<SEC-DOCUMENT>0001193125-12-084353.txt : 20120228
<SEC-HEADER>0001193125-12-084353.hdr.sgml : 20120228
<ACCEPTANCE-DATETIME>20120228131759
ACCESSION NUMBER:		0001193125-12-084353
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20120228
DATE AS OF CHANGE:		20120228
EFFECTIVENESS DATE:		20120228

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:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-179763
		FILM NUMBER:		12645840

	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>F-3ASR
<SEQUENCE>1
<FILENAME>d303281df3asr.htm
<DESCRIPTION>FORM F-3 ASR
<TEXT>
<HTML><HEAD>
<TITLE>Form F-3 ASR</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>As filed with the Securities and Exchange Commission on February 28, 2012 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM F-3
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REGISTRATION STATEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>UNDER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE SECURITIES ACT OF 1933 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>ArcelorMittal </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>ArcelorMittal
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Translation of registrant&#146;s name into English) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Grand Duchy of Luxembourg</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Not Applicable</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of<BR>incorporation or organization)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer<BR>Identification Number)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>19, Avenue de la Libert&eacute; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>L-2930 Luxembourg </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Grand Duchy of Luxembourg </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Telephone: (352)&nbsp;4792-2484
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address, including zip code, and telephone number, including area code, of Registrant&#146;s principal executive
offices) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Marc Jeske, Esq. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal USA LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1 South Dearborn Street, 19th Floor
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Chicago, IL 60603-9888 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>United States </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Telephone: 1-312-899-3400 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Copies to: </I></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gamal M. Abouali, Esq.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Cleary Gottlieb Steen &amp; Hamilton LLP</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12, rue de
Tilsitt</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>75008 Paris</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>France</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(33) 1 40 74 68 00</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Andr&eacute;s V. Gil, Esq.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Davis Polk &amp; Wardwell LLP</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>121 avenue des
Champs-Elys&eacute;es</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>75008 Paris</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>France</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(33) 1 56 59 36 00</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%"><FONT STYLE="font-family:Times New Roman" SIZE="1">Approximate date of commencement of proposed sale of the securities to the public: From time to time after the effective date of this
registration statement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%"><FONT STYLE="font-family:Times New Roman" SIZE="1">If the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%"><FONT
STYLE="font-family:Times New Roman" SIZE="1">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in
connection with dividend or interest reinvestment plans, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%"><FONT
STYLE="font-family:Times New Roman" SIZE="1">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%"><FONT
STYLE="font-family:Times New Roman" SIZE="1">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%"><FONT STYLE="font-family:Times New Roman" SIZE="1">If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:3%"><FONT STYLE="font-family:Times New Roman" SIZE="1">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CALCULATION OF REGISTRATION FEE </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title of Each Class of<BR>Securities to be Registered</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount&nbsp;to&nbsp;be&nbsp;Registered/</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Proposed&nbsp;Maximum</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Offering&nbsp;Price&nbsp;per&nbsp;Unit/</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Proposed Maximum<BR>Offering
Price</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount of<BR>Registration&nbsp;Fee</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Debt Securities</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">An indeterminate amount of debt securities as may be offered at indeterminate prices are being registered. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">In accordance with Rules 456(b) and 457(r) under the Securities Act of 1933, the registrant is deferring payment of the entire registration fee. In connection with the
securities offered hereby, the registrant will pay &#147;pay-as-you-go registration fees&#148; in accordance with Rule 456(b). </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:120px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g303281g73f80.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:8px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Debt Securities </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal may use this prospectus to offer debt securities from time to time. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You should read this prospectus and the accompanying prospectus supplement carefully before you invest. We may sell these securities to
or through underwriters, and also to other purchasers or through agents. The names of the underwriters will be set forth in the accompanying prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Investing in these securities involves certain risks. See &#147;<A HREF="#tx303281_2">Risk Factors</A>&#148; beginning on&nbsp;page&nbsp;1. </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prospectus dated
February 28, 2012. </FONT></P> <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_1">ABOUT THIS PROSPECTUS</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">i</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_2">RISK FACTORS</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_3">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_4">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_5">FORWARD-LOOKING STATEMENTS</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_6">PRESENTATION OF CERTAIN INFORMATION</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_7">ARCELORMITTAL</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_8">USE OF PROCEEDS</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_9">CAPITALIZATION AND INDEBTEDNESS</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_10">RATIO OF EARNINGS TO FIXED CHARGES</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_11">DESCRIPTION OF DEBT SECURITIES</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_12">CLEARANCE AND SETTLEMENT</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_13">TAX CONSIDERATIONS</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">43</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_14">PLAN OF DISTRIBUTION</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">47</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_15">VALIDITY OF SECURITIES</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx303281_16">EXPERTS</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_1"></A>ABOUT THIS PROSPECTUS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus is part of a registration statement that we filed with the U.S.&nbsp;Securities and Exchange Commission, which we refer
to as the SEC, utilizing a shelf registration process. Under this shelf process, we may sell the debt securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the debt securities we
may offer. Each time we offer securities pursuant to this prospectus, we will attach a prospectus supplement to the front of this prospectus that will contain specific information about the terms of those securities and their offering. We may also
add, update or change information contained in this prospectus by means of a prospectus supplement or by incorporating by reference information that we file or furnish to the SEC. The registration statement that we filed with the SEC includes
exhibits that provide more detail on the matters discussed in this prospectus. Before you invest in any securities offered by this prospectus, you should read this prospectus, any related prospectus supplements and the related exhibits filed with
the SEC, together with the additional information described under the heading &#147;Incorporation&nbsp;of Certain Documents by Reference.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>We are responsible for the information contained and incorporated by reference in this prospectus, any accompanying prospectus supplement and in any related free-writing prospectus we prepare or
authorize. We have not authorized anyone to give you any other information, and we do not take any responsibility for any other information that others may give you. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal is not making an offer to sell these securities in any jurisdiction where the offer or sale are not permitted. This document may only be used where it is legal to sell these securities.
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>You should not assume that the information contained in this prospectus or the prospectus supplement is accurate as of
any date other than the date on the front cover of this prospectus. ArcelorMittal&#146;s business, financial condition, results of operations and prospects may have changed since that date. </B><B> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">i </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_2"></A>RISK FACTORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>An investment in the debt securities offered using this prospectus involves a high degree of risk. You should carefully consider the
risks described below, and any risk factors included in the prospectus supplement, before making an investment decision. The Company&#146;s business, financial condition and results of operations could be materially and adversely affected by any of
these risks. The risks described below are those known to ArcelorMittal and that it currently believes may materially affect it. </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s activities and results are substantially affected by regional and global macroeconomic conditions. Recessions or prolonged
periods of weak growth in the global economy or the economies of ArcelorMittal&#146;s key selling markets have in the past had and in the future would be likely to have a material adverse effect on the steel industry and ArcelorMittal.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The steel industry has historically been highly cyclical. This is due largely to the cyclical nature of the business
sectors that are the principal consumers of steel, namely the automotive, construction, appliance, machinery, equipment, infrastructure and transportation industries. The demand for steel products thus generally correlates to macroeconomic
fluctuations in the global economy. This correlation and the adverse effect of macroeconomic downturns on steel producers were evidenced in the 2008/2009 financial and subsequent economic crisis. The results of steel producers were substantially
affected, with many (including ArcelorMittal) recording sharply reduced revenues and operating losses. The recovery from this severe economic downturn has been slow and uncertain, and was negatively affected by several factors in 2011 including the
Euro-zone sovereign debt crisis and a cooling of emerging market economies. See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Overview&#151;Economic Environment&#148; of our 2011 Form 20-F. A new global recession, a recession
in the developed regions (Europe and North America) that are ArcelorMittal&#146;s primary selling markets, and/or a slowdown in emerging economies that are substantial consumers of steel (such as China, Brazil, Russia and India, as well as emerging
Asian markets, the Middle East and the Commonwealth of Independent States (&#147;CIS&#148;) regions) would likely result in reduced demand for (and hence price of) steel and have a material adverse effect on the steel industry in general and on
ArcelorMittal&#146;s results of operations and financial condition in particular. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Excess capacity and oversupply in the steel industry
globally and particularly in China may hamper the steel industry&#146;s recovery and weigh on the profitability of steel producers including ArcelorMittal. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition to economic conditions, the steel industry is affected by global production capacity and fluctuations in steel imports/exports and tariffs. The steel industry has historically suffered from
structural over-capacity. The industry is currently characterized by a substantial increase in production capacity in the developing world, particularly in China, and also in India and other emerging markets. China is now the largest global steel
producer by a large margin, and the balance between its domestic production and consumption has been an important factor in global steel prices in recent years. Chinese steel exports, or conditions favorable to them (excess steel capacity in China,
an undervalued Chinese currency and/or higher market prices for steel in markets outside of China) can have a significant impact on steel prices in other markets, including the U.S. and Europe. While growth in Chinese steel production slowed in
2011, ArcelorMittal remains exposed to the risk of steel production increases in China and other markets outstripping increases in real demand, in particular given indications of a slowdown in worldwide demand, including Chinese demand, which may
weigh on price recovery and therefore exacerbate the &#147;margin squeeze&#148; in the steel industry created by high-cost raw materials. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Protracted low steel prices would have a material adverse effect on ArcelorMittal&#146;s results, as could price volatility. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The prices of steel products are influenced by many factors, including demand, worldwide production capacity, capacity-utilization rates,
raw material prices and contract arrangements, steel inventory levels and exchange rates. Steel prices are volatile, reflecting the inherent volatility of these variables as well as more </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
generally the highly cyclical nature of the global steel industry. Following an extended period of rising prices, global steel prices fell sharply during the financial and economic crisis of
2008/2009. This resulted from the sharp drop in demand and was exacerbated by massive industry destocking (i.e., customer reductions of steel inventories). This had a material adverse effect on ArcelorMittal and other steel producers, who
experienced lower revenues, margins and, as discussed further below, write-downs of finished steel products and raw material inventories. Steel prices gradually recovered in late 2009 and into 2010 while remaining below their pre-financial crisis
peaks. Steel prices remained volatile throughout 2011 rising in the first quarter on stronger demand and higher raw material prices but softening in the second half. The softening accelerated in the fourth quarter as iron ore prices dropped sharply
in October, and customers then started to destock in an uncertain economic environment. See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Overview&#151;Key Factors Affecting Results of Operations&#151;Steel Prices&#148; of our
2011 Form 20-F. While there has been some increase in price levels to date in 2012, any sustained price recovery will likely require a broad economic recovery in order to underpin an increase in real demand for steel products by end users.
Conversely, a protracted downturn in steel prices would materially and adversely affect ArcelorMittal&#146;s revenues and profitability. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Volatility in the supply and prices of raw materials, energy and transportation, and mismatches with steel price trends, could adversely affect
ArcelorMittal&#146;s results of operations. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Steel production consumes substantial amounts of raw materials including iron
ore, coking coal and coke. Because the production of direct reduced iron, the production of steel in electric arc furnaces and the re-heating of steel involve the use of significant amounts of energy, steel companies are also sensitive to natural
gas and electricity prices and dependent on having access to reliable supplies of energy. Any prolonged interruption in the supply of raw materials or energy would adversely affect ArcelorMittal&#146;s results of operation and financial condition.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The prices of iron ore, coking coal and coke are highly volatile and may be affected by, among other factors: industry
structural factors (including the oligopolistic nature of the iron ore industry and the fragmented nature of the steel industry); demand trends in the steel industry itself and particularly from Chinese steel producers (as the largest group of
producers); new laws or regulations; suppliers&#146; allocations to other purchasers; business continuity of suppliers; expansion projects of suppliers; interruptions in production by suppliers; accidents or other similar events at suppliers&#146;
premises or along the supply chain; wars, natural disasters, political disruption and other similar events; fluctuations in exchange rates; the bargaining power of raw material suppliers; and the availability and cost of transportation. Although
ArcelorMittal has substantial sources of iron ore and coal from its own mines and is expanding output at such mines and also has new mines under development, it remains exposed to volatility in the supply and price of iron ore, coking coal and coke
as it obtains a significant portion of such raw materials under a portfolio of different term supply contracts (for example, from the Brazilian mining company Vale) to mitigate variations between supply of these input materials and demand from steel
mills. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Historically, energy prices have varied significantly, and this trend is expected to continue due to market conditions
and other factors beyond the control of steel companies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Steel and raw material prices have historically been highly
correlated. A drop in raw material prices therefore typically triggers a decrease in steel prices. During the 2008/2009 crisis, both steel and raw materials prices dropped sharply. Another risk is embedded in the timing of the production cycle:
rapidly falling steel prices can trigger write-downs of raw material inventory purchased when steel prices were higher, as well as of unsold finished steel products. ArcelorMittal recorded substantial write-downs in 2008/2009 as a result of this.
Furthermore, a lack of correlation or a time lag in correlation between raw material and steel prices may also occur and result in a &#147;margin squeeze&#148; in the steel industry. ArcelorMittal experienced such a squeeze in late 2011, for
example, when iron ore prices fell over 30% in three weeks in October 2011 and resulted in a significant fall in steel prices while lower raw material prices had yet to feed into the Company&#146;s operating costs. Because ArcelorMittal sources a
substantial portion of its raw materials through long term contracts with quarterly (or more frequent) formula-based or negotiated price adjustments and sells a substantial part of its steel </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
products at spot prices, it faces the risk of adverse differentials between its own production costs, which are affected by global raw materials prices, and trends for steel prices in regional
markets. Exposure to this risk may change as raw material suppliers move increasingly toward sales on shorter term basis. In 2010, iron ore suppliers moved away from the long-prevailing industry practice of setting prices annually, which had
provided a measure of short-term price stability, in favor of a system where prices are set on a quarterly basis. For additional details on ArcelorMittal&#146;s raw materials supply and self-sufficiency, see &#147;Item 4B&#151;Business
Overview&#151;Raw Materials and Energy&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Developments in the competitive environment in the steel industry
could have an adverse effect on ArcelorMittal&#146;s competitive position and hence its business, financial condition, results of operations or prospects. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The markets in which steel companies operate are highly competitive. Competition&#151;in the form of established producers expanding in new markets, smaller producers increasing production in anticipation
of demand increases, amid an incipient recovery, or exporters selling excess capacity from markets such as China&#151;could cause ArcelorMittal to lose market share, increase expenditures or reduce pricing. Any of these developments could have a
material adverse effect on its business, financial condition, results of operations or prospects. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Unfair trade practices in
ArcelorMittal&#146;s home markets could negatively affect steel prices and reduce ArcelorMittal&#146;s profitability, while trade restrictions could limit ArcelorMittal&#146;s access to key export markets. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is exposed to the effects of &#147;dumping&#148; and other unfair trade and pricing practices by competitors. Moreover,
government subsidization of the steel industry remains widespread in certain countries, particularly those with centrally-controlled economies such as China. As a consequence of the recent global economic crisis, there is an increased risk of
unfairly-traded steel exports from such countries into various markets including North America and Europe, in which ArcelorMittal produces and sells its products. Such imports could have the effect of reducing prices and demand for ArcelorMittal
products. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, ArcelorMittal has significant exposure to the effects of trade actions and barriers due the global
nature of its operations. Various countries have in the past instituted, or are currently contemplating the implementation of, trade actions and barriers, which could materially and adversely affect ArcelorMittal&#146;s business by limiting the
Company&#146;s access to steel markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Item 4B&#151;Information on the Company&#151;Business
Overview&#151;Government Regulations&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Competition from other materials could reduce market prices and demand
for steel products and thereby reduce ArcelorMittal&#146;s cash flow and profitability. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In many applications, steel
competes with other materials that may be used as substitutes, such as aluminum (particularly in the automobile industry), cement, composites, glass, plastic and wood. Government regulatory initiatives mandating the use of such materials in lieu of
steel, whether for environmental or other reasons, as well as the development of other new substitutes for steel products, could significantly reduce market prices and demand for steel products and thereby reduce ArcelorMittal&#146;s cash flow and
profitability. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal is subject to strict environmental laws and regulations that could give rise to a significant increase in
costs and liabilities. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is subject to a broad range of environmental laws and regulations in each of the
jurisdictions in which it operates. These laws and regulations impose increasingly stringent environmental protection </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
standards regarding, among others, air emissions, wastewater storage, treatment and discharges, the use and handling of hazardous or toxic materials, waste disposal practices, and the remediation
of environmental contamination. The costs of complying with, and the imposition of liabilities pursuant to, environmental laws and regulations can be significant, and compliance with new and more stringent obligations may require additional capital
expenditures or modifications in operating practices. Failure to comply can result in civil and or criminal penalties being imposed, the suspension of permits, requirements to curtail or suspend operations, and lawsuits by third parties. Despite
ArcelorMittal&#146;s efforts to comply with environmental laws and regulations, environmental incidents or accidents may occur that negatively affect the Company&#146;s reputation or the operations of key facilities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal also incurs costs and liabilities associated with the assessment and remediation of contaminated sites. In addition to the
impact on current facilities and operations, environmental remediation obligations can give rise to substantial liabilities in respect of divested assets and past activities. This may also be the case for acquisitions when liabilities for past acts
or omissions are not adequately reflected in the terms and price of the acquisition. ArcelorMittal could become subject to further remediation obligations in the future, as additional contamination is discovered or cleanup standards become more
stringent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Costs and liabilities associated with mining activities include those resulting from tailings and sludge disposal,
effluent management, and rehabilitation of land disturbed during mining processes. ArcelorMittal could become subject to unidentified liabilities in the future, such as those relating to uncontrolled tailings breaches or other future events or to
underestimated emissions of polluting substances. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s operations may be located in areas where individuals
or communities may regard its activities as having a detrimental effect on their natural environment and conditions of life. Any actions taken by such individuals or communities in response to such concerns could compromise ArcelorMittal&#146;s
profitability or, in extreme cases, the viability of an operation or the development of new activities in the relevant region or country. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">See &#147;Item 4B&#151;Information on the Company&#151;Business Overview&#151;Government Regulations&#151;Environmental Laws and Regulations&#148; and &#147;Item 8A&#151;Financial
Information&#151;Consolidated Statements and Other Financial Information&#151;Legal Proceedings&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Laws and
regulations restricting emissions of greenhouse gases could force ArcelorMittal to incur increased capital and operating costs and could have a material adverse effect on our results of operations and financial condition. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">Compliance with new and more stringent environmental obligations relating to greenhouse gas emissions may require
additional capital expenditures or modifications in operating practices, as well as additional reporting obligations. The integrated steel process involves carbon and creates carbon dioxide
(CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">), which distinguishes integrated steel producers from
mini-mills and many other industries where CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> generation is
primarily linked to energy use. The European Union has established greenhouse gas regulations that may require us to incur additional costs to acquire emissions allowances. The United States required reporting of greenhouse gas emissions from
certain large sources beginning in 2011 and has begun adopting and implementing regulations to restrict emissions of greenhouse gases under existing provisions of the Clean Air Act. Further measures, in the European Union, the United States, and
many other countries, may be enacted in the future. In particular, a recently adopted international agreement, the Durban Platform for Enhanced Action, calls for a second phase of the Kyoto Protocol&#146;s greenhouse gas emissions restrictions to be
effective through 2020 and for a new international treaty to come into effect and be implemented from 2020. Such obligations, whether in the form of a national or international cap-and-trade emissions permit system, a carbon tax, emissions controls,
reporting requirements, or other regulatory initiatives, could have a negative effect on ArcelorMittal&#146;s production levels, income and cash flows. Such regulations could also have a negative effect on the Company&#146;s suppliers and customers,
which could result in higher costs and lower sales. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Moreover, many developing nations, such as China, India and certain others, have not yet
instituted significant greenhouse gas regulations. It is possible that a future international agreement to regulate emissions may provide exemptions and lesser standards for developing nations. In such case, ArcelorMittal may be at a competitive
disadvantage relative to steelmakers having more or all of their production in such countries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, some scientists
have concluded that increasing concentrations of greenhouse gases in the Earth&#146;s atmosphere may produce climate changes that have significant physical effects, such as increased frequency and severity of storms, droughts, floods and other
climatic events. If any such events were to occur, they could have an adverse effect on our business, financial condition and results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">See &#147;Item 4B&#151;Information on the Company&#151;Business Overview&#151;Government Regulations&#151;Environmental Laws and Regulations&#148; and &#147;Item 8A&#151;Financial
Information&#151;Consolidated Statements and Other Financial Information&#151;Legal Proceedings&#151;Environmental Liabilities&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal is subject to stringent health and safety laws and regulations that give rise to significant costs and liabilities. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is subject to a broad range of health and safety laws and regulations in each of the jurisdictions in which it operates.
These laws and regulations, as interpreted by relevant agencies and the courts, impose increasingly stringent health and safety protection standards. The costs of complying with, and the imposition of liabilities pursuant to, health and safety laws
and regulations could be significant, and failure to comply could result in the assessment of civil and criminal penalties, the suspension of permits or operations, and lawsuits by third parties. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Despite ArcelorMittal&#146;s efforts to monitor and reduce accidents at its facilities (see &#147;Item 4B&#151;Business
Overview&#151;Government Regulations&#148; of our 2011 Form 20-F), health and safety incidents do occur, some of which may result in costs and liabilities and negatively impact ArcelorMittal&#146;s reputation or the operations of the affected
facility. Such accidents could include explosions or gas leaks, fires or collapses in underground mining operations, vehicular accidents, other accidents involving mobile equipment, or exposure to radioactive or other potentially hazardous
materials. Some of ArcelorMittal&#146;s industrial activities involve the use, storage and transport of dangerous chemicals and toxic substances, and ArcelorMittal is therefore subject to the risk of industrial accidents which could have significant
adverse consequences for the Company&#146;s workers and facilities, as well as the environment. Such accidents could lead to production stoppages, loss of key personnel, the loss of key assets, or put at risk employees (and those of sub-contractors
and suppliers) or persons living near affected sites. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal may continue to be exposed to increased operational costs
due to the costs and lost time associated with the HIV/AIDS and malaria infection rates within our workforce in Africa and other regions. ArcelorMittal may also be affected by potential outbreaks of flu or other viruses or infectious diseases in any
of the regions in which it operates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under certain circumstances, authorities could require ArcelorMittal facilities to
curtail or suspend operations based on health and safety concerns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Item 4B&#151;Information on the
Company&#151;Business Overview&#151;Government Regulations&#151;Environmental Laws and Regulations&#148; and &#147;Item 8A&#151;Financial Information&#151;Consolidated Statements and Other Financial Information&#151;Legal Proceedings&#148; of our
2011 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Risks Related to ArcelorMittal. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal has a substantial amount of indebtedness, which could make it more difficult or expensive to refinance its maturing debt, incur new debt and/or flexibly manage its business.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of December&nbsp;31, 2011, ArcelorMittal had total debt outstanding of $26.4 billion, consisting of $2.8 billion of
short-term indebtedness (including payables to banks and the current portion of long-term debt) and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
$23.6 billion of long-term indebtedness. As of December&nbsp;31, 2011, ArcelorMittal had $3.9 billion of cash and cash equivalents ($3.8 billion) including restricted cash ($0.1 billion), and
$8.6 billion available to be drawn under existing credit facilities. Substantial amounts of indebtedness mature in 2012 ($2.8 billion), 2013 ($4.0 billion), 2014 ($3.7 billion) and 2015 ($2.0 billion). See &#147;Item 5B&#151;Operating and Financial
Review and Prospects&#151;Liquidity and Capital Resources&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although the global financial crisis
eased during the second half of 2009 and in 2010, conditions in global capital and credit markets have remained volatile and highly uncertain. Conditions worsened in the second half of 2011, due in particular to the Euro-zone sovereign debt crisis
and its collateral effects. The markets are particularly volatile and uncertain for companies with high leverage or in sectors that have been adversely affected by the global economic downturn, including steel and other basic material producers.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financial markets could conceivably deteriorate sharply, including in response to significant political or financial news,
such as a default or heightened risk of default by a sovereign country in Europe or elsewhere, large credit losses at a systemically important financial institution or the bankruptcy of a large company. As a result, the Company may experience
difficulties in accessing the financial markets on acceptable terms. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, credit rating agencies could downgrade
ArcelorMittal&#146;s ratings (which are currently just above so-called &#147;investment grade&#148; levels, with two credit rating agencies having placed ArcelorMittal&#146;s current credit rating on negative outlook) either due to factors specific
to ArcelorMittal, a prolonged cyclical downturn in the steel industry, or macroeconomic trends (such as global or regional recessions) and trends in credit and capital markets more generally. The margin under ArcelorMittal&#146;s principal credit
facilities and certain of its bond issuances is subject to adjustment in the event of a change in its long-term credit ratings. Any decline in ArcelorMittal&#146;s credit ratings, including a loss of investment grade status, would result in an
increase to its cost of borrowing and could significantly harm its financial condition and results of operations as well as hinder its ability to refinance its existing indebtedness on acceptable terms. Moreover, ArcelorMittal could, in order to
increase financial flexibility during a period of reduced availability of credit, implement capital raising measures such as equity offerings or asset disposals, which could in turn create a risk of diluting existing shareholders, the Company
receiving relatively low proceeds for the divested assets and/or causing substantial accounting losses (particularly if the divestments are done in difficult market conditions). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s principal credit facilities contain restrictive covenants. These covenants limit, inter alia, encumbrances on the
assets of ArcelorMittal and its subsidiaries, the ability of ArcelorMittal&#146;s subsidiaries to incur debt and the ability of ArcelorMittal and its subsidiaries to dispose of assets in certain circumstances. ArcelorMittal&#146;s principal credit
facilities also include the following financial covenant: ArcelorMittal must ensure that the &#147;Leverage Ratio&#148;, being the ratio of &#147;Consolidated Total Net Borrowings&#148; (consolidated total borrowings less consolidated cash and cash
equivalents) to &#147;Consolidated EBITDA&#148; (the consolidated net pre-taxation profits of the ArcelorMittal group for a Measurement Period, subject to certain adjustments as defined in the facilities), at the end of each &#147;Measurement
Period&#148; (each period of 12 months ending on the last day of a financial half-year or a financial year of ArcelorMittal), is not greater than a ratio of 3.5 to one. As of December&nbsp;31, 2011, the Leverage Ratio stood at approximately 2.2 to
one. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The restrictive and financial covenants could limit ArcelorMittal&#146;s operating and financial flexibility. Failure to
comply with any covenant would enable the lenders to accelerate ArcelorMittal&#146;s repayment obligations. Moreover, ArcelorMittal&#146;s debt facilities have provisions whereby certain events relating to other borrowers within the ArcelorMittal
group could, under certain circumstances, lead to acceleration of debt repayment under such credit facilities. Any invocation of these cross-acceleration clauses could cause some or all of the other debt to accelerate, creating liquidity pressures.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furthermore, some of ArcelorMittal&#146;s debt is subject to floating rates of interest and thereby exposes ArcelorMittal to
interest rate risk (i.e., if interest rates rise, ArcelorMittal&#146;s debt service obligations on its floating rate indebtedness would increase). Depending on market conditions, ArcelorMittal from time to time uses
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
interest-rate swaps or other financial instruments to hedge a portion of its interest rate exposure either from fixed to floating or floating to fixed. After taking into account interest-rate
derivative financial instruments, ArcelorMittal had exposure to 79% of its debt at fixed interest rates and 21% at floating rates as of December&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">See &#147;Item 5B&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s growth strategy includes greenfield and brownfield projects that are inherently subject to completion and financing risks. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a part of its future growth strategy, the Company plans to expand its steel-making capacity and raw materials production through a
combination of brownfield growth, new greenfield projects and acquisition opportunities, mainly in emerging markets. See &#147;Item 4B&#151;Business Overview&#151;Business Strategy&#148; of our 2011 Form 20-F. To the extent that these plans proceed,
these projects would require substantial capital expenditures and their timely completion and successful operation may be affected by factors beyond the control of ArcelorMittal. These factors include receiving financing on reasonable terms,
obtaining or renewing required regulatory approvals and licenses, securing and maintaining adequate property rights to land and mineral resources (especially in connection with mining projects in certain developing countries in which security of
title with respect to mining concessions and property rights remains weak), local opposition to land acquisition or project development (as experienced, for example, in connection with the Company&#146;s projects in India), demand for the
Company&#146;s products and general economic conditions. Any of these factors may cause the Company to delay, modify or forego some or all aspects of its expansion plans. Greenfield projects can also, in addition to general factors, have
project-specific factors that increase the level of risk. For example, the Company has acquired (along with a partner) Baffinland Iron Mines Corporation in view of developing the Mary River iron ore deposit in the Arctic Circle.&nbsp;The scale of
this project and the location of the deposit raise unique challenges, including extremely harsh weather conditions, lack of transportation infrastructure and environmental concerns. The Company cannot guarantee that it will be able to execute this
project or other projects, and to the extent that they proceed, that it will be able to complete them on schedule, within budget, or achieve an adequate return on its investment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s mining operations are subject to risks associated with mining activities. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal operates mines and has substantially increased the scope of its mining activities in recent years. Mining operations are subject to hazards and risks usually associated with the exploration,
development and production of natural resources, any of which could result in production shortfalls or damage to persons or property. In particular, hazards associated with open-pit mining operations include, among others: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">flooding of the open pit; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">collapse of the open-pit wall; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">accidents associated with the operation of large open-pit mining and rock transportation equipment; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">accidents associated with the preparation and ignition of large-scale open-pit blasting operations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">production disruptions due to weather; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">hazards associated with the disposal of mineralized waste water, such as groundwater and waterway contamination; </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hazards associated with underground mining operations, of which ArcelorMittal has several, include, among others: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">underground fires and explosions, including those caused by flammable gas; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">gas and coal outbursts; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cave-ins or falls of ground; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">discharges of gases and toxic chemicals; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">flooding; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">sinkhole formation and ground subsidence; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">other accidents and conditions resulting from drilling; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">difficulties associated with mining in extreme weather conditions, such as the Arctic; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">blasting, removing, and processing material from an underground mine. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is exposed to all of these hazards. For example, in the past two years, there have been methane gas explosions at the
Kuzembaev Mine in Kazakhstan, in development roadways of unpredictable geology, resulting in four fatalities and an extended disruption of operations. The reoccurrence of any of these events, or the occurrence of any of those listed above, could
delay production, increase production costs and result in death or injury to persons, damage to property and liability for ArcelorMittal, some or all of which may not be covered by insurance, as well as substantially harm ArcelorMittal&#146;s
reputation as a company focused on ensuring the health and safety of its employees. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s reserve estimates may materially
differ from mineral quantities that it may be able to actually recover; ArcelorMittal&#146;s estimates of mine life may prove inaccurate; and market price fluctuations and changes in operating and capital costs may render certain ore reserves
uneconomical to mine. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s reported reserves are estimated quantities of ore and metallurgical coal that
it has determined can be economically mined and processed under present and anticipated conditions to extract their mineral content. There are numerous uncertainties inherent in estimating quantities of reserves and in projecting potential future
rates of mineral production, including factors beyond ArcelorMittal&#146;s control. Reserve engineering involves estimating deposits of minerals that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of
the quality of available data and engineering and geological interpretation and judgment. As a result, no assurance can be given that the indicated amount of ore or coal will be recovered or that it will be recovered at the anticipated rates.
