESPP 2009 prior to (i)&nbsp;obtaining any approvals from governmental agencies that ArcelorMittal determines are necessary or advisable, and (ii)&nbsp;completing any registration or other qualification of the Shares under any applicable national or foreign law or regulation that ArcelorMittal determines to be necessary or advisable.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.7</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Registration - Listing</font></u><font size=2>.  ArcelorMittal may use reasonable endeavours to register all or part of the Shares offered pursuant to the ESPP 2009 with the United States Securities and Exchange Commission or to effect compliance with the registration, qualification and listing requirements of any national or foreign securities laws, stock exchange or automated quotation system.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.8</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Governing Law - Jurisdiction</font></u><font size=2>.  The ESPP 2009 and all actions taken hereunder shall be governed by and construed in accordance with the laws of the Grand Duchy of Luxembourg.  The courts of the judicial district of Luxembourg shall have exclusive jurisdiction to resolve any disputes arising in relation to the ESPP 2009 (including in connection with its interpretation or its performance).</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.9</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Effective Date</font></u><font size=2>.  The ESPP 2009 shall be effective on the opening date of the Subscription Period.</font></p> </td> </tr></table>


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

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:3.95pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>10</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.95pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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


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

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



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<FILENAME>arcelormittal-s8ex231_1027.htm
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<p align="right" style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size="2"><u>Exhibit 23.1</u></font> </p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports relating to the consolidated financial statements of ArcelorMittal and subsidiaries (&#147;ArcelorMittal&#148;), and the effectiveness of ArcelorMittal&#146;s internal control over financial reporting dated February 20, 2009, appearing in the Annual Report on Form 20-F of ArcelorMittal for the year ended December 31, 2008. </font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>/s/ Deloitte S.A.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>October 27, 2009</font></p>

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

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



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<p align="right" style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size="2"><u>Exhibit 23.2</u></font> </p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We consent to the incorporation by reference in Registration Statement on Form S-8 of our report dated April&nbsp;16, 2007 (March 19, 2008 as to note 3, insomuch as it relates to the acquisition of Arcelor and February 20, 2009 as to note 24), relating to the 2006 financial statements of Mittal Steel Company N.V. (predecessor entity of ArcelorMittal) and subsidiaries, incorporated by reference in the Annual Report on Form 20-F of ArcelorMittal for the year ended December&nbsp;31, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'> <font size="2">/s/ Deloitte Accountants B.V.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2"> <br>
  </font> <font size="2">Rotterdam, The Netherlands <br>
  October 27, 2009 </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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



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<SEQUENCE>6
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<p align="right" style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size="2"><u>Exhibit 23.3</u></font> </p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>Consent of Independent Registered Public Accounting Firm</font></u></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We consent to the use of our report dated April 16, 2007, with respect to the consolidated balance sheet of Arcelor S.A. and subsidiaries (&#147;the Company&#148;) as of December 31, 2006, and the related consolidated income statement, statement of cash flows, and statement of changes in shareholders&#146; equity for the five months ended December 31, 2006, prepared in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board, which report appears in the December 31, 2008 annual report on Form 20-F of ArcelorMittal, incorporated herein by reference. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Our qualified report dated April 16, 2007 contains an explanatory paragraph that states the following: </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:left;'><font size=2>IAS 34 requires that interim financial statements be represented with comparative financial information. These consolidated interim financial statements have been prepared solely for the purposes of consolidating the Company into the consolidated financial statements of Mittal Steel Company N.V. (&#147;Mittal Steel&#148;) as of and for the five months ended December 31, 2006. Accordingly, no comparative financial information is presented. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Our report dated April 16, 2007 also contains the following explanatory paragraph: </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:left;'><font size=2>The consolidated financial statements are based on the historical values of Arcelor S.A.&#146;s assets and liabilities prior to its acquisition by Mittal Steel 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. </font><font size=2>&nbsp;</font><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>/s/ </font><b><font size=2>KPMG Audit S.&#224; r.l. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>City of Luxembourg </font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>October 27, 2009</font></p>

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

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



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