Estimates may vary, and results of mining and production subsequent to the date of an estimate may lead to revisions of estimates. Reserve estimates and estimates of mine life may require revisions based on actual production experience and other
factors. For example, fluctuations in the market prices of minerals and metals, reduced recovery rates or increased operating and capital costs due to inflation, exchange rates, mining duties or other factors may render proven and probable reserves
uneconomic to exploit and may ultimately result in a restatement of reserves. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Drilling and production risks could adversely affect the
mining process. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Substantial time and expenditures are required to: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">establish mineral reserves through drilling; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">determine appropriate mining and metallurgical processes for optimizing the recovery of metal contained in ore and coal; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">obtain environmental and other licenses; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">construct mining, processing facilities and infrastructure required for greenfield properties; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">obtain the ore or coal or extract the minerals from the ore or coal. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a project proves not to be economically feasible by the time ArcelorMittal is able to exploit it, ArcelorMittal may incur substantial
losses and be obliged to recognize impairments. In addition, potential </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
changes or complications involving metallurgical and other technological processes arising during the life of a project may result in delays and cost overruns that may render the project not
economically feasible. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal faces rising extraction costs over time as reserves deplete. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reserves are gradually depleted in the ordinary course of a given mining operation. As mining progresses, distances to the primary crusher
and to waste deposits become longer, pits become steeper and underground operations become deeper. As a result, over time, ArcelorMittal usually experiences rising unit extraction costs with respect to each mine. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal has grown through acquisitions and will likely continue to do so. Failure to manage external growth and difficulties integrating
acquired companies and subsequently implementing steel and mining development projects could harm ArcelorMittal&#146;s future results of operations, financial condition and prospects. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal results from Mittal Steel Company N.V.&#146;s 2006 acquisition of, and 2007 merger with, Arcelor, a company of approximately
equivalent size. Arcelor itself resulted from the combination of three steel companies, and Mittal Steel had previously grown through numerous acquisitions over many years. ArcelorMittal made numerous acquisitions in 2007 and 2008. While the
Company&#146;s large-scale M&amp;A activity has been less extensive since the 2008 financial crisis, it could make substantial acquisitions at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s past growth through acquisitions has entailed significant investment and increased operating costs, as well as requiring greater allocation of management resources away from daily
operations. Managing growth has required the continued development of ArcelorMittal&#146;s financial and management information control systems, the integration of acquired assets with existing operations, the adoption of manufacturing best
practices, attracting and retaining qualified management and personnel (particularly to work at more remote sites where there is a shortage of skilled personnel) as well as the continued training and supervision of such personnel, and the ability to
manage the risks and liabilities associated with the acquired businesses. Failure to continue to manage such growth could have a material adverse effect on ArcelorMittal&#146;s business, financial condition, results of operations or prospects. In
particular, if integration of acquisitions is not successful, ArcelorMittal could lose key personnel and key customers, and may not be able to retain or expand its market position. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>A Mittal family trust has the ability to exercise significant influence over the outcome of shareholder votes. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As of December&nbsp;31, 2011, a trust (HSBC Trust (C.I.) Limited, as trustee), of which Mr.&nbsp;Lakshmi&nbsp;N. Mittal, Mrs.&nbsp;Usha Mittal and their children are the beneficiaries, beneficially owned
(within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) 637,338,263 of ArcelorMittal&#146;s outstanding common shares, representing approximately 41.15% of ArcelorMittal&#146;s outstanding voting shares. The trust
has the ability to significantly influence the decisions adopted at the ArcelorMittal general meetings of shareholders, including matters involving mergers or other business combinations, the acquisition or disposition of assets, issuances of equity
and the incurrence of indebtedness. The trust also has the ability to significantly influence a change of control of ArcelorMittal. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The
loss or diminution of the services of the Chairman of the Board of Directors and Chief Executive Officer of ArcelorMittal could have an adverse effect on its business and prospects. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Chairman of the Board of Directors and Chief Executive Officer of ArcelorMittal, Mr.&nbsp;Lakshmi&nbsp;N. Mittal, has for over a
quarter of a century contributed significantly to shaping and implementing the business strategy of Mittal Steel and subsequently ArcelorMittal. His strategic vision was instrumental in the creation of the world&#146;s largest and most global steel
group. The loss or any diminution of the services of the Chairman of the Board of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Directors and Chief Executive Officer could have an adverse effect on ArcelorMittal&#146;s business and prospects. ArcelorMittal does not maintain key person life insurance on its Chairman of the
Board of Directors and Chief Executive Officer. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal is a holding company that depends on the earnings and cash flows of its
operating subsidiaries, which may not be sufficient to meet future operational needs or for shareholder distributions. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because ArcelorMittal is a holding company, it is dependent on the earnings and cash flows of, and dividends and distributions from, its
operating subsidiaries to pay expenses, meet its debt service obligations, pay any cash dividends or distributions on its common shares or conduct share buy-backs. Significant cash or cash equivalent balances may be held from time to time at the
Company&#146;s international operating subsidiaries, including in particular those in France, where the Company maintains a cash management system under which most of its cash and cash equivalents are centralized, and in Algeria, Argentina, Brazil,
China, Kazakhstan, Morocco, South Africa, Ukraine and Venezuela. Some of these operating subsidiaries have debt outstanding or are subject to acquisition agreements that impose restrictions on such operating subsidiaries&#146; ability to pay
dividends, but such restrictions are not significant in the context of ArcelorMittal&#146;s overall liquidity. Repatriation of funds from operating subsidiaries may also be affected by tax and foreign exchange policies in place from time to time in
the various countries where the Company operates, though none of these policies are currently significant in the context of ArcelorMittal&#146;s overall liquidity. Under the laws of Luxembourg, ArcelorMittal will be able to pay dividends or
distributions only to the extent that it is entitled to receive cash dividend distributions from its subsidiaries, recognize gains from the sale of its assets or record share premium from the issuance of shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If earnings and cash flows of its operating subsidiaries are substantially reduced, ArcelorMittal may not be in a position to meet its
operational needs or to make shareholder distributions in line with announced proposals. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Changes in assumptions underlying the carrying
value of certain assets, including as a result of adverse market conditions, could result in impairment of such assets, including intangible assets such as goodwill. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">At each reporting date, ArcelorMittal reviews the carrying amounts of its tangible and intangible assets (excluding goodwill, which is reviewed annually or whenever changes in circumstances indicate that
the carrying amount may not be recoverable) to determine whether there is any indication that the carrying amount of those assets may not be recoverable through continuing use. If any such indication exists, the recoverable amount of the asset (or
cash generating unit) is reviewed in order to determine the amount of the impairment, if any. The recoverable amount is the higher of its net selling price (fair value reduced by selling costs) and its value in use. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset (or cash generating unit). If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, an
impairment loss is recognized. An impairment loss is recognized as an expense immediately as part of operating income in the consolidated statements of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Goodwill represents the excess of the amounts ArcelorMittal paid to acquire subsidiaries and other businesses over the fair value of their net assets at the date of acquisition. Goodwill has been
allocated at the level of the Company&#146;s eight operating segments; the lowest level at which goodwill is monitored for internal management purposes. Goodwill is tested for impairment annually at the levels of the groups of cash generating units
which correspond to the operating segments as of November&nbsp;30, or when changes in the circumstances indicate that the carrying amount may not be recoverable. The recoverable amounts of the groups of cash generating units are determined from the
higher of its net selling price (fair value reduced by selling costs) or its value in use calculations, which depend on certain key assumptions. These include assumptions regarding the discount rates, growth rates and expected changes to selling
prices and direct costs during the period. Management estimates discount rates using pre-tax rates that reflect current market rates for investments of similar risk. The growth rates are based on the Company&#146;s growth forecasts, which are in
line with industry </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
trends. Changes in selling prices and direct costs are based on historical experience and expectations of future changes in the market. See Notes 2 and 9 to the ArcelorMittal Consolidated
Financial Statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If management&#146;s estimates change, the estimate of the recoverable amount of goodwill or the asset
could fall significantly and result in impairment. While impairment does not affect reported cash flows, the decrease of the estimated recoverable amount and the related non-cash charge in the consolidated statements of operations could have a
material adverse effect on ArcelorMittal&#146;s results of operations or financial position. Based on its impairment review in connection with the preparation of its 2011 financial statements, the Company did not record any impairment of goodwill at
December&nbsp;31, 2011. Management believes, however, that reasonably possible changes in key assumptions used in assessing value in use would cause an impairment loss to be recognized with respect to the Company&#146;s Flat Carbon Europe and
Distribution Solutions segments, which account for approximately $2.9 billion and $1.0 billion of goodwill, respectively. At December&nbsp;31, 2011, the Company had $12.5 billion of goodwill and $1.6 billion of other intangibles, compared to $12.6
billion of goodwill and $1.8 billion of other intangibles at December&nbsp;31, 2010. See Note 9 to the ArcelorMittal Consolidated Financial Statements. For the year ended December&nbsp;31, 2011, the Company recorded a net impairment loss related to
its property, plant and equipment amounting to $331 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">No assurance can be given as to the absence of significant
further impairment losses in future periods, particularly if market conditions deteriorate again as they did in 2008-2009. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Capital
expenditure commitments and other undertakings arising from acquisitions and investments may limit ArcelorMittal&#146;s operational flexibility, add to its financing requirements and adversely affect its results of operations and prospects.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the acquisition of certain operating subsidiaries and other investments, ArcelorMittal has committed
itself to significant capital expenditures and other undertakings. See &#147;Item 5F&#151;Operating and Financial Review and Prospects&#151;Tabular Disclosure of Contractual Obligations&#148; of our 2011 Form 20-F and Note 22 to the ArcelorMittal
Consolidated Financial Statements. ArcelorMittal expects to fund these commitments primarily through internal sources, which may be limited depending on the Company&#146;s results of operations, financing capacity and other uses of cash, such as
dividends and maintenance expenditure. As a result, the Company is unable to guarantee that these projects will be completed on time or at all. Failure to comply with commitments in connection with past growth projects may result in forfeiture of a
part of ArcelorMittal&#146;s investment, the loss of tax and regulatory benefits, and/or contractual disputes that could have a material adverse effect on ArcelorMittal&#146;s financial condition or results of operations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Item 4A&#151;History and Development of the Company&#151;Updates on Previously Announced Investment Projects&#148; of our 2011
Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Underfunding of pension and other post-retirement benefit plans at some of ArcelorMittal&#146;s operating subsidiaries could
require the Company to make substantial cash contributions to pension plans or to pay for employee healthcare, which may reduce the cash available for ArcelorMittal&#146;s business. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s principal operating subsidiaries in Brazil, Canada, Europe, South Africa and the United States provide defined
benefit pension plans to their employees. Some of these plans are currently underfunded. At December&nbsp;31, 2011, the value of ArcelorMittal USA&#146;s pension plan assets was $2.2 billion, while the projected benefit obligation was $3.8 billion,
resulting in a deficit of $1.6 billion. At December&nbsp;31, 2011, the value of the pension plan assets of ArcelorMittal&#146;s Canadian subsidiaries was $2.9 billion, while the projected benefit obligation was $3.5 billion, resulting in a deficit
of $0.6 billion. At December&nbsp;31, 2011, the value of the pension plan assets of ArcelorMittal&#146;s European subsidiaries was $0.6 billion, while the projected benefit obligation was $2.1 billion, resulting in a deficit of $1.5 billion.
ArcelorMittal USA, ArcelorMittal&#146;s Canadian subsidiaries, and ArcelorMittal&#146;s European subsidiaries also had partially underfunded post-employment benefit obligations relating to life insurance and medical benefits as of December&nbsp;31,
2011. The consolidated obligations </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
totaled $6.6 billion as of December&nbsp;31, 2011, while underlying plan assets were only $0.5 billion, resulting in a deficit of $6.1 billion. See Note 23 to the ArcelorMittal Consolidated
Financial Statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s funding obligations depend upon future asset performance, which is tied to equity
markets to a substantial extent, the level of interest rates used to discount future liabilities, actuarial assumptions and experience, benefit plan changes and government regulation. Because of the large number of variables that determine pension
funding requirements, which are difficult to predict, as well as any legislative action, future cash funding requirements for ArcelorMittal&#146;s pension plans and other post-employment benefit plans could be significantly higher than current
estimates. In these circumstances funding requirements could have a material adverse effect on ArcelorMittal&#146;s business, financial condition, results of operations or prospects. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal could experience labor disputes that may disrupt its operations and its relationships with its customers. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A majority of the employees of ArcelorMittal and of its contractors are represented by labor unions and are covered by collective bargaining or similar agreements, which are subject to periodic
renegotiation (see &#147;Item 6D&#151;Employees&#148; of our 2011 Form 20-F). Strikes or work stoppages could occur prior to, or during, the negotiations preceding new collective bargaining agreements, during wage and benefits negotiations or during
other periods for other reasons. ArcelorMittal periodically experiences strikes and work stoppages at various facilities. Prolonged strikes or work stoppages, which may increase in their severity and frequency, may have an adverse effect on the
operations and financial results of ArcelorMittal. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal is subject to economic policy risks and political, social and legal
uncertainties in certain of the emerging markets in which it operates or proposes to operate, and these uncertainties may have a material adverse effect on ArcelorMittal&#146;s business, financial condition, results of operations or prospects.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal operates, or proposes to operate, in a large number of emerging markets. In recent years, many of these
countries have implemented measures aimed at improving the business environment and providing a stable platform for economic development. ArcelorMittal&#146;s business strategy has been developed partly on the assumption that this modernization,
restructuring and upgrading of the business climate and physical infrastructure will continue, but this cannot be guaranteed. Any slowdown in the development of these economies could have a material adverse effect on ArcelorMittal&#146;s business,
financial condition, results of operations or prospects, as could insufficient investment by government agencies or the private sector in physical infrastructure. For example, the failure of a country to develop reliable electricity and natural gas
supplies and networks, and any resulting shortages or rationing, could lead to disruptions in ArcelorMittal&#146;s production. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Moreover, some of the countries in which ArcelorMittal operates have been undergoing substantial political transformations from
centrally-controlled command economies to market-oriented systems or from authoritarian regimes to democratically-elected governments and vice-versa. Political, economic and legal reforms necessary to complete such transformation may not progress
sufficiently. On occasion, ethnic, religious, historical and other divisions have given rise to tensions and, in certain cases, wide-scale civil disturbances and military conflict. The political systems in these countries are vulnerable to their
populations&#146; dissatisfaction with their government, reforms or the lack thereof, social and ethnic unrest and changes in governmental policies, any of which could have a material adverse effect on ArcelorMittal&#146;s business, financial
condition, results of operations or prospects and its ability to continue to do business in these countries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the
legal systems in some of the countries in which ArcelorMittal operates remain less than fully developed, particularly with respect to property rights, the protection of foreign investment and bankruptcy proceedings, generally resulting in a lower
level of legal certainty or security for foreign investment than in more developed countries. ArcelorMittal may encounter difficulties in enforcing court judgments or arbitral awards in some countries in which it operates among other reasons because
those countries may not be parties to treaties that recognize the mutual enforcement of court judgments. Assets in certain countries where ArcelorMittal </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
operates could also be at risk of expropriation or nationalization, and compensation for such assets may be below fair value. For example, the Venezuelan government has implemented a number of
selective nationalizations of companies operating in the country to date. Although ArcelorMittal believes that the long-term growth potential in emerging markets is strong, and intends them to be the focus of the majority of its near-term growth
capital expenditures, legal obstacles could have a material adverse effect on the implementation of ArcelorMittal&#146;s growth plans and its operations in such countries. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s results of operations could be affected by fluctuations in foreign exchange rates, particularly the euro to U.S. dollar exchange rate, as well as by exchange controls imposed by
governmental authorities in the countries where it operates. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal operates and sells products globally, and, as a
result, its business, financial condition, results of operations or prospects could be adversely affected by fluctuations in exchange rates. A substantial portion of ArcelorMittal&#146;s assets, liabilities, operating costs, sales and earnings are
denominated in currencies other than the U.S. dollar (ArcelorMittal&#146;s reporting currency). Accordingly, fluctuations in exchange rates to the U.S. dollar, could have an adverse effect on its business, financial condition, results of operations
or prospects. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal operates in several countries whose currencies are, or have in the past been, subject to
limitations imposed by those countries&#146; central banks, or which have experienced sudden and significant devaluations. Currency devaluations, the imposition of new exchange controls or other similar restrictions on currency convertibility, or
the tightening of existing controls, in the countries in which ArcelorMittal operates could adversely affect its business, financial condition, results of operations or prospects. See &#147;Item 4B&#151;Business Overview&#151;Government
Regulations&#151;Foreign Exchange&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Disruptions to ArcelorMittal&#146;s manufacturing processes could adversely
affect its operations, customer service levels and financial results. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Steel manufacturing processes are dependent on
critical steel-making equipment, such as furnaces, continuous casters, rolling mills and electrical equipment (such as transformers), and such equipment may incur downtime as a result of unanticipated failures or other events, such as fires or
furnace breakdowns. ArcelorMittal&#146;s manufacturing plants have experienced, and may in the future experience, plant shutdowns or periods of reduced production as a result of such equipment failures or other events. To the extent that lost
production as a result of such a disruption could not be compensated for by unaffected facilities, such disruptions could have an adverse effect on ArcelorMittal&#146;s operations, customer service levels and financial results. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Natural disasters could damage ArcelorMittal&#146;s production facilities. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Natural disasters could significantly damage ArcelorMittal&#146;s production facilities and general infrastructure. For example,
ArcelorMittal L&aacute;zaro C&aacute;rdenas&#146;s production facilities located in L&aacute;zaro C&aacute;rdenas, Michoac&aacute;n, Mexico and ArcelorMittal Galati&#146;s production facilities located in the Botasani region of Romania are located
in regions prone to earthquakes of varying magnitudes. The L&aacute;zaro C&aacute;rdenas area has, in addition, been subject to a number of tsunamis in the past. ArcelorMittal Point Lisas is located in Trinidad&nbsp;&amp; Tobago, an area vulnerable
to both hurricanes and earthquakes. The ArcelorMittal wire drawing operations in the United States are located in an area subject to tornados. Although risk mitigation efforts have been incorporated in plant design and operations, extensive damage
in the event of a tornado cannot be excluded. Extensive damage to the foregoing facilities or any of our other major production complexes and potential resulting staff casualties, whether as a result of floods, earthquakes, hurricanes, tsunamis or
other natural disasters, could, to the extent that lost production could not be compensated for by unaffected facilities, severely affect ArcelorMittal&#146;s ability to conduct its business operations and, as a result, reduce its future operating
results. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s insurance policies provide limited coverage, potentially leaving it uninsured
against some business risks. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The occurrence of an event that is uninsurable or not fully insured could have a material
adverse effect on ArcelorMittal&#146;s business, financial condition, results of operations or prospects. ArcelorMittal maintains insurance on property and equipment and product liability insurance in amounts believed to be consistent with industry
practices but it is not fully insured against all such risks. ArcelorMittal&#146;s insurance policies cover physical loss or damage to its property and equipment on a reinstatement basis arising from a number of specified risks and certain
consequential losses, including business interruption arising from the occurrence of an insured event under the policies. Under ArcelorMittal&#146;s property and equipment policies, damages and losses caused by certain natural disasters, such as
earthquakes, floods and windstorms, are also covered. ArcelorMittal also maintains various other types of insurance, such as directors and officers&#146; liability insurance, workmen&#146;s compensation insurance and marine insurance. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, ArcelorMittal maintains trade credit insurance on receivables from selected customers, subject to limits that it believes
are consistent with those in the industry, in order to protect it against the risk of non-payment due to customers&#146; insolvency or other causes. Not all of ArcelorMittal&#146;s customers are or can be insured, and even when insurance is
available, it may not fully cover the exposure. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the insurance coverage that ArcelorMittal and its
subsidiaries carry, the occurrence of an event that causes losses in excess of limits specified under the relevant policy, or losses arising from events not covered by insurance policies, could materially harm ArcelorMittal&#146;s financial
condition and future operating results. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Product liability claims could have a significant adverse financial impact on ArcelorMittal.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal sells products to major manufacturers engaged in manufacturing and selling a wide range of end products.
ArcelorMittal also from time to time offers advice to these manufacturers. Furthermore, ArcelorMittal&#146;s products are also sold to, and used in, certain safety-critical applications, such as, for example, pipes used in gas or oil pipelines and
in automotive applications. There could be significant consequential damages resulting from the use of or defects in such products. ArcelorMittal has a limited amount of product liability insurance coverage, and a major claim for damages related to
ArcelorMittal products sold and, as the case may be, advice given in connection with such products could leave ArcelorMittal uninsured against a portion or the entirety of the award and, as a result, materially harm its financial condition and
future operating results. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal is subject to regulatory risk, and may incur liabilities arising from investigations by
governmental authorities, litigation and fines, among others, regarding its pricing and marketing practices or other antitrust matters. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is the largest steel producer in the world. As a result of this position, ArcelorMittal may be subject to exacting scrutiny from regulatory authorities and private parties, particularly
regarding its trade practices and dealings with customers and counterparties. As a result of its position in the steel markets and its historically acquisitive growth strategy, ArcelorMittal could be the target of governmental investigations and
lawsuits based on antitrust laws in particular. These could require significant expenditures and result in liabilities or governmental orders that could have a material adverse effect on ArcelorMittal&#146;s business, operating results, financial
condition and prospects. ArcelorMittal and certain of its subsidiaries are currently under investigation by governmental entities in several countries, and are named as defendants in a number of lawsuits relating to various antitrust matters. For
example, in September 2008, Standard Iron Works filed a class action complaint in U.S. federal court against ArcelorMittal, ArcelorMittal USA LLC and other steel manufacturers, alleging that the defendants had conspired since 2005 to restrict the
output of steel products in order to affect steel prices. Since the filing of the Standard Iron Works lawsuit, other similar direct purchaser lawsuits have been filed in the same court and consolidated with the Standard Iron Works law suit. In
addition, class actions on behalf of indirect </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
purchasers have been filed. A motion by ArcelorMittal and the other defendants to dismiss the direct purchaser claims was denied in June 2009, and the litigation is now in the discovery stage.
Antitrust proceedings and investigations involving ArcelorMittal subsidiaries are also currently pending in Brazil and South Africa. See &#147;Item 8A&#151;Financial Information&#151;Legal Proceedings&#151;Legal Claims&#151;Competition/Antitrust
Claims&#148; of our 2011 Form 20-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because of the fact-intensive nature of the issues involved and the inherent uncertainty
of such litigation and investigations, negative outcomes are possible. An adverse ruling in the proceedings described above or in other similar proceedings in the future could subject ArcelorMittal to substantial administrative penalties and/or
civil damages. In cases relating to other companies, civil damages have ranged as high as hundreds of millions of U.S. dollars in major civil antitrust proceedings during the last decade. With respect to the pending U.S. federal court litigation,
ArcelorMittal could be subject to treble damages. Unfavorable outcomes in current and potential future litigation and investigations could reduce ArcelorMittal&#146;s liquidity and negatively affect its financial performance and its financial
condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s governance and compliance processes may fail to prevent regulatory penalties and reputational harm, both
at operating subsidiaries, joint ventures and associates. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal operates in a global environment, and its
activities straddle multiple jurisdictions and complex regulatory frameworks, at a time of increased enforcement activity and enforcement initiatives worldwide. ArcelorMittal&#146;s governance and compliance processes, which include the review of
internal controls over financial reporting, may not prevent breaches of law, accounting or governance standards at the Company or its subsidiaries. Risks of violations are also present at the Company&#146;s joint ventures and associates where
ArcelorMittal has only a non-controlling stake and does not control governance practices or accounting and reporting procedures. In addition, ArcelorMittal may be subject to breaches of its Code of Business Conduct, other rules and protocols for the
conduct of business, as well as instances of fraudulent behavior and dishonesty by its employees, contractors or other agents. The Company&#146;s failure to comply with applicable laws and other standards could subject it to fines, litigation, loss
of operating licenses and reputational harm. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The income tax liability of ArcelorMittal may substantially increase if the tax laws and
regulations in countries in which it operates change or become subject to adverse interpretations or inconsistent enforcement. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Taxes payable by companies in many of the countries in which ArcelorMittal operates are substantial and include value-added tax, excise duties, profit taxes, payroll-related taxes, property taxes and
other taxes. Tax laws and regulations in some of these countries may be subject to frequent change, varying interpretation and inconsistent enforcement. Ineffective tax collection systems and national or local government budget requirements may
increase the likelihood of the imposition of arbitrary or onerous taxes and penalties, which could have a material adverse effect on ArcelorMittal&#146;s financial condition and results of operations. In addition to the usual tax burden imposed on
taxpayers, these conditions create uncertainty as to the tax implications of various business decisions. This uncertainty could expose ArcelorMittal to significant fines and penalties and to enforcement measures despite its best efforts at
compliance, and could result in a greater than expected tax burden. See Note 19 to the ArcelorMittal Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition, many of the jurisdictions in which ArcelorMittal operates have adopted transfer pricing legislation. If tax authorities impose significant additional tax liabilities as a result of transfer
pricing adjustments, it could have a material adverse effect on ArcelorMittal&#146;s financial condition and results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">It is possible that tax authorities in the countries in which ArcelorMittal operates will introduce additional revenue raising measures. The introduction of any such provisions may affect the overall tax
efficiency of ArcelorMittal and may result in significant additional taxes becoming payable. Any such additional tax exposure could have a material adverse effect on its financial condition and results of operations. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal may face a significant increase in its income taxes if tax rates increase or
the tax laws or regulations in the jurisdictions in which it operates, or treaties between those jurisdictions, are modified in an adverse manner. This may adversely affect ArcelorMittal&#146;s cash flows, liquidity and ability to pay dividends.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>If ArcelorMittal were unable to utilize fully its deferred tax assets, its profitability could be reduced. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, ArcelorMittal had $6.1 billion recorded as deferred tax assets on its consolidated statements of financial
position. These assets can be utilized only if, and only to the extent that, ArcelorMittal&#146;s operating subsidiaries generate adequate levels of taxable income in future periods to offset the tax loss carry forwards and reverse the temporary
differences prior to expiration. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, the amount of future income required to recover
ArcelorMittal&#146;s deferred tax assets of $6.1 billion was at least $21 billion at certain operating subsidiaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s ability to generate taxable income is subject to general economic, financial, competitive, legislative, regulatory
and other factors that are beyond its control. If ArcelorMittal generates lower taxable income than the amount it has assumed in determining its deferred tax assets, then the value of deferred tax assets will be reduced. In addition, changes in tax
law may result in a reduction in the value of deferred tax assets, as occurred in 2011. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s reputation and business could
be materially harmed as a result of data breaches, data theft, unauthorized access or successful hacking. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s operations depend on the secure and reliable performance of its information technology systems. An increasing number
of companies, including ArcelorMittal, have recently experienced intrusion attempts or even breaches of their information technology security, some of which have involved sophisticated and highly targeted attacks on their computer networks. Because
the techniques used to obtain unauthorized access, disable or degrade service or sabotage systems change frequently and often are not recognized until launched against a target, the Company may be unable to anticipate these techniques or to
implement in a timely manner effective and efficient countermeasures. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If unauthorized parties force access to
ArcelorMittal&#146;s information technology systems, they may be able to misappropriate confidential information, cause interruptions in the Company&#146;s operations, damage its computers or otherwise damage its reputation and business. In such
circumstances, the Company could be held liable or be subject to regulatory or other actions for breaching&nbsp;confidentiality and personal data protection&nbsp;rules<B>. </B>Any compromise of the Company&#146;s security could result in a loss of
confidence in its security measures and subject it to litigation, civil or criminal penalties, and adverse publicity that could adversely affect its financial condition and results of operations. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>U.S. investors may have difficulty enforcing civil liabilities against ArcelorMittal and its directors and senior management. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is incorporated under the laws of the Grand Duchy of Luxembourg with its principal executive offices and corporate
headquarters in Luxembourg. The majority of ArcelorMittal&#146;s directors and senior management are residents of jurisdictions outside of the United States. The majority of ArcelorMittal&#146;s assets and the assets of these persons are located
outside the United States. As a result, U.S. investors may find it difficult to effect service of process within the United States upon ArcelorMittal or these persons or to enforce outside the United States judgments obtained against ArcelorMittal
or these persons in U.S. courts, including actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult for an investor to enforce in U.S. courts judgments obtained against
ArcelorMittal or these persons in courts in jurisdictions outside the United States, including actions predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult for a U.S. investor to bring an
original action in a </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Luxembourg court predicated upon the civil liability provisions of the U.S. federal securities laws against ArcelorMittal&#146;s directors and senior management and non-U.S. experts named in this
annual report. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Risks Relating to an Investment in the Debt Securities. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Since ArcelorMittal conducts its operations through subsidiaries, your right to receive payments on the debt securities is effectively subordinated to the other liabilities of ArcelorMittal&#146;s
subsidiaries. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Issuer is a holding company which is dependent on the earnings and cash flows of, and dividends and
distributions from, its operating subsidiaries to meet its debt servicing obligations. The Issuer&#146;s subsidiaries are not guarantors of the debt securities. Moreover, these subsidiaries are not required and may not be able to pay dividends to
ArcelorMittal. ArcelorMittal&#146;s subsidiaries are not bound by ArcelorMittal&#146;s obligations under the indenture. Claims of the creditors of ArcelorMittal&#146;s subsidiaries have priority as to the assets of such subsidiaries over the claims
of ArcelorMittal&#146;s creditors. Consequently, holders of the debt securities are in effect structurally subordinated, on ArcelorMittal&#146;s insolvency, to the prior claims of the creditors of ArcelorMittal&#146;s subsidiaries. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal&#146;s ability to make debt service payments depends on its ability to transfer income and dividends from its subsidiaries.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is a holding company with no significant assets other than direct and indirect interests in the many
subsidiaries through which it conduct operations. The indenture governing the debt securities does not restrict ArcelorMittal or its subsidiaries from incurring additional debt or guaranteeing any debt of others in the future. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A number of ArcelorMittal&#146;s subsidiaries are located in countries that may impose regulations restricting the payment of dividends
outside of the country through exchange control regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furthermore, the continued transfer to ArcelorMittal of
dividends and other income from its subsidiaries are in some cases limited by various credit or other contractual arrangements and/or tax constraints, which could make such payments difficult or costly. If in the future these restrictions are
increased or if ArcelorMittal is otherwise unable to ensure the continued transfer of dividends and other income to ArcelorMittal from these subsidiaries, its ability to make debt payments will be impaired. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Since the debt securities are unsecured and unsubordinated, your right to receive payments may be adversely affected. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The debt securities will be unsecured. If ArcelorMittal defaults on the debt securities, or after bankruptcy, liquidation or
reorganization, then, to the extent ArcelorMittal has granted security over its assets, the assets that secure its debts will be used to satisfy the obligations under that secured debt before ArcelorMittal can make payment on the debt securities.
There may only be limited assets available to make payments on the debt securities in the event of an acceleration of the debt securities. If there is not enough collateral to satisfy the obligations of the secured debt, then the remaining amounts
on the secured debt would have equal rank with all unsubordinated unsecured indebtedness of ArcelorMittal. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal is not restricted
in its ability to dispose of its assets by the terms of the debt securities. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The indenture governing the debt securities
contains a negative pledge that prohibits ArcelorMittal and its material subsidiaries (as defined in the indenture) from pledging assets to secure other bonds or similar debt instruments, unless ArcelorMittal makes a similar pledge to secure the
debt securities issued under the indenture. However, ArcelorMittal is generally permitted to sell or otherwise dispose of substantially all of its assets to another corporation or other entity under the terms of the debt securities. ArcelorMittal is
also permitted to pledge assets as security for other bonds or similar debt instruments in certain circumstances (i.e., in the case of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
permitted security as defined in the indenture). If ArcelorMittal decides to dispose of a large amount of its assets, you will not be entitled to declare an acceleration of the maturity of the
debt securities, and those assets will no longer be available to support payments on the debt securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>A downgrade in
ArcelorMittal&#146;s credit rating could adversely affect the trading prices of the debt securities. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The trading prices
for the debt securities are directly affected by ArcelorMittal&#146;s credit rating. Credit rating agencies continually revise their ratings for companies that they follow, including ArcelorMittal. Any ratings downgrade could adversely affect the
trading prices of the debt securities or the trading markets for the debt securities to the extent trading markets for the debt securities develop. The condition of the financial and credit markets and prevailing interest rates have fluctuated in
the past and are likely to fluctuate in the future. Fluctuations in interest rates may give rise to arbitrage opportunities based upon changes in the relative values of the debt securities. Any trading by arbitrageurs could, in turn, affect the
trading prices of the debt securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Luxembourg insolvency laws may adversely affect a recovery by the holders of the debt securities.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcerlorMittal is a Luxembourg company. Luxembourg insolvency laws may make it more difficult for holders of the debt
securities to effect a restructuring of ArcelorMittal or to recover the amount they would have recovered in a liquidation or bankruptcy proceeding in other jurisdictions. There are a number of insolvency regimes under Luxembourg law. Bankruptcy
proceedings (<I>faillite</I>) are primarily designed to liquidate and distribute the assets of a debtor to its creditors. Three formal corporate rescue procedures exist&#151;controlled management (<I>gestion contr&ocirc;l&eacute;e</I>), which
involves one or several commissioners (<I>commissaire &agrave; la gestion contr&ocirc;l&eacute;e</I>) preparing a plan of re-organization or a plan for the realization and distribution of the assets, moratorium (<I>concordat pr&eacute;ventif de la
faillite</I>), whereby a judge is appointed to oversee the negotiation of an agreement between the debtor and his creditors, and the suspension of payments (<I>sursis de paiement</I>), whereby one or more commissioners is/are appointed by the court
to oversee the management of the company during the suspension of payments period. A judgment in bankruptcy proceedings (<I>faillite</I>) has the effect of removing the power from a company to manage its assets and of stopping all attachment or
garnishment proceedings brought by unsecured or non-privileged creditors. However, this type of judgment has no effect on creditors holding certain forms of security, such as pledges on certain types of assets. A secured creditor holding a pledge
can retain possession of the pledged assets or can enforce his security interest if an event of default has occurred under the security agreement. The ratification of the composition in composition proceedings will have no effect on creditors who,
having secured claims, did not participate in the composition proceedings and did not, therefore, waive their rights or priority, their mortgages or pledges. These creditors may continue to act against the debtor in order to obtain payment of their
claims and they may enforce their rights, obtain attachments and obtain the sale of the assets securing their claims. Equally, the procedure of suspension of payments once approved has no effect on secured creditors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A recovery under Luxembourg law, therefore, could involve a sale of the assets of the debtor in a manner that does not reflect the going
concern value of the debtor. Consequently, Luxembourg insolvency laws could preclude or inhibit the ability of the holders of the debt securities to effect a restructuring of ArcelorMittal and could reduce their recovery in a Luxembourg insolvency
proceeding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with Luxembourg bankruptcy proceedings, the assets of a debtor are generally liquidated and the
proceeds distributed to the debtor&#146;s creditors on the basis of the relative claims of those creditors, and certain parties (such as secured creditors) will have special rights that may adversely affect the interests of holders of the debt
securities. The claim of a creditor may be limited depending on the date the claim becomes due and payable in accordance with its terms. Each of these claims will have to be resubmitted to our receiver to be verified by the receiver. Any dispute as
to the valuation of claims will be subject to court proceedings. These verification procedures could cause holders of the debt securities to recover less than the principal amount of their debt securities or less than they could recover in a
liquidation governed by the laws of another jurisdiction. Such verification procedures could also cause payments to the holders of the debt securities to be delayed compared with holders of undisputed claims. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>There may not be liquid trading markets for the different series of debt securities. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The debt securities are new securities with no established trading market, and ArcelorMittal does not expect to arrange for the debt
securities to be listed on a national securities exchange or any other organized trading market or quoted on any automated quotation system. The underwriters may advise ArcelorMittal that they intend to make a market in the debt securities, but they
will not be obligated to do so and may discontinue any market-making in the debt securities at any time, at their sole discretion. As a result, ArcelorMittal cannot assure you as to the liquidity of any trading market for the debt securities. If
active markets for the debt securities do not develop, the prices of the debt securities and the ability of a holder of debt securities to find a ready buyer will be adversely affected. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_3"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The SEC allows us to &#147;incorporate by reference&#148; the information we file with it, which means that we may disclose important
information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and certain later information that we file with the SEC will automatically update and supersede this
information. We incorporate by reference our annual report on Form&nbsp;20-F for the year ended December&nbsp;31, 2011 (File No.&nbsp;333-146371), which is referred to as our &#147;2011&nbsp;Form&nbsp;20-F&#148;, and which includes the audited
consolidated financial statements of ArcelorMittal and its consolidated subsidiaries, including the consolidated statements of financial position as of December 31, 2010 and 2011, and the consolidated statements of operations, changes in equity and
cash flows for each of the years ended December 31, 2009, 2010 and 2011 (the &#147;ArcelorMittal Consolidated Financial Statements&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We also incorporate by reference into this prospectus any future filings made with the SEC under Sections 13(a), 13(c) or 15(d) of the Exchange Act of 1934, as amended (which is referred to as the
&#147;Exchange Act&#148;), before the termination of the offering, and, to the extent designated therein, reports on Form 6-K that we furnish to the SEC before the termination of the offering. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any statement contained in the 2011 Form 20-F shall be deemed to be modified or superseded for purposes of this prospectus to the extent
that a statement contained in this prospectus modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We will provide to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the
information that has been incorporated by reference in the prospectus but not delivered with the prospectus. You may request a copy of these filings, at no cost, by writing or telephoning us at ArcelorMittal USA LLC, 1 South Dearborn Street, 19th
Floor, Chicago, IL 60603, Attention: Ms.&nbsp;Lisa&nbsp;M. Fortuna, Manager, Investor Relations, telephone number: (312)&nbsp;899-3985. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_4"></A>WHERE YOU CAN FIND MORE INFORMATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We file
reports, including annual reports on Form 20-F, and other information with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. You may read and copy any materials filed with the SEC at its Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Any filings we make electronically will be available to the public over the Internet
on the SEC&#146;s website at www.sec.gov and on our web site at www.arcelormittal.com. The references above to our website and the website of the SEC are inactive textual references to the uniform resource locator (URL) and are for your reference
only. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_5"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus, including the documents incorporated by reference herein, and the related prospectus supplement forward-looking
statements are based on estimates and assumptions. This prospectus and the related prospectus supplement contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include, among other things, statements concerning the business, future financial condition, results of operations and prospects of ArcelorMittal, including its subsidiaries. These statements usually contain the words &#147;believes&#148;,
&#147;plans&#148;, &#147;expects&#148;, &#147;anticipates&#148;, &#147;intends&#148;, &#147;estimates&#148; or other similar expressions. For each of these statements, you should be aware that forward-looking statements involve known and unknown
risks and uncertainties. Although it is believed that the expectations reflected in these forward-looking statements are reasonable, there is no assurance that the actual results or developments anticipated will be realized or, even if realized,
that they will have the expected effects on the business, financial condition, results of operations or prospects of ArcelorMittal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">These forward-looking statements speak only as of the date on which the statements were made, and no obligation has been undertaken to publicly update or revise any forward-looking statements made in this
prospectus, the related prospectus supplement or elsewhere as a result of new information, future events or otherwise, except as required by applicable laws and regulations. In addition to other factors and matters contained or incorporated by
reference in this prospectus and the related prospectus supplement, it is believed that the following factors, among others, could cause actual results to differ materially from those discussed in the forward-looking statements: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a prolonged period of weak economic growth, either globally or in ArcelorMittal&#146;s key markets; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that excessive capacity in the steel industry globally and particularly in China may hamper the steel industry&#146;s recovery and weigh on
the profitability of steel producers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk of protracted weakness in steel prices or of price volatility; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any volatility in the supply or prices of raw materials, energy or transportation, or mismatches of raw material and steel price trends;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">increased competition in the steel industry; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that unfair practices in steel trade could negatively affect steel prices and reduce ArcelorMittal&#146;s profitability, or that national
trade restrictions could hamper ArcelorMittal&#146;s access to key export markets; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">increased competition from other materials, which could significantly reduce market prices and demand for steel products; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">legislative or regulatory changes, including those relating to protection of the environment and health and safety; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">laws and regulations restricting greenhouse gas emissions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that ArcelorMittal&#146;s high level of indebtedness could make it difficult or expensive to refinance its maturing debt, incur new debt
and/or flexibly manage its business; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">risks relating to greenfield and brownfield projects; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">risks relating to ArcelorMittal&#146;s mining operations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the fact that ArcelorMittal&#146;s reserve estimates could materially differ from mineral quantities that it may be able to actually recover, that its
mine life estimates may prove inaccurate and the fact that market fluctuations may render certain ore reserves uneconomical to mine; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">drilling and production risks in relation to mining; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rising extraction costs in relation to mining; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">failure to manage continued growth through acquisitions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a Mittal family trust&#146;s ability to exercise significant influence over the outcome of shareholder voting; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any loss or diminution in the services of Mr.&nbsp;Lakshmi N. Mittal, ArcelorMittal&#146;s Chairman of the Board of Directors and Chief Executive
Officer; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that the earnings and cash flows of ArcelorMittal&#146;s operating subsidiaries may not be sufficient to meet future funding needs at the
holding company level; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that changes in assumptions underlying the carrying value of certain assets, including as a result of adverse market conditions, could result
in impairment of tangible and intangible assets, including goodwill; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that significant capital expenditure and other commitments ArcelorMittal has made in connection with acquisitions may limit its operational
flexibility and add to its financing requirements; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s ability to fund under-funded pension liabilities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk of labor disputes; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">economic policy, political, social and legal risks and uncertainties in certain countries in which ArcelorMittal operates or proposes to operate;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">fluctuations in currency exchange rates, particularly the euro to U.S. dollar exchange rate, and the risk of impositions of exchange controls in
countries where ArcelorMittal operates; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk of disruptions to ArcelorMittal&#146;s manufacturing operations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk of damage to ArcelorMittal&#146;s production facilities due to natural disasters; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that ArcelorMittal&#146;s insurance policies may provide inadequate coverage; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk of product liability claims; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk of potential liabilities from investigations, litigation and fines regarding antitrust matters; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that ArcelorMittal&#146;s governance and compliance processes may fail to prevent regulatory penalties or reputational harm, both at operating
subsidiaries and joint ventures; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk of unfavorable changes to, or interpretations of, the tax laws and regulations in the countries in which ArcelorMittal operates;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that ArcelorMittal may not be able fully to utilize its deferred tax assets; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk that ArcelorMittal&#146;s reputation and business could be materially harmed as a result of data breaches, data theft, unauthorized access or
successful hacking. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">These factors are discussed in more detail in this prospectus, including under
&#147;Risk Factors,&#148; and in the documents incorporated by reference herein. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_6"></A>PRESENTATION OF CERTAIN INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Definitions and Terminology </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unless indicated otherwise, or the context otherwise requires, references in this prospectus and related prospectus supplement to &#147;ArcelorMittal,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148;
and &#147;the Company&#148; or similar terms are to ArcelorMittal, formerly known as Mittal Steel Company N.V. (&#147;Mittal Steel&#148;). </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Information </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus (including the documents incorporated by reference herein) contains the audited consolidated financial statements of
ArcelorMittal and its consolidated subsidiaries, including the consolidated statements of financial position as of December&nbsp;31, 2010 and 2011, and the consolidated statements of operations, changes in equity and cash flows for each of the years
ended December&nbsp;31, 2009, 2010 and 2011. ArcelorMittal&#146;s consolidated financial statements were prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards
Board (&#147;IASB&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The financial information and certain other information presented in a number of tables in this
prospectus and any related prospectus supplement have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition,
certain percentages presented in the tables in this prospectus and any related prospectus supplement reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would
be derived if the relevant calculations were based upon the rounded numbers. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Market Information </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus (including the documents incorporated by reference herein) and any related prospectus supplement include industry data and
projections about our markets obtained from industry surveys, market research, publicly available information and industry publications. Statements on ArcelorMittal&#146;s competitive position contained in this annual report are based primarily on
public sources including, but not limited to, publications of the World Steel Association. Industry publications generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and
completeness of such information is not guaranteed and that the projections they contain are based on a number of significant assumptions. We have not independently verified this data or determined the reasonableness of such assumptions. In
addition, in many cases we have made statements in this prospectus (and may make statements in any related prospectus supplement) regarding our industry and our position in the industry based on internal surveys, industry forecasts and market
research, as well as our own experience. While these statements are believed to be reliable, they have not been independently verified. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_7"></A>ARCELORMITTAL </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is the world&#146;s leading integrated steel and mining company. ArcelorMittal had sales of approximately $94.0 billion,
steel shipments of approximately 85.8 million tonnes, crude steel production of approximately 91.9 million tonnes, iron ore production of 65.2 million tonnes and coal production of 8.9 million tonnes for the year ended December 31, 2011. As of
December 31, 2011, ArcelorMittal had approximately 261,000 employees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal is the largest steel producer in the
Americas, Africa and Europe, and is the fourth largest producer in the CIS region, with a growing presence in Asia, particularly China. ArcelorMittal has steel-making operations in 20 countries on four continents, including 60 integrated, mini-mill
and integrated mini-mill steel-making facilities. ArcelorMittal&#146;s steel-making operations have a high degree of geographic diversification. Approximately 38% of its steel is produced in the Americas, approximately 46% is produced in Europe and
approximately 16% is produced in other countries, such as Kazakhstan, South Africa and Ukraine. In addition, ArcelorMittal&#146;s sales of steel products are spread over both developed and developing markets, which have different consumption
characteristics. ArcelorMittal&#146;s mining operations, present in North and South America, Africa, Europe and the CIS region, are integrated with its global steel-making facilities and are important producers of iron ore and coal in their own
right. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal produces a broad range of high-quality steel finished and semi-finished products. Specifically,
ArcelorMittal produces flat steel products, including sheet and plate, long steel products, including bars, rods and structural shapes. ArcelorMittal also produces pipes and tubes for various applications. ArcelorMittal sells its steel products
primarily in local markets and through its centralized marketing organization to a diverse range of customers in approximately 174 countries including the automotive, appliance, engineering, construction and machinery industries. The Company also
produces various types of mining products including iron ore lump, fines, concentrate and sinter feed, as well as coking, PCI and thermal coal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As a global steel producer, the Company is able to meet the needs of different markets. Steel consumption and product requirements clearly differ between developed markets and developing markets. Steel
consumption in developed economies is weighted towards flat products and a higher value-added mix, while developing markets utilize a higher proportion of long products and commodity grades. To meet these diverse needs, the Company maintains a high
degree of product diversification and seeks opportunities to increase the proportion of its product mix consisting of higher value-added products. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Recent Developments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On February 28, 2012, ArcelorMittal completed an
offering of three series of U.S. dollar-denominated notes, consisting of $500 million aggregate principal amount of 3.75% Notes due 2015, $1.4 billion aggregate principal amount of 4.50% Notes due 2017 and $1.1 billion aggregate principal amount of
6.25% Notes due 2022. The proceeds were used for general corporate purposes and to repay existing indebtedness. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On February
23, 2012, ArcelorMittal announced the commencement of an offer to repurchase for cash any and all of its 5.375% notes due 2013 at a price of $1,037.50 per $1,000 principal amount of notes accepted for purchase. The notes have an aggregate principal
amount outstanding of $1.5 billion. ArcelorMittal announced that the offer would remain open until 5:00 p.m., New York time, on March 1, 2012, unless extended or earlier terminated. ArcelorMittal announced that it was making the offer to retire all
or a portion of those notes before their maturity. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_8"></A>USE OF PROCEEDS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise indicated in an accompanying prospectus supplement, the net proceeds from the sale of securities will be used to
refinance existing indebtedness. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_9"></A>CAPITALIZATION AND INDEBTEDNESS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table sets out the consolidated capitalization and indebtedness of ArcelorMittal at December&nbsp;31, 2011, prepared on the
basis of IFRS. You should read this table together with our consolidated financial statements and the other financial data appearing elsewhere, or incorporated by reference, in this prospectus and in any related prospectus supplement. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2011<BR>Historical</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Short-term borrowings, including current portion of long-term debt</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,784</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured and Unguaranteed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Guaranteed and Unsecured</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">443</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured and Guaranteed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unsecured/Unguaranteed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,182</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Long-term borrowings, net of current portion</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>23,634</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured and Unguaranteed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">557</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Guaranteed and Unsecured</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,803</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured and Guaranteed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unsecured/Unguaranteed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,274</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Minority interests</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3,787</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Equity attributable to the equity holders of the parent</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>56,690</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Treasury stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(419</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional paid in capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Retained earnings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,531</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reserves</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,881</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total shareholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>60,477</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total capitalization (Total shareholder&#146;s equity plus Short-term borrowings plus Long-term
borrowings)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>86,895</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as disclosed herein or in the prospectus supplement, there have been no material changes in
ArcelorMittal&#146;s consolidated capitalization and indebtedness since December&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of December&nbsp;31, 2011,
ArcelorMittal had guaranteed approximately U.S.$1.0 billion of debt of its operating subsidiaries, and U.S.$1.3 billion of total debt of its subsidiary ArcelorMittal Finance. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_10"></A>RATIO OF EARNINGS TO FIXED CHARGES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal&#146;s unaudited ratio of earnings to fixed charges for the periods indicated below was as follows: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Unaudited)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratio of earnings to fixed charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.6x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-1.1x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.9x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of the purchase price of acquisitions made in
2008. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Due to ArcelorMittal&#146;s pretax loss in 2009, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $4,051 million
to achieve a coverage of 1:1 for 2009. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratio of earnings to fixed charges is computed by dividing earnings
by fixed charges. Earnings represent consolidated pretax income before adjustment for non-controlling interests in consolidated subsidiaries, less income allocable to non-controlling interests in consolidated entities that have not incurred fixed
charges, fixed charges less interest capitalized, and undistributed earnings of equity investees. Equity investees are investments accounted for using the equity method of accounting. Fixed charges include interest expensed and capitalized, the
interest portion of rental obligations, amortized premiums, discounts and capitalized expenses relating to indebtedness. Amounts were prepared in accordance with IFRS. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_11"></A>DESCRIPTION OF DEBT SECURITIES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may issue
debt securities using this prospectus. As required by U.S. federal law for all bonds and notes of companies that are publicly offered, the debt securities that we may issue are governed by a contract between us and HSBC Bank USA, National
Association, as trustee, called an indenture (as supplemented, herein the &#147;indenture&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The trustee under the
indenture has two main roles: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">first, it can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf,
described under &#147;Events of Default&#148; below; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">second, the trustee performs administrative duties for us, such as sending you interest payments, transferring your debt securities to a new buyer if
you sell your debt securities and sending you notices. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The indenture and its associated documents contain
the full legal text governing the matters described in this section. The indenture and the debt securities are governed by New York law. A copy of each of the executed base indenture, dated as of May&nbsp;20, 2009, and the executed fifth
supplemental indenture, dated as of February&nbsp;28,&nbsp;2012, is an exhibit to our registration statement. See &#147;Where You Can Find More Information&#148; for information on how to obtain a copy. In connection with an issuance of debt
securities, we may enter into one or more additional supplemental indentures with the trustee, setting forth the specific terms of such debt securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In this section, references to &#147;we,&#148; &#147;us&#148; and &#147;our&#148; are to ArcelorMittal only and do not include our subsidiaries or affiliates. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>References to &#147;holders&#148; mean those who have debt securities registered in their names on the books that ArcelorMittal or the
Registrar maintain for this purpose, and not those who own beneficial interests in debt securities issued in book-entry form through The Depository Trust Company or in debt securities registered in street name. Owners of beneficial interests in the
debt securities should refer to &#147;Clearance and Settlement.&#148; </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This section summarizes the material provisions of
the indenture and certain debt securities that may be issued under the indenture. In particular, this section summarizes material terms of debt securities to be issued in fully registered, book-entry form without coupons in denominations of
U.S.$2,000 and integral multiples of $1,000 in excess thereof, that will be unsecured and rank equally with all of our other existing and future unsecured and unsubordinated debt, bear interest at a fixed rate per annum, based upon a 360-day year
consisting of twelve 30-day months. This section does not describe other types of debt securities that may be issued under the indenture, such as original issue discount securities, which are debt securities that are offered and sold at a
substantial discount to their stated principal amount, or indexed securities or securities denominated in foreign currencies or currency units. Any such debt securities, and special U.S. federal income tax, accounting and other considerations
applicable to such debt securities, would be described in the prospectus supplement relating to any such debt securities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">However, because it is a summary, it does not describe every aspect of the indenture or the debt securities. This summary is subject to
and qualified in its entirety by reference to all the provisions of the indenture, including some of the terms used in the indenture. The indenture is also subject to the Trust Indenture Act of 1939. We describe the meaning for only the more
important terms. We also include references in parentheses to some sections of the indenture. Whenever we refer to particular sections or defined terms of the indenture in this prospectus or in the prospectus supplement, those sections or defined
terms are incorporated by reference herein or in the prospectus supplement. This summary also is subject to and qualified by reference to the description of the particular terms of your series described in the prospectus supplement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may issue as many distinct series of debt securities under the indenture as we wish. Unless otherwise specified in a prospectus
supplement, we may issue debt securities of the same series as an outstanding series of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
debt securities without the consent of holders of securities in the outstanding series. Any additional debt securities so issued will have the same terms as the existing debt securities of the
same series in all respects (except for the issuance date, the date upon which interest begins accruing and, in some cases, the first interest payment on the new series, if any), so that such additional debt securities will be consolidated and form
a single series with the existing debt securities of the same series; provided, that such additional debt securities will be issued with no more than <I>de minimis</I> original issue discount for U.S. federal income tax purposes or be part of a
qualified reopening for U.S. federal income tax purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the specific financial, legal and other terms
particular to a series of debt securities are described in the prospectus supplement and the underwriting agreement relating to the series. Those terms may vary from the terms described here. Accordingly, this summary also is subject to and
qualified by reference to the description of the terms of the series described in the prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The prospectus
supplement relating to a series of debt securities will describe the following terms of the series: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the title of the series of debt securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the date or dates on which we will pay the principal of the series of debt securities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the rate or rates, per annum, at which the series of debt securities will bear interest and the date or dates from which that interest, if any, will
accrue; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the dates on which interest, if any, on the series of debt securities will be payable and the regular record dates for the interest payment dates;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any provisions for redemption at the option of the holder; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if other than the principal amount thereof, the portion of the principal amount of the debt securities of the series that will be payable upon any
declaration of acceleration of maturity; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the currency of payment of principal of, premium, if any, and interest on the series of debt securities and the manner of determining the equivalent
amount in the currency of the United States of America, if applicable; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if the principal amount payable at maturity of the series of debt securities will not be determinable at maturity, the amount that will be deemed to be
the principal amount thereof for any other purpose under the indenture or the debt securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any additional circumstances under which the series of debt securities will be redeemable at our option; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any additional Events of Default or covenants applicable to the series of debt securities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if applicable, a discussion of any material U.S. federal income tax considerations; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any other special features of the series of debt securities. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Additional Amounts </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All payments of principal of, and premium (if any) and
interest on the debt securities will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or within Luxembourg, any
jurisdiction in which ArcelorMittal is resident for tax purposes or, in the case of a successor entity, any jurisdiction in which such successor entity is organized or resident for tax purposes (or any political subdivision or taxing authority
thereof or therein) (each, as applicable, a &#147;Relevant Jurisdiction&#148;), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or
deduction is so required, ArcelorMittal or any successor entity, as the case may be, will make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and will pay such additional
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
amounts (&#147;Additional Amounts&#148;) as will result in receipt by the holders of such amounts as would have been received by the holders had no such withholding or deduction been required by
the Relevant Jurisdiction, except that no Additional Amounts will be payable: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) for or on account of:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) any tax, duty, assessment or other governmental charge that would not have been imposed but for:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A) the existence of any present or former connection between the holder or beneficial owner of such debt
security, as the case may be, and the Relevant Jurisdiction including, without limitation, such holder or beneficial owner being or having been a citizen or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having
been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein, other than merely holding such debt security or the receipt of payments thereunder; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B) the presentation of such debt security (where presentation is required) more than 30 days after the later of the date
on which the payment of the principal of, premium, if any, or interest on, such debt security became due and payable pursuant to the terms thereof or was made or duly provided for, except to the extent that the holder thereof would have been
entitled to such Additional Amounts if it had presented such debt security for payment on any date within such 30-day period; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(C) the failure of the holder or beneficial owner to comply with a timely request of us or any successor entity addressed to the holder or beneficial owner, as the case may be, to provide information,
documentation and certification concerning such holder&#146;s or beneficial owner&#146;s nationality, residence, identity or connection with any Relevant Jurisdiction, if and to the extent that due and timely compliance with such request would under
applicable law, regulation or administrative practice have reduced or eliminated any withholding or deduction as to which Additional Amounts would have otherwise been payable to such holder; or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(D) the presentation of such debt security (where presentation is required) for payment in the Relevant Jurisdiction,
unless such debt security could not have been presented for payment elsewhere; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) any estate, inheritance,
gift, sale, transfer, excise or personal property or similar tax, assessment or other governmental charge; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) any withholding or deduction in respect of any tax, duty, assessment or other governmental charge where such
withholding or deduction is imposed or levied on a payment pursuant to (x) European Council Directive 2003/48/EC (as such directive has been or shall be amended or replaced) or any other Directive implementing the conclusions of the ECOFIN Council
meeting of November&nbsp;26-27, 2000 on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directives; or (y) the bilateral agreements concluded between the European Union member
states and several third countries or dependent or associated territories of the European Union pursuant to article 17.2 of the European Council Directive 2003/48/EC (as such agreements may be amended and/or replaced); or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (i),
(ii)&nbsp;and (iii); or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) with respect to any payment of the principal of, or premium, if any, or interest
on, such debt security to a holder who is a fiduciary, partnership or Person other than the sole beneficial owner of any payment to the extent that such payment would be required to be included in the income under the laws of a Relevant
Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, or a member of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner, or
beneficial owner been the holder thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Whenever there is mentioned in any context the payment of principal of, and any
premium or interest on, any debt security, such mention will be deemed to include payment of Additional Amounts provided for in the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Redemption, Exchange and Purchase </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The prospectus supplement will state
whether the debt securities are redeemable by us or subject to repayment at the holder&#146;s option, other than as described below under &#147;&#151;Redemption for Taxation Reasons.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Redemption for Taxation Reasons </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The debt securities of any series
may be redeemed, at our option, in whole but not in part, upon giving not less than 30 days&#146; nor more than 60 days&#146; notice to the holders (which notice will be irrevocable), at a redemption price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest (including any Additional Amounts), if any, to the date fixed by the Company for redemption (the &#147;Tax Redemption Date&#148;) if, as a result of: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of a Relevant
Jurisdiction affecting taxation; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) any change in, or amendment to, an official position regarding the
application or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">which change or amendment becomes effective or, in the case of an official position, is announced (i)&nbsp;in the case of us, on or after the Closing Date or (ii)&nbsp;in the case of any successor entity,
on or after the date such successor entity becomes obligated under the debt securities or the indenture, with respect to any payment due or to become due under the debt securities or the indenture, we or the successor entity, as the case may be, is,
or on the next interest payment date would be, required to pay Additional Amounts, and such requirement cannot be avoided by us or the successor entity, as the case may be, taking reasonable measures available to it; <I>provided</I> that for the
avoidance of doubt changing the jurisdiction of us or any successor entity is not a reasonable measure for the purposes of this section; and <I>provided, further</I> that no such notice of redemption will be given earlier than 60 days prior to the
earliest date on which we, or any successor entity, as the case may be, would be obligated to pay such Additional Amounts if a payment in respect of the debt securities were then due. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prior to the giving of any notice of redemption of the debt securities pursuant to the foregoing, we or the successor entity, as the case
may be, will deliver to the Trustee: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) a certificate signed by a duly authorized officer stating that such
change or amendment referred to in the prior paragraph has occurred, and describing the facts related thereto and stating that such requirement cannot be avoided by us or a successor entity, as the case may be, taking reasonable measures available
to it; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) an opinion of legal counsel of recognized standing stating that the requirement to pay such
Additional Amounts results from such change or amendment referred to in the prior paragraph. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Trustee will accept such
certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it will be conclusive and binding on the holders. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any debt securities that are redeemed will be cancelled. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Exchange and Purchase </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal may at any time make offers to
the holders to exchange their debt securities for other bonds or debt securities issued by us or any other Person. In addition, ArcelorMittal and any of our Subsidiaries or affiliates may at any time purchase debt securities in the open market or
otherwise at any price. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Cancellation </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">All debt securities that are exchanged or purchased may either be held or retransferred or resold or be surrendered for cancellation and, if so surrendered, will, together with all debt securities
redeemed by us, be cancelled immediately and accordingly may not be reissued or resold. The Trustee will make its record of any such cancellation available for inspection to holders during its normal business hours. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Consolidation, Merger, Conveyance or Transfer </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">So long as any of the debt securities are outstanding, ArcelorMittal will not consolidate with or merge into any other Person (excluding Persons controlled by one or more members of the Mittal Family) or
convey or transfer substantially all of our properties and assets to any other Person (excluding Persons controlled by one or more members of the Mittal Family) unless thereafter: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) the Person formed by such consolidation or into which ArcelorMittal are merged, or the Person which acquired all or
substantially all of our properties and assets, expressly assumes pursuant to a supplemental indenture as provided for in the indenture the due and punctual payment of the principal of and interest on the debt securities and the performance or
observance of every covenant of the indenture on our part to be performed or observed (including, if such Person is not organized in or a resident of Luxembourg for tax purposes, substituting such Person&#146;s jurisdiction of organization or
residence for Luxembourg for tax purposes where applicable, including for the obligation to pay Additional Amounts); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) immediately after giving effect to such transaction, no event of default has occurred and is continuing; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iii) the Person formed by such consolidation or into which ArcelorMittal is merged, or the Person which acquired all or substantially all of our properties and assets delivers to the Trustee an
officer&#146;s certificate signed by a duly authorized officer and an opinion of legal counsel of recognized standing, each stating that the consolidation, merger, conveyance or transfer and, if a supplemental indenture is required in connection
with the transaction, the supplemental indenture comply with the indenture and that all conditions precedent in the indenture relating to the transaction have been complied with and, immediately after giving effect to the transaction, no event of
default has occurred and is continuing, except that such certificate and opinion shall not be required in the event that any such consolidation, merger, conveyance or transfer is made by any court or tribunal having jurisdiction over us, our
properties and our assets. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Negative Pledge </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The indenture provides that so long as any of the debt securities remain outstanding, ArcelorMittal will not, and will not permit any Material Subsidiary to, create or permit to subsist any Security upon
any of our Assets or their respective Assets, as the case may be, present or future, to secure any Relevant Indebtedness incurred or guaranteed by us or by any such Material Subsidiary (whether before or after the issue of the debt securities) other
than Permitted Security, unless our obligations under the debt securities are (i)&nbsp;equally and ratably secured so as to rank <I>pari passu</I> with such Relevant Indebtedness or the guarantee thereof or (ii)&nbsp;benefit from any other Security
or arrangement as is approved by the holders of a majority in aggregate principal amount of the debt securities of the affected series then outstanding. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Events of Default </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the following will be an event of default under
the indenture: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) the default in any payment of principal on any debt security when due, whether on maturity, redemption or
otherwise, continues for 15 days; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) the default in any payment of interest, premium (if any) and Additional Amounts (if
any), on any debt security when due, continues for 30 days; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) our failure to comply with our other obligations contained in the indenture and the
default or breach continues for a period of 60 days or more after ArcelorMittal receives written notice from the Trustee as provided for in the indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4) our failure, or the failure of any Material Subsidiary, (a)&nbsp;to pay the principal of any indebtedness for borrowed money, including obligations evidenced by any mortgage, indenture, bond,
debenture, note, guarantee or other similar instruments on the scheduled or original date due (following the giving of such notice, if any, as required under the document governing such indebtedness and as extended by any applicable cure period) or
(b)&nbsp;to observe or perform any agreement or condition relating to such indebtedness such that such indebtedness has come due prior to its stated maturity and such acceleration has not been cured, unless (in the case of clauses (a)&nbsp;and (b))
(i)&nbsp;the aggregate amount of such indebtedness is less than &#128;100,000,000 or (ii)&nbsp;the question of whether such indebtedness is due has been disputed in good faith by appropriate proceedings and such dispute has not been finally
adjudicated against us or the Material Subsidiary, as the case may be; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) certain events of bankruptcy or insolvency
involving our company or a Material Subsidiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the occurrence and continuation of any event of default as provided for
in the indenture, then in every such case the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of the affected series may declare the principal amount of the outstanding debt securities of that
series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders). Upon any such declaration, which ArcelorMittal calls a declaration of acceleration, the debt securities of such series shall
become due and payable immediately. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The holders of a majority in aggregate principal amount of the outstanding debt
securities of the affected series may rescind a declaration of acceleration if an amount has been paid to or deposited with the Trustee sufficient to pay the amounts set forth in the applicable provisions of the indenture and all events of default
with respect to the debt securities of such series, other than the failure to pay the principal and other amounts of debt securities of that series that have become due solely by such declaration of acceleration, have been cured or waived.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If an event of default occurs or if ArcelorMittal breaches any covenant or warranty under the indenture or the debt
securities, the Trustee may pursue any available remedy to enforce any provision of the debt securities or the indenture. The Trustee may maintain a proceeding even if it does not possess any of the debt securities or does not produce any of them in
the proceeding. A delay or omission by the Trustee or any holder of a debt security in exercising any right or remedy accruing upon an event of default shall not impair the right or remedy or constitute a waiver of or acquiescence in the event of
default. All remedies are cumulative to the extent permitted by law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except in cases of default, where the Trustee has some
special duties, the Trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the Trustee reasonable protection from expenses and liability. This protection is called an indemnity. If
reasonable indemnity is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other proceeding seeking any remedy
available to the Trustee. These majority holders may also direct the Trustee in performing any other action the Trustee may undertake under the indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Before you bypass the Trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities you hold, the
following must occur: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">You must give the Trustee written notice at its Corporate Trust Office that an event of default has occurred and remains uncured.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The holders of 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the Trustee take
action because of the event of default, and must offer reasonable indemnity to the Trustee against the cost and other liabilities of taking that action and provide such written request to the Corporate Trust Office of the Trustee.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Trustee must have not taken action for 60 days after receipt of the above notice, request and offer of indemnity. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">No direction inconsistent with such written request must have been given to the Trustee during such 60-day period by holders of a majority in principal
amount of all outstanding debt securities of that series. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nothing, however, will prevent an individual
holder from bringing suit to enforce payment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Street name and other indirect holders should consult their banks or brokers for
information on how to give notice or direction to or make a request of the trustee and to make or cancel a declaration of acceleration. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal will furnish to the trustee every year a brief certification of an officer of our Company as to his or her knowledge of our compliance with the conditions and covenants of the indenture.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendments and Waivers </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The indenture may be amended or modified without the consent of any holder of debt securities in order to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to cure any ambiguity, defect or inconsistency; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to provide for the issuance of additional debt securities in accordance with the limitations set forth in the indenture as of the date thereof;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to provide for the assumption by a successor company of our obligations under the debt securities and the indenture in the case of a merger or
consolidation or sale of all or substantially all of our assets; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to comply with any requirements of the SEC in connection with qualifying the indenture under the Trust Indenture Act; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to correct or add any other provisions with respect to matters or questions arising under this indenture, so long as that correction or added provision
will not adversely affect the interests of the holders of the debt securities in any material respect. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Modifications and amendments of the indenture may be made by us and the Trustee with the consent of the holders of a majority in
principal amount of the debt securities of the affected series then outstanding under the indenture. In addition, the holders of a majority in aggregate principal amount of the outstanding debt securities of any series may waive any past default
under the indenture, except an uncured default in the payment of principal of or interest on such series of debt securities or an uncured default relating to a covenant or provision of the indenture that cannot be modified or amended without the
consent of each affected holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the above, without the consent of each holder of an outstanding debt
security affected, no amendment may, among other things: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">modify the stated maturity of the debt securities or the dates on which interest is payable in respect of the debt securities;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">reduce the principal amount of, or interest on, the debt securities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">change the currency of payment of the debt securities; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">impair the right of the holders of debt securities to institute suit for the enforcement of any payment on or after the date due;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">reduce the percentage in principal amount of the outstanding debt securities, the consent of whose holders is required for any modification of or
waiver of compliance with any provision of this indenture or defaults under the indenture and their consequences; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">modify the provisions of the indenture regarding the quorum required at any meeting of holders. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Special Rules for Action by Holders </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">When holders take any action under the indenture, such as giving a notice of an event of default, declaring an acceleration, approving any change or waiver or giving the trustee an instruction, the
Company will apply the following rules. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Only Outstanding Debt Securities are Eligible </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Only holders of outstanding debt securities will be eligible to participate in any action by holders. Also, the Company will count only
outstanding debt securities in determining whether the various percentage requirements for taking action have been met. For these purposes, a debt security will not be &#147;outstanding&#148; if it has been surrendered for cancellation or if the
Company has deposited or set aside, in trust for its holder, money for its payment or redemption; provided, however, that, for such purposes, debt securities held by the Company or its affiliates are not considered outstanding. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Determining Record Dates for Action by Holders </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company will generally be entitled to set any day as a record date for the purpose of determining the holders that are entitled to take action under the indenture. In some limited circumstances, only
the trustee will be entitled to set a record date for action by holders. If the Company or the trustee set a record date for an approval or other action to be taken by holders, that vote or action may be taken only by persons or entities who are
holders on the record date and must be taken during the period that the Company specifies for this purpose, or that the trustee specifies if it sets the record date. The Company or the trustee, as applicable, may shorten or lengthen this period from
time to time, but not beyond 90 days. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Satisfaction and Discharge </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The indenture will be discharged and will cease to be of further effect as to all outstanding debt securities of any series issued
thereunder, when either (i)&nbsp;all debt securities of that series that have been authenticated, except lost, stolen or destroyed debt securities that have been replaced or paid and debt securities for whose payment money has theretofore been
deposited in trust and thereafter repaid to us, have been delivered to the Trustee for cancellation, or all debt securities of that series that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
giving of a notice of redemption or otherwise or will become due and payable within one year and ArcelorMittal has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the holders, cash
in U.S. dollars, non-callable U.S. government securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the debt securities of
such series not delivered to the Trustee for cancellation for principal and accrued interest and Additional Amounts, if any, to the date of maturity or redemption; (ii)&nbsp;ArcelorMittal has paid or caused to be paid all sums payable by us under
the indenture with respect to such series; and (iii)&nbsp;ArcelorMittal has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the debt securities of such series at maturity or on the redemption
date, as the case may be. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, ArcelorMittal must deliver a certificate signed by a duly authorized officer
stating that all conditions precedent to the satisfaction and discharge have been satisfied. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Defeasance and Covenant Defeasance
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The indenture provides that ArcelorMittal may elect either (1)&nbsp;to defease and be discharged from any and all
obligations with respect to any series of debt securities (except for, among other things, certain obligations to register the transfer or exchange of such series of debt securities, to replace temporary or mutilated, destroyed, lost or stolen debt
securities of such series, to maintain an office or agency with respect to the debt securities of such series and to hold moneys for payment in trust) (&#147;legal defeasance&#148;) or (2)&nbsp;to be released from our obligations to comply with
certain covenants under the indenture, and any omission to comply with such obligations will not constitute a default (or event that is, or with the passage of time or the giving of notice or both would be, an event of default) or an event of
default with respect to the debt securities of such series (&#147;covenant&nbsp;defeasance&#148;). Legal defeasance or covenant defeasance, as the case may be, will be conditioned upon, among other things, (A)&nbsp;the irrevocable deposit by us with
the Trustee, in trust, of an amount in U.S. dollars, or U.S. government securities, or both, applicable to the debt securities of such series which through the scheduled payment of principal and interest in accordance with their terms will provide
money in an amount sufficient to pay the principal or premium, if any, and interest on the debt securities of such series on the scheduled due dates therefor and (B)&nbsp;no Event of Default or default with respect to the debt securities of the
series shall have occurred and be continuing on the date of such deposit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To effect legal defeasance or covenant defeasance,
ArcelorMittal will be required to deliver to the Trustee an opinion of counsel that the deposit and related defeasance will not cause the holders and beneficial owners of the debt securities of such series to recognize income, gain or loss for U.S.
federal income tax purposes. If ArcelorMittal elects legal defeasance, that opinion of counsel must be based upon a ruling from the U.S. Internal Revenue Service or a change in law to that effect. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal may exercise our legal defeasance option notwithstanding our prior exercise of our covenant defeasance option. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Payment </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payments in
respect of the debt securities will be made by HSBC Bank USA, National Association, in its capacity as paying agent in New York to the registered holder(s). The paying agent will treat the persons in whose name the registered global debt securities
representing the debt securities are registered as the owners thereof for purposes of making such payments and for any other purposes whatsoever. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Subject to any applicable abandoned property law, the Trustee and the paying agent will pay to the Company upon request any money held by them for the payment of principal of, premium or interest on the
debt securities that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Company for payment as general creditors. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Governing Law </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The debt securities will be governed by and construed in
accordance with the laws of the State of New York. For the avoidance of doubt, the provisions of article 86 to 94-8 of the Luxembourg law of August 10, 1915 on commercial companies, as amended, do not apply to the debt securities. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Consent to Jurisdiction </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal has irrevocably submitted to the non-exclusive jurisdiction of any New York State court or any U.S. federal court sitting in
the Borough of Manhattan, The City of New York, in respect of any legal action or proceeding arising out of or in relation to the indenture or the debt securities, and agreed that all claims in respect of such legal action or proceeding may be heard
and determined in such New York State or U.S. federal court and will waive, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any such action or proceeding in any such court. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notices </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notices to the holders will be provided to the addresses that appear on the security register of the debt securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Concerning the Trustee </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">HSBC Bank USA, National Association is the Trustee
under the indenture and has been appointed by us as registrar and paying agent with respect to the debt securities. The Trustee&#146;s address is 452 Fifth Avenue, New York, New York 10018-2706, United States. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certain Definitions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Set
forth below is a summary of certain of the defined terms used in the indenture. You should refer to the indenture for the full definition of all such terms, as well as any other terms used in this prospectus for which no definition is provided.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Applicable Accounting Standards</I>&#148; means the International Financial Reporting Standards as issued by the
International Accounting Standards Board (&#147;IFRS&#148;), as amended from time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Asset(s)</I>&#148; of any
Person means, all or any part of its business, undertaking, property, assets, revenues (including any right to receive revenues) and uncalled capital, wherever situated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Consolidated Financial Statements</I>&#148; means our most recently published: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) audited annual consolidated financial statements, as approved by the annual general meeting of our shareholders and certified by an independent auditor; or, as the case may be, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) unaudited (but subject to a &#147;review&#148; from an independent auditor) consolidated half-year financial
statements, as approved by our Board of Directors, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">in each case prepared in accordance with Applicable Accounting Standards. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Corporate Trust Office&#148;</I> means, with respect to the Trustee, HSBC Bank USA, National Association, 10&nbsp;East 40th
Street, 14th floor, New York, NY 10016, Attn: Corporate Loan and Agency Group. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Closing Date</I>&#148; means the date
on which the debt securities are deposited with the Depository Trust Company, as depositary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Existing
Security</I>&#148; means any Security granted by any Person over its Assets in respect of any Relevant Indebtedness and which is existing at the Closing Date or at the time any such Person becomes a Material Subsidiary or whose business and/or
activities, in whole or in part, are assumed by or vested in us or a Material Subsidiary after the Closing Date (other than any Security created in contemplation thereof) or any substitute Security created over those Assets (or any part thereof) in
connection with the refinancing of the Relevant Indebtedness secured on those Assets provided that the principal, nominal or capital amount secured on any such Security may not be increased. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Group</I>&#148; means our company and its Subsidiaries taken as a whole. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Material Subsidiary</I>&#148; means, at any time, a Subsidiary of ours whose gross assets or pre-tax profits (excluding
intra-Group items) then equal or exceed 5% of the gross assets or pre-tax profits of the Group. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For this purpose: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) the gross assets or pre-tax profits of a Subsidiary will be determined from its financial statements (unconsolidated
if it has Subsidiaries) upon which the latest audited Consolidated Financial Statements of the Group have been based; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) if a company becomes a member of the Group after the date on which the latest audited Consolidated Financial Statements of the Group have been prepared, the gross assets or pre-tax profits of that
Subsidiary will be determined from its latest financial statements; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) the gross assets or pre-tax profits of
the Group will be determined from its latest audited Consolidated Financial Statements, adjusted (where appropriate) to reflect the gross assets or pre-tax profits of any company or business subsequently acquired or disposed of; and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) if a Material Subsidiary disposes of all or substantially all of its assets to another Subsidiary of ours, it will
immediately cease to be a Material Subsidiary and the other Subsidiary (if it is not already) will immediately become a Material Subsidiary; the subsequent financial statements of those Subsidiaries and the Group will be used to determine whether
those Subsidiaries are Material Subsidiaries or not. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If there is a dispute as to whether or not a company is a Material
Subsidiary, a certificate of our auditors will be, in the absence of manifest error, conclusive and binding on us and the holders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Mittal Family</I>&#148; means Mr.&nbsp;and/or Mrs.&nbsp;L.N. Mittal and/or their family (acting directly or indirectly through trusts and/or other entities controlled by any of the foregoing).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Permitted Security</I>&#148; means: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) any Existing Security; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) any Security granted in respect of or in connection with any Securitization Indebtedness; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) any Security securing Project Finance Indebtedness, but only to the extent that the Security Interest is created on an asset of the project being financed by the relevant Project Finance Indebtedness
(and/or the shares in, and/or shareholder loans to, the company conducting such project where such company has no assets other than those relating to such project). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Person</I>&#148; includes any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organization, trust, state or agency of a state (in each case, whether
or not having separate legal personality). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Project Finance Indebtedness</I>&#148; means any indebtedness incurred by
a debtor to finance the ownership, acquisition, construction, development and/or operation of an Asset or connected group of Assets in respect of which the Person or Persons to whom such indebtedness is, or may be, owed have no recourse for the
repayment of or payment of any sum relating to such indebtedness other than: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) recourse to such debtor or
its Subsidiaries for amounts limited to the cash flow from such Asset; and/or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) recourse to such debtor
generally, or to a member of the Group, which recourse is limited to a claim for damages (other than liquidated damages and damages required to be calculated in a specific way) for breach of an obligation, representation or warranty (not being a
payment obligation, representation or warranty or an obligation, representation or warranty to procure payment by another or an obligation, representation or warranty to comply or to procure compliance by another with any financial ratios or other
test of financial condition) by the Person against whom such recourse is available; and/or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) if: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) such debtor has been established specifically for the purpose of constructing, developing, owning and/or operating the
relevant Asset or connected group of Assets; and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) such debtor owns no Assets and carries on no business which is not
related to the relevant Asset or connected group of Assets, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">recourse to all the material Assets and undertaking of such debtor
and the shares in the capital of such debtor and shareholder loans made to such debtor. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Relevant
Indebtedness</I>&#148; means any indebtedness for borrowed money represented by bonds, debt securities or other debt instruments which are for the time being quoted or listed on any stock exchange or other similar regulated securities market.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Securitization Indebtedness</I>&#148; means any Relevant Indebtedness that is incurred in connection with any
securitization, asset repackaging, factoring or like arrangement or any combination thereof of any assets, revenues or other receivables where the recourse of the Person making the Relevant Indebtedness available or entering into the relevant
arrangement or agreement(s) is limited fully or substantially to such assets or revenues or other receivables. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Security</I>&#148; means any mortgage, charge, pledge or other real security interest (<I>s&ucirc;ret&eacute;
r&eacute;elle</I>). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Subsidiary</I>&#148; means: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) an entity of which a Person has direct or indirect control or owns directly or indirectly more than 50% of the voting
capital or similar right of ownership (and control for this purpose means the power to direct the management and the policies of the entity whether through the ownership of voting capital, by contract or otherwise); and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) in relation to our company, an entity that fulfils the definition in paragraph (a)&nbsp;above and which is included in
the Consolidated Financial Statements on a fully integrated basis. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_12"></A>CLEARANCE AND SETTLEMENT </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt securities we issue may be held through one or more international and domestic clearing systems. The clearing systems ArcelorMittal
uses are the book-entry systems operated by The Depository Trust Company (&#147;DTC&#148;) in the United States, Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I>, in Luxembourg (&#147;Clearstream&#148;) and the Euroclear System, in Belgium
(&#147;Euroclear&#148;). These systems have established electronic securities and payment, transfer, processing, depositary and custodial links among themselves and others, either directly or through custodians and depositaries. These links allow
the debt securities to be issued, held and transferred among the clearing systems without the physical transfer of certificates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Special procedures to facilitate clearance and settlement have been established among these clearing systems to trade the debt securities across borders in the secondary market. Where payments for the
debt securities ArcelorMittal issues in global form is made in U.S. dollars, these procedures can be used for cross-market transfers and the debt securities are cleared and settled on a delivery against payment basis. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The policies of DTC, Clearstream and Euroclear will govern payments, transfers, exchanges and other matters relating to your interest in
the debt securities held by them. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal has no responsibility for any aspect of the actions of DTC, Clearstream or
Euroclear or any of their direct or indirect participants. ArcelorMittal has no responsibility for any aspect of the records kept by DTC, Clearstream or Euroclear or any of their direct or indirect participants. ArcelorMittal also does not supervise
these systems in any way. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">DTC, Clearstream, Euroclear and their participants perform these clearance and settlement functions
under agreements they have made with one another or with their customers. You should be aware that they are not obligated to perform these procedures and may modify them or discontinue them at any time. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The description of the clearing systems in this section reflects our understanding of the rules and procedures of DTC, Clearstream and
Euroclear as they are currently in effect. Those systems could change their rules and procedures at any time. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>DTC </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">DTC is a limited-purpose trust company organized under the New York Banking Law, a &#147;banking&nbsp;organization&#148; within the
meaning of the New York Banking Law, a member of the Federal Reserve System, a &#147;clearing corporation&#148; within the meaning of the New York Uniform Commercial Code, and a &#147;clearing agency&#148; registered pursuant to the provisions of
Section&nbsp;17A of the Exchange Act. DTC holds securities deposited with it by its participants and facilitates the settlement of transactions among its participants in such securities through electronic computerized book-entry changes in accounts
of the participants, thereby eliminating the need for physical movement of securities certificates. DTC&#146;s participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is
a wholly-owned subsidiary of The Depository Trust&nbsp;&amp; Clearing Corporation (&#147;DTCC&#148;). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered
clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to DTC&#146;s book-entry system is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial
relationship with a participant, either directly or indirectly. According to DTC, the foregoing information with respect to DTC has been provided to the financial community for informational purposes only and is not intended to serve as a
representation, warranty or contract modification of any kind. The rules applicable to DTC participants are on file with the SEC. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">39 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Clearstream </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Clearstream is a licensed bank organized as a <I>soci&eacute;t&eacute; anonyme </I>incorporated under the laws of Luxembourg and is subject to regulation by the Luxembourg Commission for the Supervision
of the Financial Sector (<I>Commission de Surveillance du Secteur Financier</I>). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Clearstream holds securities for its
customers and facilitates the clearance and settlement of securities transactions between Clearstream customers through electronic book-entry changes in accounts of Clearstream customers, thus eliminating the need for physical movement of
certificates. Clearstream provides to its customers, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities, securities lending and borrowing and collateral management. Clearstream
interfaces with domestic markets in a number of countries. Clearstream has established an electronic bridge with Euroclear Bank S.A./N.V., the operator of the Euroclear System, to facilitate settlement of trades between Clearstream and Euroclear.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a registered bank in Luxembourg, Clearstream is subject to regulation by the Luxembourg Commission for the Supervision of
the Financial Sector. Clearstream customers are recognized financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations. In the United States, Clearstream customers
are limited to securities brokers and dealers and banks, and may include the underwriters for the debt securities. Other institutions that maintain a custodial relationship with a Clearstream customer may obtain indirect access to Clearstream.
Clearstream is an indirect participant in DTC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions with respect to the debt securities held beneficially through
Clearstream will be credited to cash accounts of Clearstream customers in accordance with its rules and procedures, to the extent received by Clearstream. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>The Euroclear System </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Euroclear System was created in 1968 to
hold securities for participants of the Euroclear System and to clear and settle transactions between Euroclear participants through simultaneous electronic book-entry delivery against payment, thus eliminating the need for physical movement of
certificates and risk from lack of simultaneous transfers of securities and cash. Transactions may now be settled in many currencies, including United States dollars and Japanese Yen. The Euroclear System provides various other services, including
securities lending and borrowing and interfaces with domestic markets in several countries generally similar to the arrangements for cross-market transfers with DTC described below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Euroclear System is operated by Euroclear Bank S.A./N.V. (the &#147;Euroclear Operator&#148;), under contract with Euroclear
Clearance System plc, a U.K. corporation (the &#147;Euroclear Clearance System&#148;). The Euroclear Operator conducts all operations, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear
Operator, not the Euroclear Clearance System. The Euroclear Clearance System establishes policy for the Euroclear System on behalf of Euroclear participants. Euroclear participants include banks (including central banks), securities brokers and
dealers and other professional financial intermediaries and may include the underwriters. Indirect access to the Euroclear System is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant,
either directly or indirectly. Euroclear is an indirect participant in DTC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Euroclear Operator is a Belgian bank. The
Belgian Banking Commission and the National Bank of Belgium regulate and examine the Euroclear Operator. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">40 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of
the Euroclear System and applicable Belgian law govern securities clearance accounts and cash accounts with the Euroclear Operator. Specifically, these terms and conditions govern: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">transfers of securities and cash within the Euroclear System; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">withdrawal of securities and cash from the Euroclear System; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">receipts of payments with respect to securities in the Euroclear System. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All securities in the Euroclear System are held on a fungible basis without attribution of specific certificates to specific securities
clearance accounts. The Euroclear Operator acts under the terms and conditions only on behalf of Euroclear participants and has no record of or relationship with persons holding securities through Euroclear participants. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions with respect to debt securities held beneficially through Euroclear will be credited to the cash accounts of Euroclear
participants in accordance with the Euroclear Terms and Conditions, to the extent received by the Euroclear Operator and by Euroclear. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Settlement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You will be
required to make your initial payment for the debt securities in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available
funds using DTC&#146;s Same-Day Funds Settlement System. Secondary market trading between Clearstream customers and/or Euroclear participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of
Clearstream and Euroclear and will be settled using the procedures applicable to conventional Eurobonds in immediately available funds. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Cross-market transfers between persons holding directly or indirectly through DTC, on the one hand, and directly or indirectly through Clearstream customers or Euroclear participants, on the other, will
be effected in DTC in accordance with DTC rules on behalf of the relevant European international clearing system by the U.S. depositary; however, such cross-market transactions will require delivery of instructions to the relevant European
international clearing system by the counterparty in such system in accordance with its rules and procedures and within its established deadlines (based on European time). The relevant European international clearing system will, if the transaction
meets its settlement requirements, deliver instructions to the U.S. depositary to take action to effect final settlement on its behalf by delivering or receiving debt securities in DTC, and making or receiving payment in accordance with normal
procedures for same-day funds settlement applicable to DTC. Clearstream customers and Euroclear participants may not deliver instructions directly to their respective U.S.&nbsp;depositaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because of time-zone differences, credits of debt securities received in Clearstream or Euroclear as a result of a transaction with a DTC
participant will be made during subsequent securities settlement processing and dated the business day following the DTC settlement date. Such credits or any transactions in such debt securities settled during such processing will be reported to the
relevant Clearstream customers or Euroclear participants on such business day. Cash received in Clearstream or Euroclear as a result of sales of debt securities by or through a Clearstream customer or a Euroclear participant to a DTC participant
will be received with value on the DTC settlement date but generally will be available in the relevant Clearstream or Euroclear cash account only as of the business day following settlement in DTC. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of debt securities among
participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform such procedures and such procedures may be changed or discontinued at any time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">41 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Clearing Systems </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We may choose any other clearing system for a particular series of securities. The clearance and settlement procedures for the clearing system we choose will be described in the applicable prospectus
supplement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">42 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_13"></A>TAX CONSIDERATIONS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following summary contains a description of certain material Luxembourg and U.S. federal income tax consequences of the purchase,
ownership and disposition of the debt securities, but does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase the debt securities described in this prospectus. It does not
describe any tax consequences arising under the laws of any state, locality or taxing jurisdiction other than the United States and Luxembourg. Any special U.S. federal income tax considerations relevant to a particular issue of debt securities,
including any indexed debt securities, will be provided in the applicable prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This summary is based on the
tax laws of Luxembourg and the United States as in effect on the date of this prospectus, as well as on rules and regulations of Luxembourg and regulations, rulings and decisions of the United States available on or before such date and now in
effect. All of the foregoing are subject to change, which change could apply retroactively and could affect the continued validity of this summary. Prospective purchasers of debt securities should consult their own tax advisers as to the Luxembourg,
United States or other tax consequences of the ownership and disposition of the debt securities, including, in particular, the application to their particular situations of the tax considerations discussed below, as well as the application of state,
local, foreign or other tax laws. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Luxembourg Taxation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Luxembourg tax residency of the holders of the debt securities </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A
holder of the debt securities will not become resident, or be deemed to be resident, in Luxembourg by reason only of the holding of the debt securities, or the execution, performance, delivery and/or enforcement of the debt securities (holding of
the debt securities includes receipt of interest and repayment of the principal). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Withholding tax </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the exceptions below, as a general rule, there is no withholding tax for Luxembourg residents and non-resident holders of the
debt securities on payments of interest (including accrued but unpaid interest) in respect of the debt securities, nor is any Luxembourg withholding tax payable on payments received upon repayment of the principal or upon an exchange of debt
securities. As a first exception, in certain circumstances a withholding tax may apply to payments of interest pursuant to European Council Directive 2003/48/EC (the &#147;Tax Savings Directive&#148;), i.e. mainly for payments made to individuals.
Under the Tax Savings Directive, each EU Member State (a &#147;Member State&#148;) generally must provide to the tax authorities of another Member State details of interest payments or similar income paid by a Paying Agent within its jurisdiction to
an entity which is not a legal person and whose profits are not taxed under the general arrangements for business taxation and which is not, or has not opted to be treated as, a UCITS recognized in accordance with Directive 85/611/EC (since replaced
by Directive 2009/65/EC) (a &#147;Residual Entity&#148;) or to or for an individual (the &#147;Beneficial Owner&#148;) established or resident in the other Member State, although certain Member States (including Luxembourg) are entitled to apply a
withholding tax system during a transitional period. The transitional period commenced July&nbsp;1, 2005 and will terminate at the end of the first full fiscal year after the EU and certain non-EU states reach an agreement on the exchange of such
information. The Tax Savings Directive was implemented into Luxembourg law by a law of June&nbsp;21, 2005 which is in effect as of July&nbsp;1, 2005. Due to certain bilateral agreements, relevant dependant and associated territories and certain
non-EU States apply similar measures as of the same date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">According to the laws of June&nbsp;21, 2005 and bilateral
agreements concluded by Luxembourg with relevant dependant and associated territories and certain non-EU States, during the transitional period, a Luxembourg Paying Agent will be required to withhold taxes on Interest payments to Residual Entities
or to, or for the benefit of, Beneficial Owners established or resident in an EU Member State other than Luxembourg or in any of the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">43 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
relevant dependant and associated territories at a rate of 35% (applicable rate since July&nbsp;1, 2011), unless the Beneficial Owner has opted for an exchange of information or has provided a
tax certificate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purpose of this section, the terms &#147;Paying Agent,&#148; &#147;Interest&#148; and
&#147;Beneficial Owner&#148; shall mean respectively &#147;<I>agent payeur</I>,&#148; &#147;<I>int&eacute;r&ecirc;t</I>&#148; and &#147;<I>b&eacute;n&eacute;ficiaire effectif</I>&#148; as these terms are defined in the Tax Savings Directive and in
the law of June&nbsp;21,&nbsp;2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Another exception has been implemented by a law of December&nbsp;23, 2005, effective as
of January&nbsp;1, 2006, which introduced a withholding tax of 10% on interest payments made to Luxembourg individual residents or Residual Entities by a Luxembourg paying agent. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Income taxation of the holders of the debt securities </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Taxation of Luxembourg
non-residents </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the rules mentioned under &#147;Withholding tax&#148; above, holders of the debt securities who
are non-residents of Luxembourg and who do not have a permanent establishment in Luxembourg with which the holding of the debt securities is connected are not liable to any Luxembourg income tax, whether they receive payments of principal, payments
of interest (including accrued but unpaid interest), payments received upon the redemption of the debt securities, or realize capital gains on the sale of any debt securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Taxation of Luxembourg residents&#151;General </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of the debt
securities who are residents of Luxembourg, or non-resident holders of the debt securities who have a permanent establishment in Luxembourg with which the holding of the debt securities is connected, must, for income tax purposes, include any
interest received in their taxable income. They will not be liable to any Luxembourg income tax on repayment of principal. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the Luxembourg law of December&nbsp;23, 2005 as amended by the law of July&nbsp;17, 2008, Luxembourg resident individuals,
acting in the course of the management of their private wealth, can opt to self-declare and pay a 10% tax (the &#147;Self-declared 10% Tax&#148;) on interest payments made by paying agents (defined in the same way as in the Tax Savings Directive)
located in a Member State other than Luxembourg, a member state of the European Economic Area or in a State or Territory which has concluded an international agreement directly related to the Tax Savings Directive. When the paying agent is located
in Luxembourg, the 10% Luxembourg withholding tax described under &#147;Withholding tax&#148; above will apply. The 10% Luxembourg withholding tax or the Self-declared 10% Tax represents the final tax liability on interest received for Luxembourg
resident individuals receiving the interest payment in the course of their private wealth. Luxembourg resident individual holders receiving the interest as business income must include this interest in their taxable basis and, if it has been levied,
the 10% Luxembourg withholding tax will be credited against their final income tax liability. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Luxembourg resident individuals
</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Luxembourg resident individuals who are holders of the debt securities and who are acting in the course of the management
of their private wealth are not subject to taxation on capital gains upon the disposal of the debt securities, unless the disposal of the debt securities precedes the acquisition of the debt securities or the debt securities are disposed of within
six months of the date of acquisition of these debt securities. Upon the sale, redemption or disposal of debt securities, accrued but unpaid interest will be subject to the 10% Luxembourg withholding tax, or to the Self-declared 10% Tax if the
Luxembourg resident individual holder exercises the option for the Self-declared 10% Tax. Luxembourg resident individual holders receiving the interest as business income must include the portion of the price corresponding to this interest in their
taxable income and, if it has been levied, the 10% Luxembourg withholding tax will be credited against their final income tax liability. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Luxembourg resident companies&#151;permanent establishments </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Luxembourg resident companies (<I>soci&eacute;t&eacute;s de capitaux</I>) that are holders of the debt securities or foreign entities of
the same type which have a permanent establishment in Luxembourg with which the holding of the debt securities is connected, must include in their taxable income, any interest (including accrued but unpaid interest) and the difference between the
disposal or redemption price and the lower of the cost or book value of the debt securities disposed of or redeemed. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Net Wealth Tax
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Luxembourg net wealth tax will not be levied on a holder of the debt securities, unless (i)&nbsp;such holder is a
Luxembourg resident company or (ii)&nbsp;the debt securities are attributable to an enterprise or part thereof which is carried on in Luxembourg through a permanent establishment by a non-resident company. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Other Taxes </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There is no Luxembourg registration tax, stamp duty or any other similar tax or duty payable in Luxembourg by holders of the debt
securities as a consequence of the issuance of the debt securities, nor will any of these taxes be payable as a consequence of a subsequent transfer, redemption or exchange of the debt securities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There is no Luxembourg value added tax payable in respect of payments in consideration for the issuance of the debt securities or in
respect of the payment of interest or principal under the debt securities or the transfer of the debt securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">No gift,
estate or inheritance tax is levied on the transfer of the debt securities upon death of a holder in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>United States Federal Taxation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In general, a United States person who
holds the debt securities and is a beneficial owner of the debt securities will be subject to United States federal taxation. For these purposes, you are a United States person if you are for U.S. federal income tax purposes: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a citizen or resident of the United States or its territories, possessions or other areas subject to its jurisdiction, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a corporation or other entity taxable as a corporation organized under the laws of the United States or any political subdivision,
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">an estate, the income of which is subject to United States federal income taxation regardless of its source, or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a trust if (i)&nbsp;a United States court is able to exercise primary supervision over the trust&#146;s administration and (ii)&nbsp;one or more United
States persons have the authority to control all of the trust&#146;s substantial decisions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you are a
United States person, the interest you receive on the debt securities will generally be subject to United States taxation and will generally be considered ordinary foreign source interest income on which you will be taxed in accordance with the
method of accounting that you use for tax purposes. When you sell, exchange or otherwise dispose of the debt securities, you generally will recognize gain or loss equal to the difference between the amount you realize on the transaction and your tax
basis in the debt securities. Your tax basis in a debt security generally will equal the cost of the debt security to you. If you are an individual and the debt security being sold, exchanged or otherwise disposed of is a capital asset held for more
than one year, you </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">45 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
may be eligible for reduced rates of taxation on any capital gain realized. Your ability to deduct capital losses is subject to limitations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under current United States federal income tax law, if you are not a United States person, the interest payments that you receive on the
debt securities generally will be exempt from United States federal income taxes, including withholding tax. However, to receive this exemption you may be required to satisfy certain certification requirements (described below) of the United States
Internal Revenue Service to establish that you are not a United States person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Even if you are not a United States person,
you may still be subject to United States federal income taxes on any interest payments you receive if: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">you are an insurance company carrying on a United States insurance business to which the interest is attributable, within the meaning of the United
States Internal Revenue Code of 1986, or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">you have an office or other fixed place of business in the United States that receives the interest and you (i)&nbsp;earn the interest in the course of
operating a banking, financing or similar business in the United States or (ii)&nbsp;are a corporation the principal business of which is trading in stock or securities for its own account, and certain other conditions exist.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you are not a United States person, any gain you realize on a sale or exchange of the debt securities
generally will be exempt from United States federal income tax, including withholding tax, unless: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">your gain is effectively connected with your conduct of a trade or business in the United States, or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">you are an individual holder and are present in the United States for 183 days or more in the taxable year of the sale, and either (i)&nbsp;your gain
is attributable to an office or other fixed place of business that you maintain in the United States or (ii)&nbsp;you have a tax home in the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The paying agent must file information returns with the United States Internal Revenue Service in connection with debt security payments made to certain United States persons. If you are a United States
person, you generally will not be subject to United States backup withholding tax on such payments if you provide your taxpayer identification number to the paying agent and certify that no loss of exemption from backup withholding has occurred. You
may also be subject to information reporting and backup withholding tax requirements with respect to the proceeds from a sale of the debt securities, subject to the conditions described in the preceding sentence. If you are not a United States
person, in order to avoid information reporting and backup withholding tax requirements you may have to comply with certification procedures to establish that you are not a United States person. The amount of any backup withholding will be allowed
as a credit against the holder&#146;s U.S. federal income tax liability and may entitle the holder to a refund, provided that the required information is timely furnished to the Internal Revenue Service. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A debt security held by an individual holder who at the time of death is a non-resident alien will not be subject to United States
federal estate tax. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">46 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_14"></A>PLAN OF DISTRIBUTION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may sell the securities offered by this prospectus: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">through underwriters; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">through dealers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">through agents; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">directly to purchasers. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The prospectus supplement relating to any offering will identify or describe: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any underwriters, dealers or agents; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">their compensation; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the estimated net proceeds to us; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the purchase price of the securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the initial public offering price of the securities; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any exchange on which the securities will be listed, if applicable. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If we use underwriters in the sale, they will acquire securities for their own account and may resell the securities from time to time in
one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. Unless we otherwise state in the prospectus supplement, various conditions to the underwriters&#146;
obligation to purchase securities apply, and the underwriters will be obligated to purchase all of the securities contemplated in an offering if they purchase any of such securities. Any initial public offering price and any discounts or concessions
allowed or reallowed or paid to dealers may be changed from time to time. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dealers </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If we use dealers in the sale, unless we otherwise indicate in the prospectus supplement, we will sell securities to the dealers as
principals. The dealers may then resell the securities to the public at varying prices that the dealers may determine at the time of resale. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Agents and Direct Sales </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may sell securities directly or through agents that we designate. The prospectus supplement will name any agent involved in the
offering and sale and state any commissions we will pay to that agent. Unless we indicate otherwise in the prospectus supplement, any agent is acting on a best efforts basis for the period of its appointment. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Contracts with Institutional Investors for Delayed Delivery </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If we indicate in the prospectus supplement, we will authorize underwriters, dealers or agents to solicit offers from various institutional investors to purchase securities. In this case, payment and
delivery will be made on a future date that the prospectus supplement specifies. The underwriters, dealers or agents may impose limitations on the minimum amount that the institutional investor can purchase. They may also impose limitations on the
portion of the aggregate amount of the securities that they may sell. These institutional investors include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">commercial and savings banks; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">47 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">insurance companies; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">pension funds; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">investment companies; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">educational and charitable institutions;&nbsp;and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">other similar institutions as we may approve. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The obligations of any of these purchasers pursuant to delayed delivery and payment arrangements will not be subject to any conditions. However, one exception applies. An institution&#146;s purchase of
the particular securities cannot at the time of delivery be prohibited under the laws of any jurisdiction that governs: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the validity of the arrangements;&nbsp;or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the performance by us or the institutional investor. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Indemnification </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Agreements that we will enter into with underwriters,
dealers or agents may entitle them to indemnification by us against various civil liabilities. These include liabilities under the Securities Act of 1933. The agreements may also entitle them to contribution for payments which they may be required
to make as a result of these liabilities. Underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, us in the ordinary course of business. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Market Making </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that we do not list securities of any series on
a U.S.&nbsp;national securities exchange, various broker-dealers may make a market in the securities, but will have no obligation to do so, and may discontinue any market making at any time without notice. Consequently, it may be the case that no
broker-dealer will make a market in securities of any series or that the liquidity of the trading market for the securities will be limited. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Expenses </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The expenses
of any offering of debt securities will be detailed in the relevant prospectus supplement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">48 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_15"></A>VALIDITY OF SECURITIES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified in the prospectus supplement, the due authorization of the issuance of the debt securities under Luxembourg
law will be passed upon for ArcelorMittal by Elvinger, Hoss&nbsp;&amp; Prussen, its Luxembourg counsel, and the validity of the debt securities under New York law will be passed upon for ArcelorMittal by Cleary Gottlieb Steen&nbsp;&amp; Hamilton
LLP, its United States counsel, and for the underwriters by Davis Polk&nbsp;&amp; Wardwell LLP. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx303281_16"></A>EXPERTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The consolidated financial statements incorporated in this Prospectus by reference from the Company&#146;s Annual Report on Form 20-F for the year ended December 31, 2011, and the effectiveness of
ArcelorMittal&#146;s internal control over financial reporting as of December 31, 2011, have been audited by Deloitte Audit, an independent registered public accounting firm, as stated in their reports, which are incorporated herein by reference.
Such consolidated financial statements have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">49 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P>&nbsp;</P> <P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:96px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g303281g73f80.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PART II </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8. Indemnification of Directors and
Officers. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Articles of Association of ArcelorMittal provide that ArcelorMittal will, to the extent permitted by law,
indemnify every director and every member of the Group Management Board as well as every former director or member of the Group Management Board for fees, costs and expenses reasonably incurred in the defense or resolution (including a settlement)
of all legal actions or proceedings, whether civil, criminal or administrative, he or she has been involved in his or her role as former or current director or member of the Group Management Board of ArcelorMittal. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" 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-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9. Exhibits. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Underwriting Agreement.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indenture, dated as of May 20, 2009, between ArcelorMittal and HSBC Bank USA, National Association.*</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of debt securities for ArcelorMittal relating thereto (included in Exhibit&nbsp;4.1).</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fifth Supplemental Indenture, dated as of February 28, 2012, between ArcelorMittal and HSBC Bank USA, National Association.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Elvinger, Hoss &amp; Prussen as to the validity of the debt securities under Luxembourg law.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP as to the validity of the debt securities under New&nbsp;York law.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Computation of ratio of earnings to fixed charges.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Deloitte Audit.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Elvinger, Hoss &amp; Prussen (included in Exhibit&nbsp;5.1 above).</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23.3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP (included in Exhibit&nbsp;5.2 above).</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23.4</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Marshall Miller &amp; Associates, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Powers of Attorney (included in signature page).</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement of eligibility of Trustee on Form&nbsp;T-1 with respect to Exhibit&nbsp;4.1 above.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Previously filed with the Securities and Exchange Commission as Exhibit 99.1 to the Report on Form 6-K of ArcelorMittal dated May&nbsp;20, 2009
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;10. Undertakings. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned registrant hereby undertakes: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;); </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">To reflect in the prospectus any facts 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></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">II-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than
20&nbsp;percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">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 set forth in the registration statement; </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">provided, however, that paragraphs (i), (ii)&nbsp;and
(iii)&nbsp;do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or
Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b) that is part of the registration statement.
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">That, for the purpose of determining any liability under the Securities Act, each such 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 <I>bona fide </I>offering thereof. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" 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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To file a post-effective amendment to the registration statement to include any financial statements required by Item&nbsp;8.A. of Form 20-F at the start of any delayed
offering or throughout a continuous offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3) of the Securities Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a
post-effective amendment, financial statements required pursuant to this paragraph (4)&nbsp;and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.
Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section&nbsp;10(a)(3) of the Securities Act or Rule&nbsp;3-19 of Regulation&nbsp;S-X if such financial statements
and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) that
are incorporated by reference in the registration statement. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">That, for the purpose of determining liability under the Securities Act to any purchaser, </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was
deemed part of and included in the registration statement;&nbsp;and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on
Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x)&nbsp;for the purpose of providing the information required by Section&nbsp;10(a) of the Securities Act of 1933 shall be deemed to be part of and
included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in
Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to
which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof. Provided, however, that no statement made in a registration statement or prospectus that
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">II-2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any
such document immediately prior to such effective date. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by
or on behalf of the undersigned registrant; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">That, for purposes of determining any liability under the Securities Act, each filing of the registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of
the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;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 <I>bona fide</I> offering thereof. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" 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></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">II-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES OF ARCELORMITTAL </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" 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 F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Luxembourg, on February 28, 2012. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARCELORMITTAL</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ H. J. Scheffer</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>H. J. Scheffer</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Company Secretary</B></FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Power of Attorney </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mr.&nbsp;B.C. Agarwal, Mr.&nbsp;S. Maheshwari, Mr.&nbsp;T. Royer, Mr.&nbsp;E. Jansen
and/or Mr.&nbsp;H.&nbsp;Scheffer, severally and individually, and each of them (with full power to each of them to act alone) his/her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him/her and
in his/her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to the registration statement on Form F-3, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto each said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he/she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of their or his substitute or substitutes, may lawfully do or cause to be done
by virtue thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" 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 in respect of ArcelorMittal. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Signature</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Lakshmi N. Mittal</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Lakshmi N. Mittal</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Executive Officer, Director and Chairman of the Board of Directors</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Aditya Mittal</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Aditya Mittal</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer (Principal Financial Officer and Principal Accounting
Officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Vanisha Mittal Bhatia</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Vanisha Mittal Bhatia</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Narayanan Vaghul</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Narayanan Vaghul</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Wilbur L. Ross, Jr.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Wilbur L. Ross, Jr.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Lewis B. Kaden</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Lewis B. Kaden</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">II-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD></TR>

<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Signature</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Suzanne P. Nimocks</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Jeannot Kreck&eacute;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jeannot Kreck&eacute;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Antoine Spillman</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Antoine Spillman</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Bruno Lafont</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;H.R.H.&nbsp;Prince&nbsp;Guillaume&nbsp;de&nbsp;Luxembourg</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>H.R.H. Prince Guillaume de Luxembourg</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">II-5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Signature of Authorized Representative of ArcelorMittal </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of ArcelorMittal, has
signed this registration statement in the City of Chicago, State of Illinois, on February 28, 2012. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="51%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Signature</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Marc Jeske</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Marc&nbsp;Jeske</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized&nbsp;Representative in the United States Assoc. GC/Asst. Secretary</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">II-6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INDEX TO EXHIBITS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit<BR>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description of Document</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Underwriting Agreement.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;4.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indenture, dated as of May 20, 2009, between ArcelorMittal and HSBC Bank USA, National Association.*</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;4.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of debt securities for ArcelorMittal relating thereto (included in Exhibit&nbsp;4.1).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;4.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fifth Supplemental Indenture, dated as of February 28, 2012, between Arcelor Mittal and HSBC&nbsp;Bank USA, National Association.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Elvinger, Hoss &amp; Prussen as to the validity of the debt securities under Luxembourg law.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP as to the validity of the debt securities under New&nbsp;York law.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Computation of ratio of earnings to fixed charges.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Deloitte Audit.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Elvinger, Hoss &amp; Prussen (included in Exhibit&nbsp;5.1 above).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP (included in Exhibit&nbsp;5.2 above).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Marshall Miller &amp; Associates, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">24.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Powers of Attorney (included in signature page).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">25.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement of eligibility of Trustee on Form&nbsp;T-1 with respect to Exhibit&nbsp;4.1 above.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Previously filed with the Securities and Exchange Commission as Exhibit 99.1 to the Report on Form 6-K of ArcelorMittal dated May&nbsp;20, 2009
</FONT></TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d303281dex11.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Form of Underwriting Agreement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 1.1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt Securities </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Underwriting Agreement Standard Provisions </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">From time to time, ArcelorMittal, a Luxembourg <I>soci&eacute;t&eacute; anonyme</I> (the &#147;Company&#148;), may enter into one or more underwriting agreements in the form of Annex A hereto that
incorporate by reference these Standard Provisions (collectively with these Standard Provisions, an &#147;Underwriting Agreement&#148;) that provide for the sale of the securities designated in such Underwriting Agreement (the
&#147;Securities&#148;) to the several Underwriters named therein (the &#147;Underwriters&#148;), for whom the Underwriter(s) named therein shall act as representative (the &#147;Representative&#148;). The Underwriting Agreement, including these
Standard Provisions, is sometimes referred to herein as this &#147;Agreement&#148;. The Securities will be issued pursuant to an Indenture dated as of May&nbsp;20, 2009, as supplemented by a Fifth Supplemental Indenture dated as of February 28,
2012, each between the Company and HSBC Bank USA, National Association, as trustee (the &#147;Trustee&#148;) and, as applicable with respect to the Securities, as supplemented by one or more additional supplemental indentures (as supplemented, the
&#147;Indenture&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Registration Statement</U>. The Company has prepared and filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;Securities Act&#148;), a registration statement on Form F-3 (File
No.[&nbsp;&nbsp;&nbsp;&nbsp;]), including a prospectus (the &#147;Base Prospectus&#148;), relating to the debt securities to be issued from time to time by the Company. The Company has also filed, or proposes to file, with the Commission pursuant to
Rule 424 under the Securities Act a prospectus supplement specifically relating to the Securities (the &#147;Prospectus Supplement&#148;). The registration statement, as amended at the time it becomes effective, including the information, if any,
deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness, is referred to herein as the &#147;Registration Statement&#148;; and as used herein, the term
&#147;Prospectus&#148; means the Base Prospectus as supplemented by the prospectus supplement specifically relating to the Securities in the form first used (or made available upon request of purchasers pursuant to Rule&nbsp;173 under the Securities
Act) in connection with confirmation of sales of the Securities and the term &#147;Preliminary Prospectus&#148; means the preliminary prospectus supplement specifically relating to the Securities together with the Base Prospectus. All references in
this Agreement to financial statements and schedules and other information which is &#147;given,&#148; &#147;contained,&#148; &#147;included,&#148; &#147;stated&#148; or &#147;described&#148; in the Registration Statement, any Preliminary Prospectus
or the Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that are incorporated by reference in or otherwise deemed by the rules and regulations under
the Securities Act to be a part of or included in the Registration Statement, any Preliminary Prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, any
Preliminary Prospectus or the Prospectus (or other references of like import) shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) which is incorporated by reference
in or otherwise deemed by the rules and regulations under Securities Act to be a part of or included in the Registration Statement, such Preliminary Prospectus or the Prospectus, as the case may be. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Capitalized terms used but not defined herein shall have the meanings given to such terms in the Registration Statement and the
Prospectus. References herein to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein. For purposes of this Agreement,
the term &#147;Effective Time&#148; means the effective date of the Registration Statement with respect to the offering of Securities, as determined for the Company pursuant to Section&nbsp;11 of the Securities Act and Item&nbsp;512 of Regulation
S-K, as applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At or prior to the time when sales of Securities will first be made, the Company will prepare certain
information, which will be identified in Schedule 3 to the Underwriting Agreement and which, together with the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Preliminary Prospectus most recently used prior to the execution of the Underwriting Agreement constitute the &#147;Time of Sale Information&#148; for such offering of Securities. The &#147;Time
of Sale&#148; will be defined in the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Purchase of the Securities by the Underwriters</U>.
(a)&nbsp;The Company agrees to issue and sell the Securities to the several Underwriters named in the Underwriting Agreement, and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the
conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of Securities set forth opposite such Underwriter&#146;s name in the Underwriting Agreement at the purchase price set forth
in the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Payment for and delivery of the Securities will be made at the time and place set forth in
the Underwriting Agreement. The time and date of such payment and delivery is referred to herein as the &#147;Closing Date&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) The Company acknowledges and agrees that the Underwriters named in the Underwriting Agreement are acting solely in the capacity of an arm&#146;s length contractual counterparty to the Company with
respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as financial advisors or fiduciaries to, or agents of, the Company or any other person. Additionally, no such
Underwriter is advising the Company or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for
making its own independent investigation and appraisal of the transactions contemplated hereby, and such Underwriters shall have no responsibility or liability to the Company with respect thereto. Any review by such Underwriters named in the
Underwriting Agreement of the Company, the transactions contemplated thereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of the Company or any other person.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Representations and Warranties of the Company</U>. The Company represents and warrants to each Underwriter that:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Registration Statement and Prospectus. The Registration Statement is an &#147;automatic shelf registration
statement&#148; as defined under Rule 405 under the Securities Act that has been filed with the Commission not earlier than three years prior to the date hereof; and no notice of objection of the Commission to the use of such registration statement
or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company. No order suspending the effectiveness of the Registration Statement has been issued by the Commission and no proceeding for
that purpose or pursuant to Section&nbsp;8A of the Securities Act against the Company or related to the offering has been initiated or threatened by the Commission; as of the Effective Time, the Registration Statement complied in all material
respects with the Securities Act and the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;Trust Indenture Act&#148;), and did not or will not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing
Date, the Prospectus did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; <U>provided</U> that the Company makes no representation and warranty with respect to (i)&nbsp;that part of the Registration Statement that constitutes the Statement of Eligibility and Qualification (Form T-1)
of the Trustee under the Trust Indenture Act or (ii)&nbsp;any statements or omissions in the Registration Statement and the Prospectus and any amendment or supplement thereto made in reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter through the Representative expressly for use therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)
Time of Sale Information. The Time of Sale Information, at the Time of Sale, did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty with respect to any statements or omissions made in
reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representative expressly for use in such Time of Sale Information. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Issuer Free Writing Prospectus. The Company (including its agents and representatives, other than the Underwriters in their capacity
as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any &#147;written communication&#148; (as defined in Rule 405 under the Securities Act) that constitutes an
offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication referred to in clauses (i), (ii)&nbsp;and (iii)&nbsp;below) an &#147;Issuer Free
Writing Prospectus&#148;) other than (i)&nbsp;any document not constituting a prospectus pursuant to Section&nbsp;2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act, (ii)&nbsp;the Preliminary Prospectus, (iii)&nbsp;the
Prospectus, (iv)&nbsp;the documents listed on Schedule 3 to the Underwriting Agreement and (v)&nbsp;any electronic road show that is a &#147;written communication&#148; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed
with the Commission, or other written communications, in each case approved in writing in advance by the Representative. Each such Issuer Free Writing Prospectus complied in all material respects with the Securities Act, has been or will be (within
the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and, when taken together with the Time of Sale Information accompanying, or delivered prior to delivery of, or filed prior to the
first use of such Issuer Free Writing Prospectus, did not, at the Time of Sale, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; each Issuer Free Writing Prospectus does not include any information that conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein
and any supplement or amendment deemed to be a part thereof that has not been superseded or modified; provided that the Company makes no representation and warranty with respect to any statements or omissions made in each such Issuer Free Writing
Prospectus in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representative expressly for use in any Issuer Free Writing Prospectus. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Incorporated Documents. The documents incorporated by reference in the Registration Statement, the Prospectus and the Time of Sale
Information, when filed with the Commission, conformed or will conform, as the case may be, in all material respects with the requirements of the Exchange Act and the rules and regulations thereunder and did not and will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Financial Statements. The financial statements and the related notes thereto included or incorporated by reference in each of the
Registration Statement, the Time of Sale Information and the Prospectus comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present fairly the financial position of the
Company and its subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in conformity with International Financial
Reporting Standards as issued by the International Accounting Standards Board (&#147;IFRS&#148;) applied on a consistent basis throughout the periods covered thereby, and the supporting schedules included or incorporated by reference in the
Registration Statement present fairly the information required to be stated therein; and the other financial information included or incorporated by reference in each of the Registration Statement, the Time of Sale Information and the Prospectus has
been derived from the accounting records of the Company and its subsidiaries and presents fairly the information shown thereby and any pro forma financial information and the related notes thereto included or incorporated by reference in the
Registration Statement, the Time of Sale Information and the Prospectus have been prepared in accordance with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and the assumptions underlying such pro forma
financial information are reasonable and are set forth in the Registration Statement, the Time of Sale Information and the Prospectus. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) No Material Adverse Change. Since the date of the most recent financial statements of
the Company included or incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus, (i)&nbsp;there has not been any change in the capital stock or long-term debt of the Company or any of its significant
subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock, or any material adverse change, or any development involving a future material adverse change, in
or affecting the business, properties, management, financial position, results of operations or prospects of the Company and its subsidiaries taken as a whole; (ii)&nbsp;neither the Company nor any of its significant subsidiaries has entered into
any transaction or agreement that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole; and
(iii)&nbsp;neither the Company nor any of its significant subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor
disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in each case as otherwise disclosed in the Registration Statement, the Time of Sale Information and the Prospectus.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Incorporation and Valid Existence. The Company and each of its significant subsidiaries are duly incorporated and are
validly existing under the laws of their respective jurisdictions of incorporation, with full power and capacity to own or lease their respective property and assets and conduct their respective business as described in the Registration Statement,
the Time of Sale Information and the Prospectus, and are lawfully qualified to do business in those jurisdictions in which business is conducted by them, except where the failure to be so qualified, validly existing or have such power or capacity
would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position or results of operations of the Company and its subsidiaries taken as a whole or on the performance by the
Company of its obligations under the Securities (a &#147;Material Adverse Effect&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Capitalization. All the
outstanding shares of capital stock or other equity interests of the Company and each significant subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and in case of shares in significant
subsidiaries of the Company are owned directly or indirectly by the Company, free and clear of any lien (other than liens created by operation of law), charge, encumbrance, security interest, restriction on voting or transfer or any other claim of
any third party (except that, in each case, no representation is made with respect to shares or other equity interests that are not owned, directly or indirectly, by the Company or in the case of any foreign significant subsidiary, for
directors&#146; qualifying shares), and except as otherwise described in each of the Registration Statement, the Time of Sale Information and the Prospectus (including the documents incorporated by reference therein). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Due Authorization. The Company has full right, power and authority to execute and deliver this Agreement, the Securities and the
Indenture (collectively, the &#147;Transaction Documents&#148;) and to perform its respective obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the
Transaction Documents and the consummation of the transactions contemplated thereby has been duly and validly taken. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) The
Indenture. The Indenture has been duly authorized by the Company, duly qualified under the Trust Indenture Act of 1939, as amended (the &#147;Trust Indenture Act&#148;) and, when duly executed and delivered in accordance with its terms by each of
the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws
affecting creditors&#146; rights generally or by general principles of equity (collectively, the &#147;Enforceability Exceptions&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) The Securities. The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will
be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the
benefits of the Indenture. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) Underwriting Agreement. The Underwriting Agreement has been duly authorized, executed
and delivered by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) Descriptions of the Transaction Documents. Each Transaction Document conforms in all
material respects to the description thereof contained in each of the Registration Statement, the Time of Sale Information and the Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(n) No Violation or Default. Neither the Company nor any of its significant subsidiaries is (i)&nbsp;in violation of its charter or by-laws or similar organizational documents; (ii)&nbsp;in default, and
no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of its significant subsidiaries is a party or by which the Company or any of its significant subsidiaries is bound; or (iii)&nbsp;in violation of any law or statute or any judgment, order, rule or
regulation of any court or arbitrator or governmental or regulatory authority applicable to it, except, in the case of clauses (ii)&nbsp;and (iii)&nbsp;above, for any such default or violation that would not, individually or in the aggregate, have a
Material Adverse Effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) No Conflicts. The execution, delivery and performance by the Company of each of the Transaction
Documents to which it is a party, the issuance and sale of the Securities and compliance by the Company with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents do not or will not, as the case may be
(i)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or
any of its significant subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its significant subsidiaries is a party or by which the Company or any of its
significant subsidiaries is bound or to which any of the property or assets of the Company or any of its significant subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions of the charter or by-laws or similar organizational
documents of the Company or any of its significant subsidiaries or (iii)&nbsp;result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the
case of clauses (i)&nbsp;and (iii)&nbsp;above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) No Consents Required. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or
governmental or regulatory authority is required for the execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party, the issuance and sale of the Securities and compliance by the Company with the
terms thereof and the consummation of the transactions contemplated by the Transaction Documents, except for such consents, approvals, authorizations, orders and registrations or qualifications (i)&nbsp;as have been obtained under the Securities Act
and the Trust Indenture Act and (ii)&nbsp;as may be required under applicable state securities laws in connection with the purchase and distribution of the Securities by the Underwriters. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q) Legal Proceedings. Except as described in the Registration Statement, the Time of Sale Information and the Prospectus, there are no
legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any of its significant subsidiaries is a party or to which any property of the Company or any of its significant subsidiaries is the
subject that, individually or in the aggregate, if determined adversely to the Company or any of its significant subsidiaries, would have a Material Adverse Effect; and no such investigations, actions, suits or proceedings are, to the knowledge of
the Company, threatened by any governmental or regulatory authority or by others. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(r) Independent Accountants. Deloitte
Audit, who has audited certain financial statements of the Company and its subsidiaries, included or incorporated by reference in each of the Registration Statement, Time of Sale </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Information and the Prospectus, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the
Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(s)
Investment Company Act. The Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Registration Statement, the Time of Sale Information and the Prospectus,
will not be an &#147;investment company&#148; as defined in the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, &#147;Investment Company Act&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(t) Forward-Looking Statements. No forward-looking statement (within the meaning of Section&nbsp;27A of the Securities Act and
Section&nbsp;21E of the Exchange Act) contained or incorporated by reference in each of the Registration Statement, the Time of Sale Information and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other
than in good faith. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(u) Status under the Securities Act. The Company is not an ineligible issuer and is a well-known seasoned
issuer, in each case as defined under the Securities Act and in each case at the times specified in the Securities Act in connection with the offering of the Securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(v) No Labor Disputes. No labor disturbance by or dispute with employees of the Company or any of its significant subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened and
the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of its or its significant subsidiaries&#146; principal suppliers, contractors or customers, except as would not have a Material Adverse
Effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(w) Title to Real and Personal Property. The Company and its significant subsidiaries have good and marketable title
to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Company and its significant subsidiaries, in each case free and clear of all liens, encumbrances,
claims and defects and imperfections of title except those that (i)&nbsp;do not materially interfere with the use made and proposed to be made of such property by the Company and its significant subsidiaries or (ii)&nbsp;could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) Licenses and Permits. The Company and its
significant subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that
are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in the Registration Statement, the Time of Sale Information and the Prospectus, except where the failure to possess or
make the same would not, individually or in the aggregate, have a Material Adverse Effect; and except as described in the Registration Statement, the Time of Sale Information and the Prospectus, neither the Company nor any of its significant
subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary
course. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(y) Disclosure Controls. The Company maintains &#147;disclosure controls and procedures&#148; (as defined in Rule
13a-15(e) of the Exchange Act); such disclosure controls and procedures are effective. The Company has carried out an evaluation of the effectiveness of its disclosure controls and procedures as required by Rule&nbsp;13a-15 of the Exchange Act.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(z) Taxes. The Company and its significant subsidiaries have paid all material federal, state, local and foreign taxes and
filed all material tax returns required to be paid or filed through the date hereof; and except as otherwise disclosed in each of the Time of Sale Information and the Prospectus, there is no material tax deficiency that has been, or could reasonably
be expected to be, asserted against the Company or any of its significant subsidiaries or any of their respective properties or assets. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(aa) Accounting Controls. The Company and its significant subsidiaries maintain internal
accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of
financial statements in conformity with IFRS and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the recorded accountability for
assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company&#146;s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) is
effective and the Company is not aware of any material weakness in its internal control over financial reporting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(bb)
Compliance with OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer or employee of the Company or any of its significant subsidiaries is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#147;OFAC&#148;); and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(cc) No Unlawful Payments. Neither the Company nor any of its significant subsidiaries nor, to the knowledge of the Company, any
director, officer or employee acting on behalf of the Company or any of its significant subsidiaries has (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii)&nbsp;made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; or (iii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(dd) No Stabilization. The Company has not taken, directly or indirectly, any action designed to or that could reasonably be
expected to cause or result in any stabilization or manipulation of the price of the Securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ee) Sarbanes-Oxley Act.
There is and has been no material failure on the part of the Company or any of the Company&#146;s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith (the &#147;Sarbanes-Oxley Act&#148;), including Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ff) No Restrictions or Withholding Taxes on Payments. There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be paid in Luxembourg or in the United
States in connection with the execution and delivery of the Underwriting Agreement, the Indenture or the issuance or sale of the Securities. Other than as described in the Time of Sale Information and the Prospectus, under the current laws and
regulations of Luxembourg, all payments of principal, premium (if any) and interest on the Securities may be paid by the Company to the registered holder thereof in U.S. dollars (that may be obtained through conversion of the euro) that may be
freely transferred out of Luxembourg, and all such payments and other distributions made to holders of the Securities who are non-residents of Luxembourg will not be subject to Luxembourg income, withholding or other taxes under the laws and
regulations of Luxembourg and are otherwise free and clear of any other tax, duty withholding or deduction in Luxembourg and without the necessity of obtaining any governmental authorization in Luxembourg. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. Further Agreements of the Company. The Company covenants and agrees with each Underwriter that: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Filings with the Commission. The Company will (i)&nbsp;pay the registration fees for this offering within the time period required by
Rule 456(b)(1)(i) under the Securities Act and in any event prior to the Closing Date and (ii)&nbsp;file the Prospectus in a form approved by the Underwriters with the Commission pursuant to Rule 424 under the Securities Act not later than the close
of business on the second business day following the date of determination of the public offering price of the Securities or, if applicable, such earlier time as may be required </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act. The Company will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the Securities Act; and the
Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York City prior to 10:00 A.M., New York City time, on the business day next succeeding the date
of this Agreement in such quantities as the Representative may reasonably request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Delivery of Copies. The Company will
deliver, without charge, to each Underwriter during the Prospectus Delivery Period (as defined below), as many copies of the Prospectus (including all amendments and supplements thereto) and each Issuer Free Writing Prospectus (if applicable) as the
Representative may reasonably request. As used herein, the term &#147;Prospectus Delivery Period&#148; means such period of time after the first date of the public offering of the Securities as in the reasonable opinion of counsel for the
Underwriters a prospectus relating to the Securities is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the Securities by any Underwriter or dealer. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Amendments or Supplements; Issuer Free Writing Prospectuses. Before making, preparing, using, authorizing, approving, referring to or
filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement or the Prospectus, the Company will furnish to the Representative and counsel for the Underwriters a copy of the proposed Issuer
Free Writing Prospectus, amendment or supplement for review and will not make, prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representative
reasonably objects within a reasonable time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Notice to the Representative. The Company will advise the Representative
promptly, and confirm such advice in writing, (i)&nbsp;when any amendment to the Registration Statement has been filed or becomes effective; (ii)&nbsp;when any supplement to the Prospectus or any amendment to the Prospectus or any Issuer Free
Writing Prospectus has been filed; (iii)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating to the
Registration Statement or any other request during the offering period by the Commission for any additional information; (iv)&nbsp;of the issuance by the Commission of any order suspending the effectiveness of the Registration Statement or
preventing or suspending the use of any Preliminary Prospectus or the Prospectus or the initiation or threatening of any proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act; (v)&nbsp;of the occurrence of any event within
the Prospectus Delivery Period as a result of which the Prospectus, the Time of Sale Information or any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Time of Sale Information or any such Issuer Free Writing Prospectus is delivered to a
purchaser, not misleading; (vi)&nbsp;of the receipt by the Company of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act; and
(vii)&nbsp;of the receipt by the Company of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company
will use its reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus or the Prospectus or suspending any such
qualification of the Securities and, if any such order is issued, to obtain as soon as possible the withdrawal thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)
Time of Sale Information. If at any time prior to the Closing Date (i)&nbsp;any event shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii)&nbsp;it is necessary to amend or supplement any of the Time of
Sale Information to comply with applicable law, the Company will promptly notify the Underwriters thereof and promptly prepare and, subject to paragraph (b)&nbsp;above, furnish to the Underwriters such amendments or supplements to any of the Time of
Sale Information </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented will not, in light of the circumstances under which they were made, be misleading
or so that any of the Time of Sale Information will comply with applicable law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Ongoing Compliance. If during the
Prospectus Delivery Period (i)&nbsp;any event shall occur or condition shall exist as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Prospectus
to comply with applicable law, the Company will promptly notify the Underwriters thereof and promptly prepare and, subject to paragraph (c)&nbsp;above, file with the Commission and furnish to the Underwriters and to such dealers as the
Representative may designate, such amendments or supplements to the Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances existing when the Prospectus is
delivered to a purchaser, be misleading or so that the Prospectus will comply with applicable law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Blue Sky Compliance.
The Company will arrange, if necessary, for the qualification of the Securities for offer and sale by the Underwriters under the laws of such jurisdictions as the Representative shall reasonably request and will continue such qualifications in
effect so long as required for the offer and sale of the Securities; provided that the Company shall not be required to (i)&nbsp;qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would
not otherwise be required to so qualify, (ii)&nbsp;file any general consent to service of process in any such jurisdiction or (iii)&nbsp;subject itself to taxation in any such jurisdiction if it is not otherwise so subject. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Earning Statement. The Company will make generally available to its security holders and the Representative as soon as practicable an
earning statement that satisfies the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) Clear Market. During the period from the date hereof through and including the Closing Date, the Company will not, without the prior written consent of the Representative, not to be unreasonably
withheld or delayed, offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Company and having a tenor of more than one year, other than debt securities offered and sold exclusively outside the United
States in reliance on Regulation S under the Securities Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) Use of Proceeds. The Company will apply the net proceeds
from the sale of the Securities as described in the Registration Statement, the Time of Sale Information and the Prospectus under the heading &#147;Use of Proceeds&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) No Stabilization. The Company will not take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of
the Securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) Filing of Exchange Act Documents. The Company will file promptly all reports and any definitive proxy or
information statements required to be filed by the Company with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act during the Prospectus Delivery Period. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) Record Retention. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free
Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. Certain
Agreements of the Underwriters. Each Underwriter hereby represents and agrees that: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) It has not and will not use,
authorize use of, refer to, or participate in the planning for use of, any &#147;free writing prospectus&#148;, as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission by the
Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other than (i)&nbsp;a free writing prospectus that, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
solely as a result of use by such Underwriter, would not trigger an obligation to file such free writing prospectus with the Commission pursuant to Rule 433, (ii)&nbsp;any Issuer Free Writing
Prospectus listed on Schedule 3 to the Underwriting Agreement or prepared pursuant to Section&nbsp;3(c) or Section&nbsp;4(c) above (including any electronic road show), or (iii)&nbsp;any free writing prospectus prepared by such underwriter and
approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i)&nbsp;or (iii), an &#147;Underwriter Free Writing Prospectus.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Notwithstanding the foregoing, the Underwriters may use a term sheet substantially in the form of Schedule 4 to this Agreement without the consent of the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) It is not subject to any pending proceeding under Section&nbsp;8A of the Securities Act with respect to the offering (and will
promptly notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) With
effect from and including the date on which the Prospectus Directive is implemented in any Member State of the European Economic Area which has implemented the Prospectus Directive (each, a &#147;Relevant Member State&#148;) (the &#147;Relevant
Implementation Date&#148;), it has not made and will not make an offer of Securities to the public in that Relevant Member State other than: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) to any legal entity which is a qualified investor as defined in the Prospectus Directive; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined
in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the Representative; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iii) in any other circumstances which do not require the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">provided that no such offer of Securities shall result in a requirement for the publication by the Company or any Initial Purchaser of a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the
purposes of this provision, the expression an &#147;offer of Securities to the public&#148; in relation to any Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the
offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe the shares, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member
State and the expression &#147;Prospectus Directive&#148; means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State and the expression &#147;2010 PD Amending Directive&#148; means Directive
2010/73/EU&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the Financial Services and Markets Act 2000, or &#147;FSMA&#148;) received by it in connection with the issue or sale of the
Securities in circumstances in which Section&nbsp;21(1) of the FSMA does not apply to the Company; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) it has complied
and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. Conditions of Underwriters&#146; Obligations. The obligation of each Underwriter to purchase Securities on the Closing Date as
provided herein is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Registration Compliance; No Stop Order. The Registration Statement has become effective and no order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding
for such purpose, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
pursuant to Rule 401(g)(2) or pursuant to Section&nbsp;8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus
shall have been timely filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with Section&nbsp;4(a) hereof; and all
requests during the offering period by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representative. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of
the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) No Downgrade. Subsequent to the earlier of (A)&nbsp;the Time of Sale and (B)&nbsp;the execution and delivery of this Agreement, (i)&nbsp;no downgrading shall have occurred in the rating accorded the
Securities or any other debt securities or preferred stock issued or guaranteed by the Company by any &#147;nationally recognized statistical rating organization&#148;, as such term is defined by the Commission for purposes of Rule 436(g)(2) under
the Securities Act and (ii)&nbsp;no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock
issued or guaranteed by the Company (other than an announcement with positive implications of a possible upgrading). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) No
Material Adverse Change. No event or condition of a type described in Section&nbsp;3(f) hereof shall have occurred or shall exist, which event or condition is not described or contemplated in each of the Time of Sale Information (excluding any
amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto), the effect of which in the reasonable judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or
delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) Officer&#146;s Certificate. The Representative shall have received on and as of the Closing Date certificates of two authorized representatives of the Company who have specific knowledge of the
Company&#146;s financial matters and are reasonably satisfactory to the Representative (i)&nbsp;confirming that such officer has carefully reviewed the Registration Statement, the Time of Sale Information and the Prospectus and, to the knowledge of
such officers, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii)&nbsp;confirming that the other representations and warranties of the Company in this Agreement are true and correct and that the Company has
complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date and (iii)&nbsp;to the effect set forth in paragraphs (a), (c)&nbsp;and (d)&nbsp;above. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Comfort Letters. On the date of this Agreement and on the Closing Date, Deloitte Audit shall have furnished to the Representative, at
the request of the Company, a letter, dated the date of delivery thereof and addressed to the Underwriters, in the form and substance reasonably satisfactory to the Representative, to the effect set forth in Annex B hereto; provided that the letter
delivered on the Closing Date shall use a &#147;cut-off&#148; date no more than five business days prior to the Closing Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Opinion and 10b-5 Statement of Counsel for the Company. Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, counsel for the Company, shall
have furnished to the Representative, their written opinion and 10b-5 negative comfort letter, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative, to the effect set forth in
Annex C hereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Opinion of Luxembourg Counsel for the Company. Elvinger, Hoss&nbsp;&amp; Prussen, Luxembourg counsel for
the Company, shall have furnished to the Representative their written opinion, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative, to the effect set forth in Annex D hereto.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Opinion and 10b-5 Statement of Counsel for the Underwriters. The Representative shall
have received on and as of the Closing Date an opinion and 10b-5 statement of Davis Polk&nbsp;&amp; Wardwell LLP, counsel for the Underwriters, with respect to such matters as the Representative may reasonably request, and such counsel shall have
received such documents and information as they may reasonably request to enable them to pass upon such matters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) No Legal
Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date,
prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) Incorporation and Valid Existence. The Representative shall have received on and as of the Closing Date reasonably satisfactory
evidence of the due incorporation and valid existence of the Company in Luxembourg, in each case in writing or any standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) Additional Documents. On or prior to the Closing Date, the Company shall have furnished to the Representative such further
certificates and documents as the Representative may reasonably request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All opinions, letters, certificates and evidence
mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. Indemnification and Contribution. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Indemnification of the Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and each person, if any, who controls such Underwriter
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any and all duly documented losses, claims, damages and liabilities (including, without limitation, legal fees and other reasonable
expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i)&nbsp;any untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading, or
(ii)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of Sale Information, or caused by any omission or
alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or
liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by or
on behalf of such Underwriter through the Representative expressly for use therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Indemnification of the Company. Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, and officers and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act to the same extent as the indemnity set forth in paragraph (a)&nbsp;above, but only with respect to any duly documented losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company in writing by or on behalf of such Underwriter through the Representative expressly for use in
the Registration Statement, the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of Sale Information, it being understood and agreed that the only such information consists of the information
identified in the Underwriting Agreement as being provided by the Underwriters. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Notice and Procedures. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a)&nbsp;or (b)&nbsp;above, such person (the &#147;Indemnified Person&#148;)
shall promptly notify the person against whom such indemnification may be sought (the &#147;Indemnifying Person&#148;) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have
under this Section&nbsp;7 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not
relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section&nbsp;7. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person
thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section&nbsp;7 in such proceeding that the
Indemnifying Person may designate and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right
to retain its own counsel, but the fees and reasonable and documented expenses of such counsel shall be at the expense of such Indemnified Person unless (i)&nbsp;the Indemnifying Person and the Indemnified Person shall have mutually agreed to the
contrary; (ii)&nbsp;the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)&nbsp;the Indemnified Person shall have reasonably concluded that there may be legal defenses
available to it that are different from or in addition to those available to the Indemnifying Person; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified
Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding
or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are
incurred. Any such separate firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter shall be designated in writing by the Representative and any such separate firm for the Company, its directors
and officers and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence,
if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of
any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 90 days after receipt by the Indemnifying Person of such request and (ii)&nbsp;(A)&nbsp;the Indemnifying Person shall not have reimbursed the
Indemnified Person in accordance with such request prior to the date of such settlement or (B)&nbsp;the Indemnifying Person shall not have, on or before the 90th day after the receipt by the Indemnifying Person of such request, disputed in good
faith that the fees and expenses claimed by the Indemnified Party are payable by the Indemnifying Person hereunder. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Person is or was threatened to be made a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x)&nbsp;includes an unconditional
release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y)&nbsp;does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Contribution. If the
indemnification provided for in paragraphs (a)&nbsp;and (b)&nbsp;above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such
paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate
to reflect the relative benefits received by the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Company on the one hand and the Underwriters on the other from the offering of the Securities or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same
respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Securities and the total discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in
the table on the cover of the Prospectus, bear to the aggregate offering price of the Securities. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties&#146; relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Limitation on Liability. The Company and
the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;7 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of
allocation that does not take account of the equitable considerations referred to in paragraph (d)&nbsp;above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph
(d)&nbsp;above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this
Section&nbsp;7, in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Underwriter with respect to the offering of the Securities exceeds the amount
of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#146; obligations to contribute pursuant to this Section&nbsp;7 are several in proportion to their
respective purchase obligations hereunder and not joint. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Non-Exclusive Remedies. The remedies provided for in this
Section&nbsp;7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8. Termination. This Agreement may be terminated in the absolute discretion of the Representative, by written notice to the Company, if after the execution and delivery of this Agreement and on or prior
to the Closing Date (i)&nbsp;trading generally shall have been suspended or materially limited on the New York Stock Exchange or the U.S. over-the-counter market; (ii)&nbsp;trading of any securities issued or guaranteed by the Company shall have
been suspended on any exchange or the U.S. over-the-counter market (other than as a result of exchange or market wide trading suspensions); (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared by U.S. federal or
New York State authorities; or (iv)&nbsp;there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the reasonable judgment
of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and
the Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. Defaulting Underwriter. (a)&nbsp;If, on the Closing Date, any Underwriter defaults on its obligation to
purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Company on the terms contained in this
Agreement. If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of 36 hours within which to procure
other persons reasonably satisfactory to the non-defaulting Underwriters to purchase such Securities on such terms. If other persons become obligated or agree to purchase the Securities of a defaulting Underwriter, either the non-defaulting
Underwriters or the Company may postpone the Closing Date </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
for up to five full business days in order to effect any changes that in the opinion of counsel for the Company and counsel for the Underwriters may be necessary in the Registration Statement and
the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects any such changes. As used in this Agreement, the term
&#147;Underwriter&#148; includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section&nbsp;9, purchases Securities that a defaulting Underwriter agreed
but failed to purchase. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting
Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a)&nbsp;above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate
principal amount of all the Securities, then the Company shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Securities that such Underwriter agreed to purchase hereunder plus such Underwriter&#146;s
pro rata share (based on the principal amount of Securities that such Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the
non-defaulting Underwriters and the Company as provided in paragraph (a)&nbsp;above, the aggregate principal amount of such Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the
Company shall not exercise the right described in paragraph (b)&nbsp;above, then this Agreement shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section&nbsp;9 shall
be without liability on the part of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section&nbsp;10 hereof and except that the provisions of Section&nbsp;7 hereof shall not terminate and
shall remain in effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to
the Company or any non-defaulting Underwriter for damages caused by its default. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. Payment of Expenses. (a)&nbsp;Whether or
not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid all reasonable and documented costs and expenses incident to the performance of its obligations
hereunder, including without limitation, (i)&nbsp;the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities and any taxes payable in that connection; (ii)&nbsp;the costs incident to the preparation, printing
and filing under the Securities Act of the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Information and the Prospectus (including any amendment or supplement thereto) and the distribution
thereof; (iii)&nbsp;the costs of reproducing and distributing each of the Transaction Documents; (iv)&nbsp;the fees and expenses of the Company&#146;s counsel and independent accountants; (v)&nbsp;any fees charged by rating agencies for rating the
Securities; (vi)&nbsp;the fees and expenses of the Trustee and any paying agent (including related fees and expenses of any counsel to such parties); (vii)&nbsp;all expenses and application fees incurred in connection with any filing the approval of
the Securities for book-entry transfer by DTC; and (viii)&nbsp;all expenses incurred by the Company in connection with any &#147;road show&#148; presentation to potential investors. For the sake of clarity, the Company shall not be obligated to pay,
or cause to be paid, the fees of legal counsel to the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If (i)&nbsp;the Company for any reason fails to
tender the Securities for delivery to the Underwriters or (ii)&nbsp;the Underwriters decline to purchase the Securities for any reason permitted under this Agreement (other than as a result of termination of this Agreement pursuant to
Section&nbsp;8), the Company agrees to reimburse the Underwriters for all out-of-pocket reasonable and documented costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this
Agreement and the offering contemplated hereby. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective successors and any controlling persons referred to herein, and the affiliates, officers and directors of each Underwriter referred to in Section&nbsp;7 hereof. Nothing in this Agreement is
intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any Underwriter shall be deemed to be a
successor merely by reason of such purchase. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. Survival. The respective indemnities, rights of contribution,
representations, warranties and agreements of the Company and the Underwriters contained in this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall
survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or the Underwriters. The provisions of Section&nbsp;7 and Section&nbsp;10 will
survive the termination or cancellation of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. Certain Defined Terms. For purposes of this Agreement,
(a)&nbsp;except where otherwise expressly provided, the term &#147;affiliate&#148; has the meaning set forth in Rule 405 under the Securities Act; (b)&nbsp;the term &#147;business day&#148; means any day other than a day on which banks are permitted
or required to be closed in New York City, Paris or Luxembourg; (c)&nbsp;the term &#147;subsidiary&#148; has the meaning set forth in Rule 405 under the Securities Act; (d)&nbsp;the term &#147;written communication&#148; has the meaning set forth in
Rule 405 under the Securities Act ; and (e)&nbsp;the term &#147;significant subsidiary&#148; has the meaning set forth in Rule 1.02(w) of Regulation S-X promulgated by the Commission. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. Submission to Jurisdiction; Appointment of Agent for Service. (a)&nbsp;The Company irrevocably submits to the non-exclusive
jurisdiction of any New York State or United States Federal court sitting in The City of New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Agreement. The Company irrevocably waives, to the fullest
extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been
brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its
property, the Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) The Company hereby irrevocably appoints ArcelorMittal International America, LLC as its agent for service of process in any suit, action or proceeding described in the preceding paragraph and agrees
that service of process in any manner permitted by applicable law in any such suit, action or proceeding may be made upon it at the office of such agent. The Company waives, to the fullest extent permitted by law, any other requirements of or
objections to personal jurisdiction with respect thereto. The Company represents and warrants that such agent has agreed to act as its agent for service of process and agrees to take any and all action, including the filing of any and all documents
and instruments that may be necessary to continue such appointment in full force and effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. Judgment Currency. If for
the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall
be the rate at which the Underwriters could purchase United States dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of the Company with respect to any sum
due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by such Underwriter or
controlling person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum
originally due to such Underwriter or controlling person hereunder, the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter or controlling person
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
against such loss. If the United States dollars so purchased are greater than the sum originally due to such Underwriter or controlling person hereunder, such Underwriter or controlling person
agrees to pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriter or controlling person hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">16. Miscellaneous. (a)&nbsp;Authority of the Representative. Any action by the Underwriters hereunder may be taken by the Representative on behalf of the Underwriters, and any such action taken by the
Representative shall be binding upon the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Notices. All notices and other communications hereunder shall be
in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to it at the addresses and facsimile numbers specified in the
Underwriting Agreement. Notices to the Company shall be given to it at 24-26 boulevard d&#146;Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg, (fax: +352 4792 2189); Attention: Funding Department and 1 &agrave; 5 rue Luigi Cherubini, 93200
St. Denis, France, (fax: +33 1 71 92 10 05); Attention: Funding Department. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York. For the avoidance of doubt, the provisions of article 86 to 94-8 of the Luxembourg law of August 10, 1915 on commercial companies, as amended, do not apply to the debt
securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any
standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in
writing and signed by the parties hereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Headings. The headings herein are included for convenience of reference only
and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annex A </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[Form of Underwriting Agreement] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting Agreement </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Name(s) of Representative(s)] </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As Representative(s) of the several Underwriters </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">listed in Schedule 1 hereto </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">c/o [Name(s) and Address(es) of Representatives] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal, a Luxembourg soci&eacute;t&eacute; anonyme (the &#147;Company&#148;), proposes to issue and sell to the several
Underwriters listed in Schedule 1 hereto (the &#147;Underwriters&#148;), for whom you are acting as representative(s) (the &#147;Representative(s)&#148;), $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>principal
amount of its <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>% Notes due 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>having the terms set forth in Schedule 2 hereto (the &#147;Securities&#148;). The Securities will be issued pursuant to an Indenture
dated as of May&nbsp;20, 2009, as supplemented by a Fifth Supplemental Indenture dated as of February 28, 2012, each between the Company and HSBC Bank USA, National Association, as trustee (the &#147;Trustee&#148;), as supplemented by one or more
additional supplemental indentures thereto dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 201<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (as supplemented, the
&#147;Indenture&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company agrees to issue and sell the Securities to the several Underwriters as provided in this
Agreement, and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal
amount of Securities set forth opposite such Underwriter&#146;s name in Schedule 1 hereto at a price equal to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>% of the principal amount thereof plus accrued interest, if any, from
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 201<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> to the Closing Date (as defined below). The Company will not be obligated to deliver
any of the Securities except upon payment for all the Securities to be purchased as provided herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company understands
that the Underwriters intend to make a public offering of the Securities as soon after the effectiveness of this Agreement as in the judgment of the Representative(s) is advisable, and initially to offer the Securities on the terms set forth in the
Time of Sale Information and the Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 3 hereto sets forth information that together with the Preliminary
Prospectus used most recently prior to the execution of this Underwriting Agreement, constitute the Time of Sale Information made available at the Time of Sale. The &#147;Time of Sale&#148; with respect to the Securities is defined as [TIME], on
[DATE]. The Company acknowledges and agrees that the Underwriters may offer and sell Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and sell Securities purchased by it to or through any Underwriter.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment for and delivery of the Securities shall be made at the offices of [specify closing location] at 10:00 A.M., New York
City time, on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative(s) and the Company
may agree upon in writing. The time and date of such payment and delivery is referred to herein as the &#147;Closing Date.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative(s) against delivery to the nominee of The
Depository Trust Company, for the account of the Underwriters, of one or more global notes representing the Securities (collectively, the &#147;Global Note&#148;), with any transfer taxes payable in connection with the sale of the Securities duly
paid by the Company. The Global Note will be made available for inspection by the Representative(s) not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company and the Underwriters acknowledge and agree that the only information relating to
any Underwriter which has been furnished to the Company by any Underwriter expressly for use in the Registration Statement, including the Basic Prospectus included therein, the Preliminary Prospectus or the Prospectus (or any amendment or supplement
thereto), any Issuer Free Writing Prospectus or any Time of Sale Information consists of the following: the legal and marketing names of the Underwriters [on the cover page and in the first paragraph under the heading &#147;Underwriting&#148; in the
prospectus supplement included in the Preliminary Prospectus and in the prospectus supplement included in the Prospectus, the information contained in the table and in the third, fourth, seventh, eighth, ninth and tenth full paragraphs and in
&#147;Other Relationships&#148; under the heading &#147;Underwriting&#148; in the prospectus supplement included in the Preliminary Prospectus and the prospectus supplement included in the Final Prospectus, and the following information in the final
Pricing Term Sheets dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]: (i)&nbsp;the Spread to Benchmark Treasury, (ii)&nbsp;Benchmark Treasury and (iii)&nbsp;the Benchmark Treasury Price and Yield]. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notices to the Underwriters shall be given at: [&nbsp;&nbsp;&nbsp;&nbsp;] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All provisions contained in the document entitled ArcelorMittal Debt Securities Underwriting Agreement Standard Provisions, which was
filed as Exhibit 1.1 of the Registration Statement on Form F-3 dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2012 (File No. [&nbsp;&nbsp;&nbsp;&nbsp;]), are incorporated by reference herein in their entirety and
shall be deemed to be a part of this Underwriting Agreement to the same extent as if such provisions had been set forth in full herein, except that if any term defined in such Underwriting Agreement Standard Provisions is otherwise defined herein,
the definition set forth herein shall control. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement may be signed in counterparts (which may include counterparts
delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARCELORMITTAL</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accepted:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For themselves and on behalf of the </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">several Underwriters listed </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">in Schedule 1 hereto. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized Signatory</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 1 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Underwriter</U></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U></U>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Principal&nbsp;Amount</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U></U>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Representative(s) and Address(es) for Notices: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain Terms of the Securities: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title of Securities: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>% Notes due 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aggregate Principal Amount of Securities:
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maturity Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest Rate: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>% </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest Payment Dates: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, commencing <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Record Dates:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redemption Provisions: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[Change of Control:] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Interest Adjustment Clause:] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Other Provisions:] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 3 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Time of Sale Information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. List each document or any information provided as an amendment
or supplement to the Preliminary Prospectus </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Term sheet containing the terms of the Securities, substantially in the form of Schedule 4
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 4 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Pricing Term Sheet </U></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issuer:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Security description:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">% notes due 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Size:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">% of face amount</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maturity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coupon:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yield to maturity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Benchmark Treasury:]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Spread to Benchmark Treasury:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%]</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Benchmark Treasury [Price] and Yield:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%]</FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Reference Treasury Dealers:]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest Payment Dates:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, commencing
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Proceeds to Company Before Expenses:]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Use of Proceeds:]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Change of control:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">101%]</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Make-whole spread:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">]</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trade date:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Settlement:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">T+_; <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CUSIP:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">ISIN:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Denominations/Multiple:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriters:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free
1-8[xx-xxx-xxxx] [or emailing [&nbsp;&nbsp;&nbsp;&nbsp;] at [</B><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT><B></B><B>]] </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annex B </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[Form of Comfort Letter] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>[<I>To be provided</I>]<I> </I></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annex C </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[Form of Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, Counsel for the Company] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1. Each of the Base Indenture, the Fifth Supplemental Indenture and the &nbsp;&nbsp;&nbsp;&nbsp;th Supplemental Indenture has been duly executed and delivered by the Company under the law of the State of
New York. The Indenture is qualified under the Trust Indenture Act of 1939, as amended (the &#147;Trust Indenture Act&#148;), and is a valid, binding and enforceable agreement of the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The Notes in global form have been duly executed and delivered by the Company under the law of the State of New York and are, and the
Notes in certificated form when exchanged for interests in the Notes in global form in accordance with the terms thereof and of the Indenture will be, the valid, binding and enforceable obligations of the Company, entitled to the benefits of the
Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The statements set forth under the heading &#147;Description of Debt Securities&#148; in the Prospectus,
insofar as such statements purport to summarize certain provisions of the Notes and the Indenture, provide a fair summary of such provisions, and the statements made in the Prospectus, under the heading &#147;Tax Considerations&#148;, insofar as
such statements purport to summarize certain federal income tax laws of the United States, provide a fair summary of the principal U.S. federal income tax consequences of an investment in the Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. The Underwriting Agreement has been duly executed and delivered by the Company under the law of the State of New York. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. Under the law of the State of New York relating to submission to jurisdiction, the Company, pursuant to Section 14 of the
ArcelorMittal Debt Securities Underwriting Agreement Standard Provisions, which are incorporated by reference into the Underwriting Agreement, has (i) validly and irrevocably submitted to the personal jurisdiction of any New York State or U.S.
federal court located in the Borough of Manhattan, The City of New York, in any action arising out of or related to the Underwriting Agreement, (ii) to the fullest extent permitted by law, validly and irrevocably waived any objection to the venue of
a proceeding in any such court, and (iii) validly appointed ArcelorMittal International America LLC as its initial authorized agent for the purpose described in Section 14 of the ArcelorMittal Debt Securities Underwriting Agreement Standard
Provisions; and service of process effected in the manner set forth in Section 14 of the ArcelorMittal Debt Securities Underwriting Agreement Standard Provisions will be effective to confer valid personal jurisdiction over the Company in any such
action. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. The issuance and the sale of the Notes to the Underwriters pursuant to the Underwriting Agreement do not, and the
performance by the Company of its obligations in the Underwriting Agreement, the Indenture and the Notes will not, (a) require any consent, approval, authorization, registration or qualification of or with any governmental authority of the United
States of America or the State of New York that in such counsel&#146;s experience normally would be applicable to general business entities with respect to such issuance, sale or performance, except such as have been obtained or effected under the
Securities Act and the Trust Indenture Act (but we express no opinion relating to any state securities or Blue Sky laws), or (b) result in a violation of any United States federal or New York State law or published rule or regulation that in such
counsel&#146;s experience normally would be applicable to general business entities with respect to such issuance, sale or performance (but such counsel need express no opinion relating to the United States federal securities laws or any state
securities or Blue Sky laws). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. No registration of the Company under the U.S. Investment Company Act of 1940, as amended, is
required for the offer and sale of the Notes by the Company in the manner contemplated by the Underwriting Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Insofar as the foregoing opinions relate to the validity, binding effect or enforceability
of any agreement or obligation of the Company, (a) such counsel may assume that the Company and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to it to the extent necessary to make such
agreement or obligation enforceable against it (except that no such assumption may be made as to the Company regarding matters of the federal law of the United States of America or the law of the State of New York that in such counsel&#146;s
experience normally would be applicable to general business entities with respect to such agreement or obligation), (b) such opinions may be subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and
to general principles of equity and (c) such opinions may be subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors&#146; rights. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Such counsel need express no opinion as to the enforceability of Section 1.17 of the Base Indenture relating to currency indemnity. With
respect to the third sentence of Section 1.15 of the Base Indenture, such counsel need express no opinion except as follows: Under the law of the State of New York relating to submission to jurisdiction, the Company, pursuant to the first sentence
of Section 1.15 of the Base Indenture, has validly appointed ArcelorMittal International America LLC as its initial authorized agent for the purpose described in the third sentence of Section 1.15 of the Base Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to Section 14 of the ArcelorMittal Debt Securities Standard Provisions, which is incorporated by reference in the
Underwriting Agreement, and with respect to Section 1.14 of the Base Indenture, such counsel need express no opinion as to the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Underwriting
Agreement and the Indenture, respectively, where jurisdiction based on diversity of citizenship under 28 U.S.C. &#167;1332 does not exist. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Such counsel may note that the designation in Section 14 of the ArcelorMittal Debt Securities Standard Provisions, which is incorporated by reference in the Underwriting Agreement, and in Section 1.14 of
the Base Indenture of the U.S. federal courts sitting in New York City as the venue for actions or proceedings relating to the Underwriting Agreement and the Indenture, respectively (notwithstanding the waivers in such Section 14 of the
ArcelorMittal Debt Securities Standard Provisions and Section 1.14 of the Base Indenture) is subject to the power of such courts to transfer actions pursuant to 28 U.S.C. &#167;1404(a) or to dismiss such actions or proceedings on the grounds that
such a federal court is an inconvenient forum for such an action or proceeding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In rendering such opinion, such counsel may
rely as to matters of fact on certificates of responsible officers of the Company and public officials that are furnished to the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition, such counsel shall provide to the Underwriters a letter to the following effect: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) The Registration Statement (except the financial statements and schedules and other financial and statistical data included therein and the information included therein relating to the Company&#146;s
mineral reserves, as to which such counsel need express no view), at the time it became effective, and the Prospectus (except as aforesaid), as of the date thereof, appeared on their face to be appropriately responsive in all material respects to
the requirements of the Securities Act and the Trust Indenture Act of 1939, as amended, and the rules and regulations thereunder. In addition, such counsel shall state that it does not know of any contracts or other documents of a character required
to be filed as exhibits to the Registration Statement or required to be described in the Registration Statement or the Prospectus that are not filed or described as required. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The documents incorporated by reference in the Registration Statement and the Prospectus (except the financial
statements and schedules and other financial and statistical data and management&#146;s report on the effectiveness of internal control over financial reporting included therein and the information included therein relating to the Company&#146;s
mineral reserves, as to which such counsel need express no view), as of the respective dates of their filing with the Commission, appeared on their face to be </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
appropriately responsive in all material respects to the requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Such counsel confirms to the Underwriters that (a) based solely on email confirmation of receipt of the filing and
Rule 462(e) under the Securities Act, the Registration Statement is effective under the Securities Act, and (b) based solely upon a telephonic confirmation from a representative of the Commission, no stop order with respect thereto has been issued
and, to the best of such counsel&#146;s knowledge, no proceeding for that purpose has been instituted or threatened, by the Commission. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Such counsel shall also state that they have participated in conferences with representatives of the Company and with representatives of its independent accountants at which conferences the contents of
the Registration Statement, the Time of Sale Information and the Prospectus and any amendment and supplement thereto and related matters were discussed and, although such counsel assume no responsibility for the accuracy, completeness or fairness of
the Registration Statement, the Time of Sale Information, the Prospectus and any amendment or supplement thereto (except as expressly provided above), no information has come to the attention of such counsel to cause such counsel to believe that the
Registration Statement, as of its effective date (including the information, if any, deemed pursuant to Rule 430A, 430B or 430C to be part of the Registration Statement at the Effective Time), contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, that the Time of Sale Information, at the Time of Sale (which such counsel may assume to be the time specified in such
counsel&#146;s letter on the date of the Underwriting Agreement) contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading or that the Prospectus or any amendment or supplement thereto as of its date and the Closing Date contained or contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the financial statements and other financial and statistical information and management&#146;s report on the effectiveness of internal
control over financial reporting contained therein and the information included therein relating to the Company&#146;s mineral reserves, as to which such counsel need express no belief). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annex D </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[Form of Opinion of Luxembourg Counsel to the Company] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>1. We have acted
as Luxembourg legal advisers to ARCELORMITTAL, a <I>soci&eacute;t&eacute; anonyme</I> incorporated under the laws of Luxembourg with registered address at 19, avenue de la Libert&eacute;, L-2930 Luxembourg and registered with the Luxembourg
<I>Registre de Commerce et des Soci&eacute;t&eacute;s</I> (the &#147;<B>RCS</B>&#148;) under number B 82.454 (the &#147;<B>Company</B>&#148;), in connection with the Company&#146;s offering of USD [&#149;] principal amount of its [&#149;] % Notes
due [&#149;] [(the <B>&#147;20</B><B>[]</B><B> Notes&#148;</B>) and USD [&#149;] principal amount of its [&#149;] Notes due 20[] (the <B>&#147;20</B><B>[] </B><B>Notes&#148;</B> and, together with the 20[] Notes)] (the
&#147;<B>Securities</B>&#148;)[)], pursuant to the terms of an underwriting agreement dated [&#149;] incorporating the ArcelorMittal Debt Securities Underwriting Agreement Standard Provisions (the &#147;<B>Underwriting</B> <B>Agreement</B>&#148;)
between the Company and the several Underwriters named therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Securities will be issued under an indenture dated as of
20th May 2009 (the &#147;<B>Base Indenture</B>&#148;), as supplemented by the fifth supplemental indenture, dated as of 28th February 2012 (the &#147;<B>Fifth Supplemental Indenture</B>&#148;) and a [&nbsp;&nbsp;&nbsp;&nbsp;] supplemental indenture,
dated as of [&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;[&nbsp;&nbsp;&nbsp;&nbsp;] <B>Supplemental Indenture</B>&#148;, and together with the Base Indenture and the Fifth Supplemental Indenture the &#147;<B>Indenture</B>&#148;) between the Company and
HSBC Bank USA, National Association. The preliminary prospectus supplement dated [&#149;], relating to the Securities, but excluding the documents incorporated by reference therein, is herein referred to as the &#147;<B>Preliminary
</B><B>P</B><B>rospectus Supplement</B>&#148;, and the prospectus supplement dated [&#149;], relating to the Securities, but excluding the documents incorporated by reference therein, is herein referred to as the &#147;<B>Prospectus
Supplement</B>&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This opinion is given pursuant to Clause [6 (h)] of the Underwriting Agreement as to certain Luxembourg
legal matters relating to the issue of the Securities as well as the entry of the Company into the Transaction Documents (as defined below). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. For the purpose of giving this opinion, we have examined the following documents: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a scanned emailed executed copy of the Underwriting Agreement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a scanned executed copy of the Indenture; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an emailed copy of the Preliminary Prospectus Supplement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an emailed copy of the Prospectus Supplement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a copy of the Company&#146;s consolidated articles of association (<I>statuts coordonn&eacute;s</I>) as at [&#149;] (the &#147;<B>Articles</B>&#148;);
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an emailed scanned certificate issued by the [Company Secretary of the Company together with another authorised representative of the Company] dated [&#149;],
certifying that on [&#149;], the board of directors of the Company (the &#147;<B>Board of Directors</B>&#148;) has authorized an envelope of USD&nbsp;5 billion (five billion US dollars) or its equivalent in order to raise funds in the debt capital
markets, in particular via public and/or private issuances, in various currencies and markets: Europe, North America (Canada and U.S.), Brazil or Japan and consequently the signature by the Company of any agreements or documents as necessary for the
proper implementation of the above mentioned envelope (the &#147;<B>Officer&#146;s </B><B>Certificate</B>&#148;); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an electronic <I>certificat de non-inscription d&#146;une decision judiciaire</I> (certificate as to the non-inscription of a court decision) issued by the RCS on
[&#149;] (the &#147;<B>RCS </B><B>Certificate</B>&#148;) certifying that no court decision as to <I>inter alia</I> the<I> </I><I>faillite</I> (bankruptcy), <I>concordat pr&eacute;ventif de faillite</I> (moratorium), <I>gestion
contr&ocirc;l&eacute;e</I> (controlled management), <I>sursis de paiement</I> (suspension of payments) or <I>liquidation judiciaire</I> (compulsory liquidation) (together, &#147;<B>Luxembourg</B> <B>Insolvency Proceedings</B>&#148;), and no<I>
</I>foreign court decision as to <I>faillite</I>, <I>concordat</I> or other analogous procedures according to Council Regulation (EC) n&deg;1346/2000 of 29 May 2000 on insolvency proceedings is filed with the RCS in respect of the Company;
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">D-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a certified electronic copy of an excerpt issued by the RCS with respect to the Company dated [&#149;] (the &#147;<B>Excerpt</B>&#148;); and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a copy of the list of authorised signatories of the Company dated [&#149;] and filed with the Luxembourg RCS on [&#149;] (the &#147;<B>List of Authorised
Signatories</B>&#148;). </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The documents listed under (a) to (i) are collectively referred to hereafter as the
&#147;<B>Documents</B>&#148; and the documents listed under (a) and (b) are collectively referred to hereafter as the &#147;<B>Transaction Documents</B>&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise defined herein, terms defined in the Documents shall have the same meaning herein as therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3. We have made an enquiry on the website of the Bar of Luxembourg (<I>Barreau de Luxembourg</I>) (www.barreau.lu) on [&#149;] at [&#149;] (CET) as to whether bankruptcy proceedings against the Company
have been filed with the court in Luxembourg and we have made an electronic company search on the Company on the website of the RCS<I> </I>on [&#149;] at [&#149;] CET (the &#147;Company Search&#148;). Our enquiries showed that no bankruptcy
procedure had been filed to that time and we have received the RCS Certificate. It should be noted that such searches are subject to the disclaimers on the relevant websites and are not capable of revealing whether a writ has been served on the
Company but has not yet been enrolled with the court and thus we cannot opine thereon or as to whether a writ commencing any such proceeding has been served on the Company but has not yet been enrolled with the court. The search at the RCS showed
further that as at its time no compulsory liquidation procedure is pending in relation to the Company. It should be noted that notice of a winding-up order or a resolution to that effect passed may not be filed with the RCS immediately or may, even
though filed, not be published on the website of the RCS immediately. Thus, we cannot opine as to whether any liquidation procedure has been initiated but not yet filed and published with the RCS. We have not made any enquiries other than those
described in this section 3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the above and paragraph (ix) of section 7 below, and solely in reliance on the RCS
Certificate and the Company Search, we are of the opinion that the Company is currently not subject to Luxembourg Insolvency Proceedings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4. In rendering this opinion, we have assumed: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the genuineness of all signatures and of all documents submitted to us as originals and the completeness and conformity to originals thereof of all documents submitted
to us as copies or specimens, and that each signature on a document is the signature of the individual so identified and the signature of an individual who is not identified is the genuine signature of a person duly authorized to represent the
relevant party to the document; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the English terms used in the Documents have the meaning generally ascribed to such terms among non-native English speaking foreign legal practitioners without
direct training in English, U.S. or any other anglo-saxon legal system and hence without knowledge of the direct or implied legal meaning and implications of terms when used in the context of such legal systems; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the accuracy and completeness of all factual representations expressed in or implied in each document we have reviewed (including, without limitation, the accuracy of
the representations and warranties of the Company in the Underwriting Agreement); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the due authorisation, execution and delivery of the Documents by the parties thereto other than the Company, and the power, authority and legal right of the parties
thereto other than the Company to enter into, execute, deliver and perform their respective obligations thereunder, and compliance with all applicable laws and regulations, other than the laws of the Grand Duchy of Luxembourg
(&#147;<B>Luxembourg</B>&#148;); </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">D-2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that all authorisations, approvals and consents of any authority of any country other than Luxembourg which may be required in connection with the execution, delivery
and performance of the Documents and the issue and offering of the Securities have been or will be obtained; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that no foreign law affects the opinions set out in section 6 below; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the Securities have not been and will not be the subject of an offer to the public in Luxembourg; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(viii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the Certificate accurately reflects resolutions of the Board of Directors of the Company validly approved at a quorate meeting of the Board of Directors of the
Company which has been validly convened and held, and that such resolutions are and remain in full force and effect without modification and have not been amended, rescinded or terminated and that the information contained therein is true, complete
and accurate at the date of this opinion; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the Articles remain in full force and effect and have not been amended; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the List of Authorised Signatories remains in full force and effect and has not been amended, rescinded or terminated; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xi)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the Company has its place of principal management and its centre of main interests in Luxembourg as such terms defined by or in Council Regulation (EC)
n&deg;1346/2000 of 29 May 2000 insolvency proceedings or Luxembourg law, as applicable; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the Base Indenture has been duly executed as of its date on behalf of the Company; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xiii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the Indenture and the Certificate have been signed on behalf of the Company by [&#149;] and [&#149;] in their capacity as [&#149;]; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xiv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the Underwriting Agreement has been signed on behalf of the Company by [&#149;] and [&#149;] in their capacity as [&#149;]; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">that the file of the Company at the Luxembourg RCS is complete and up to date. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5. The present opinion relates only to the laws of Luxembourg as the same are in force and are construed by the Luxembourg courts on the basis of generally published court precedents at the date hereof
and is given on the basis that it will be governed by, and construed in accordance with the laws of Luxembourg and that Luxembourg courts shall have exclusive jurisdiction thereon. We neither express nor imply any view or opinion on and/or in
respect of the laws of any jurisdiction other than Luxembourg, and have made no investigation of any other law which may be relevant to any of the documents submitted to us or the opinions herein contained. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. Based upon and subject to the above, we are of the opinion that: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1 The Company is a public limited liability company (<I>soci&eacute;t&eacute; anonyme</I>) duly incorporated and existing with full
power to carry on its business under its Articles and under the laws of Luxembourg to which it is subject and as described in the Prospectus Supplement. The Company has the capacity to be sued and to sue in its own name. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2 The Company has the power and corporate authority, and all necessary corporate actions have been taken by the Company, to enter into
and to execute, deliver and perform its obligations under, the Transaction Documents and the Securities, and to issue the Securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.3 The statements set forth in the Preliminary Prospectus and the Prospectus Supplement under the heading &#147;Tax Considerations &#150; Luxembourg Taxation&#148;, insofar as such statements purport to
summarise certain Luxembourg tax laws, constitute a fair summary of the principal Luxembourg tax consequences of an investment in the Securities as at the date of the Prospectus Supplement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4 The choice of New York law as the law governing the Transaction Documents will be recognized as a valid choice of law by the
Luxembourg courts. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">D-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.5 The Courts of Luxembourg will give effect to the non exclusive submission by the Company
to the jurisdiction of New York State or United States Federal courts sitting in the City of New York, Borough of Manhattan (each, a &#147;New York Court&#148;, and collectively, the &#147;Courts of New York&#148;) with respect to the Transaction
Documents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.6 A final and conclusive judgement against the Company rendered by a New York Court, in any civil or commercial
suit, action and proceedings arising out of or in connection with the Transaction Documents would be enforced by the Luxembourg Courts, without re-examining the merits of the case provided that in particular the following conditions laid down by
Luxembourg law for enforcement of foreign court awards are met: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The judgment is duly enforceable in New York; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The New York Court had jurisdiction over the subject matter of the action leading to the judgment; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The New York Court has acted in accordance with its own procedural laws; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The judgment was granted following proceedings where the counterparty had the opportunity to appear, and if it appeared, to present a defence; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The New York Court applied the substantive laws chosen by the parties to govern the Transaction Documents; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The judgment is not contrary to the public order of Luxembourg. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.7 Subject to paragraph (iv) of section 7 below, the appointment of an agent for service of process as described by clause [14] of the Underwriting Agreement and Section 1.15 of the Indenture will be
recognized by a Luxembourg Court as valid and binding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. The foregoing opinions are subject to the following qualifications:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the binding effect and validity of the Securities and the Transaction Documents and their enforceability against the Company will be subject to all limitations by
reason of <I>gestion contr&ocirc;l&eacute;e</I>, <I>concordat, faillite</I>, bankruptcy, moratorium (<I>sursis de paiement</I>) and other insolvency, moratorium, controlled management, general settlement with creditors, reorganisation or similar
laws affecting creditors&#146; rights generally; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any obligations to pay a sum of money in a currency which is not of legal tender in Luxembourg (a &#147;foreign currency&#148;) will be enforceable in a currency which
is of legal tender therein, though the monetary judgement may be expressed in a foreign currency and/or its Luxembourg equivalent currency having legal tender in Luxembourg at time of payment and any loss incurred as a result of currency exchange
fluctuation should be recoverable under Luxembourg law; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">where any obligations of any person are to be performed or observed or based on a matter arising in a jurisdiction outside Luxembourg, such obligations may not be
enforceable under Luxembourg law or in a Luxembourg Court to the extent that performance thereof would be illegal or contrary to public policy under the laws of such jurisdiction; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">service of process on the Company is subject in particular to the Luxembourg procedure code and applicable treaties and conventions and a contractual provision allowing
the service of process against the Company to a service agent could be overridden by Luxembourg statutory provisions allowing the valid serving of process against a person at the domicile of such person; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the choice of law provisions will be recognised and given effect to by Luxembourg Courts unless such choices of law are meant to circumvent rules of public order of the
laws that would have otherwise applied in the absence of such choice of law provisions; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a Luxembourg Court may refuse to apply the law of another jurisdiction if it is deemed to be contrary to Luxembourg public order; </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">D-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a Luxembourg Court may stay proceedings brought in such court if concurrent proceedings are being brought elsewhere; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(viii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">we express no opinion on the validity and enforceability of any other documents required, as the case may be, to be delivered in connection the transactions
contemplated in the Transaction Documents; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a search at the RCS is not capable of conclusively revealing whether or not any Luxembourg or other Insolvency Proceedings have been initiated and the corporate
documents of the Company (including, but not limited to, a notice of a winding-up order or resolution or the notice of the appointment of a receiver, manager, administrator or administrative receiver) may not be held at the Luxembourg RCS
immediately and there may be a delay in the relevant notice appearing on the file of the Company. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. We have
undertaken no responsibility to notify any Addressee of this opinion or any other person of any change in the laws of Luxembourg or their construction or application after the date of this opinion, or of any matter coming to our knowledge and
occurring after the date hereof which could affect this opinion in any respect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this opinion Luxembourg legal concepts are
expressed in English terms and not in their original French terms. The concepts concerned may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. This opinion may, therefore, only
be relied upon under the express condition that this opinion and any issues of interpretation arising thereunder be governed by Luxembourg law and be subject to the jurisdiction of the Luxembourg courts. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This opinion is addressed to the Addressees solely for their benefit and only in connection with the offering of the Securities and the
entry into of the Transaction Documents. It is not to be transmitted to anyone else nor is it to be relied upon by anyone else or for any other purpose or in connection with any other matter or be quoted or referred to in any public document or
filed with anyone without our express prior written consent. Notwithstanding the foregoing, a copy of this opinion may be furnished to the Trustee in its capacity as such, and may be relied upon by the trustee in its capacity as such (subject to all
of the assumptions and qualifications set forth herein). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">D-5
</FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>d303281dex43.htm
<DESCRIPTION>FIFTH SUPPLEMENTAL INDENTURE
<TEXT>
<HTML><HEAD>
<TITLE>Fifth Supplemental Indenture</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 4.3 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:60px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ArcelorMittal </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Fifth Supplemental Indenture </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated as of February&nbsp;28, 2012 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">HSBC BANK USA, NATIONAL ASSOCIATION </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Trustee </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Supplement to Indenture dated as of May&nbsp;20, 2009 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>TABLE OF CONTENTS </U></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">P<SMALL>AGE</SMALL></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE I DEFINITIONS; GENERAL</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>ECTION</SMALL>&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<I>P<SMALL>ROVISIONS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL>
I<SMALL>NDENTURE</SMALL></I><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>ECTION</SMALL>&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<I>D<SMALL>EFINITION</SMALL> <SMALL>OF</SMALL>
T<SMALL>ERMS</SMALL></I><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE II GOVERNING LAW</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>ECTION</SMALL>&nbsp;1.13.&nbsp;&nbsp;&nbsp;&nbsp;<I>G<SMALL>OVERNING</SMALL>
L<SMALL>AW</SMALL></I><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE III MISCELLANEOUS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>ECTION</SMALL>&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<I>S<SMALL>EPARABILITY</SMALL>
C<SMALL>LAUSE</SMALL></I><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>ECTION</SMALL>&nbsp;4.2<I>&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>RUSTEE</SMALL></I><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>ECTION</SMALL>&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<I>C<SMALL>OUNTERPARTS</SMALL></I><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">FIFTH SUPPLEMENTAL INDENTURE, dated as of February&nbsp;28, 2012 (this &#147;Fifth
Supplemental Indenture&#148;), between ArcelorMittal, a <I>soci&eacute;t&eacute; anonyme</I> incorporated under Luxembourg law (hereinafter called the &#147;Company&#148;), and HSBC Bank USA, National Association (hereinafter called the
&#147;Trustee&#148;) under the Indenture, dated as of May&nbsp;20, 2009 (the &#147;Base Indenture&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RECITALS:
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Base Indenture, pursuant to Section&nbsp;9.01, provides that the Company and the Trustee may, without the
consent of any Holder of Securities, at any time and from time to time, enter into one or more indentures supplemental thereto, in form satisfactory to the Trustee for any of the purposes provided in Section&nbsp;9.01, including to cure any
ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Company desires by this Fifth Supplemental Indenture to clarify that certain provisions of Luxembourg law regarding Holders&#146; meetings, rights and actions do not apply to the Securities
and therefore to cure a possible ambiguity in the Base Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Company has delivered to the Trustee an
Opinion of Counsel and an Officers&#146; Certificate pursuant to Sections 1.02 and 9.03 of the Base Indenture to the effect that all conditions precedent provided for in the Base Indenture relating to the Trustee&#146;s execution and delivery of
this Fifth Supplemental Indenture have been complied with and the execution of this Fifth Supplemental Indenture is permitted by the Base Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Company has requested that the Trustee execute and deliver this Fifth Supplemental Indenture, and all acts and things necessary have been done and performed to make this Fifth Supplemental
Indenture enforceable in accordance with its terms, and the execution and delivery of this Fifth Supplemental Indenture has been duly authorized in all respects; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, the Company and the Trustee agree as follows: </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE I
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DEFINITIONS; GENERAL </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<I>Provisions of the Indenture</I>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except insofar as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Base Indenture shall
remain in full force and effect. The Base Indenture, as amended and supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed and shall apply to all Outstanding Securities issued under the Base Indenture on or
after the date hereof, and the Base Indenture and this Fifth Supplemental Indenture shall be read, taken and considered as one and the same instrument for all purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition of Terms</I>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For all
purposes of this Fifth Supplemental Indenture, except as otherwise expressly provided or unless the subject matter or context otherwise requires (including for purposes of the Recitals): </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) a term defined in the Base Indenture has the same meaning when used in this Fifth Supplemental Indenture unless otherwise specified
herein; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) a term defined anywhere in this Fifth Supplemental Indenture has the same meaning throughout; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) the singular includes the plural and vice versa; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) headings are for convenience of reference only and do not affect interpretation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE II </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>GOVERNING LAW </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1.13 of the Base Indenture is hereby deleted
in its entirety and replaced with the following: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Section&nbsp;1.13.<I> Governing Law.</I> THIS INDENTURE AND THE
SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. For the avoidance of doubt, the provisions of article 86 to 94-8 of the Luxembourg law of August&nbsp;10, 1915 on commercial companies, as amended,
do not apply to the Securities.&#148; </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE III </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MISCELLANEOUS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<I>Separability Clause.</I> In case any provision of this Fifth Supplemental Indenture shall be invalid, illegal, unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<I>Trustee</I>. The Trustee accepts the trusts created by this Fifth Supplemental Indenture upon
the terms and conditions set forth in the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture, except that the Trustee represents that it is duly authorized to execute and deliver
this Fifth Supplemental Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts</I>. This Fifth Supplemental
Indenture may be executed in any number of separate counterparts each of which shall be an original for all purposes; but such separate counterparts shall together constitute but one and the same instrument. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed by their respective officers
thereunto duly authorized, on the day and year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARCELORMITTAL</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;Thierry Royer</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Thierry Royer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Finance Special Proxy Holder</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;Henk Scheffer</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Henk Scheffer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Finance Special Proxy Holder</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;Ignazio Tamburello</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Ignazio Tamburello</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Vice President</FONT></P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d303281dex51.htm
<DESCRIPTION>OPINION OF ELVINGER, HOSS & PRUSSEN
<TEXT>
<HTML><HEAD>
<TITLE>&lt;![CDATA[Opinion of Elvinger, Hoss &amp; Prussen]]&gt;</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 5.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ELVINGER, HOSS&nbsp;&amp; PRUSSEN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AVOCATS A LA COUR </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">19, Avenue de la Libert&eacute; </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">L-2930 Luxembourg </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Luxembourg, 28&nbsp;February 2012 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">O/Ref.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">PH/trn</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re :</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registration Statement Form F-3 (Debt Securities)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1. We have acted as your counsel with respect to Luxembourg law in connection with the filing by ArcelorMittal, a <I>soci&eacute;t&eacute; anonyme</I> incorporated under the laws of Luxembourg with
registered office at 19, Avenue de la Libert&eacute;, L-2930 Luxembourg and registered with the Luxembourg <I>Registre de Commerce et des Soci&eacute;t&eacute;s</I> (the &#147;<B>RCS</B>&#148;) under number R.C.S. Luxembourg B&nbsp;82454 (the
&#147;<B>Company</B>&#148;), of a registration statement on Form&nbsp;F-3 (the &#147;<B>Registration Statement</B>&#148;) filed on even date herewith with the United States Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;)
pursuant to the United States Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;) relating to the offering from time to time, together or separately and in one or more series (if applicable) of unsecured Debt Securities (the
&#147;<B>Debt Securities</B>&#148;), and have been asked to provide the present opinion to be filed as an exhibit to the Registration Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. The Debt Securities will be issued under an indenture dated as of May&nbsp;20, 2009 (the &#147;<B>Base Indenture</B>&#148;) as supplemented by the fifth supplemental indenture, dated as of February 28,
2012 (the &#147;<B>Fifth Supplemental Indenture</B>&#148;) in each case entered into between the Company and HSBC Bank USA, National Association, as trustee (the &#147;<B>Trustee</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3. For the purpose of this opinion, we have reviewed the following documents: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an e-mailed copy of the Registration Statement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a copy of the executed Base Indenture; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a copy of the executed Fifth Supplemental Indenture; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a copy of the consolidated articles of association of the Company as at January&nbsp;25, 2011 (the &#147;<B>Articles</B>&#148;); </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an e-mailed scanned certificate issued by the Company Secretary of the Company together with another authorised representative of the Company dated February 22, 2012,
certifying that on February&nbsp;6, 2012, the board of directors of the Company (the &#147;<B>Board of Directors</B>&#148;) has authorized an envelope of USD&nbsp;5 billion (five billion US dollars) or its equivalent in order to raise funds in the
debt capital markets, in particular via public and/or private issuances, in various currencies and markets: Europe, North America (Canada and U.S.), Brazil or Japan and consequently the signature by the Company of any agreements or documents as
necessary for the proper implementation of the above mentioned authorisation (the &#147;<B>Officers&#146; Certificate</B>&#148;); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an electronic <I>certificat de non-inscription d&#146;une decision judiciaire</I> (certificate as to the non-inscription of a court decision) issued by the RCS on
February&nbsp;28, 2012 (the &#147;<B>RCS Certificate</B>&#148;) certifying that as of February&nbsp;27, 2012 no court decision as to <I>inter alia</I> the <I>faillite</I> (bankruptcy), <I>concordat pr&eacute;ventif de faillite</I> (moratorium),
<I>gestion contr&ocirc;l&eacute;e</I> (controlled management), <I>sursis de paiement</I> (suspension of payments) or <I>liquidation judiciaire</I> (compulsory liquidation), and no foreign court decision as to </FONT></TD></TR></TABLE>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2, place Winston Churchill - B.P. 425 - L 2014 Luxembourg - T
(352) 44 66 44 0 - F (352) 44 22 55 - www.ehp.lu </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
<I>faillite</I>, <I>concordat</I> or other analogous procedures according to Council Regulation (EC) n&deg;1346/2000 of 29&nbsp;May 2000 on insolvency proceedings (&#147;<B>Regulation
1346/2000</B>&#148;) is filed with the RCS in respect of the Company ; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an electronic extract issued by the RCS in relation to the Company dated February&nbsp;28, 2012 (the &#147;<B>Extract</B>&#148;). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Capitalized defined terms used herein shall have the meaning given thereto herein. The documents listed above under paragraphs
(i)&nbsp;to (vii)&nbsp;are hereinafter referred to as the &#147;<B>Corporate Documents</B>&#148;. The Corporate Documents, the form of the Base Indenture, the Fifth Supplemental Indenture and the Registration Statement are hereinafter referred to as
the &#147;<B>Documents</B>&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. We have made an enquiry on the website of the Bar of Luxembourg (<I>Barreau de Luxembourg</I>)
(<U>www.barreau.lu</U>) on February&nbsp;28, 2012 at 7:50 a.m. (CET) as to whether bankruptcy proceedings against the Company have been filed with the court in Luxembourg and we have made an electronic company search on the Company on the website of
the RCS on February&nbsp;28, 2012 at 7:51 a.m. CET (the &#147;Company Search&#148;). Our enquiries showed that no bankruptcy procedure had been filed to that time and we have received the RCS Certificate. It should be noted that such searches are
subject to the disclaimers on the relevant websites and are not capable of revealing whether a writ has been served on the Company but has not yet been enrolled with the court and thus we cannot opine thereon or as to whether a writ commencing any
such proceeding has been served on the Company but has not yet been enrolled with the court. The search at the RCS showed further that as at its date no compulsory liquidation procedure is pending in relation to the Company. It should be noted that
notice of a winding-up order or a resolution to that effect passed may not be filed with the RCS immediately or may, even though filed, not be published on the website of the RCS immediately. Thus, we cannot opine as to whether any liquidation
procedure has been initiated but not yet filed and published with the RCS. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. We have assumed that all copies of documents that we have
reviewed conform to the originals, that all originals are genuine and complete and that each signature is the genuine signature of the individual identified as signatory on the document. In addition, we have assumed and have not verified
(i)&nbsp;the accuracy as to factual matters of each document we have reviewed, and (ii)&nbsp;that the Debt Securities will conform to the form thereof that we have reviewed and (iii)&nbsp;that the Debt Securities will be duly authenticated in
accordance with the terms of the Base Indenture, as supplemented by the Fifth Supplemental Indenture. We have also assumed that the statements made in the Officers&#146; Certificate are a true record of the proceedings and facts described therein,
and that the resolutions described in the Officers&#146; Certificate were validly passed in a duly convened and constituted meeting of the Board of Directors and that such resolutions are and remain in full force and effect without modification and
have not been amended, rescinded or terminated and that the information contained therein is true, complete and accurate at the date of this opinion. We have furthermore assumed that the Articles have not been amended. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. This opinion is confined to matters of Luxembourg law (as defined below). Accordingly, we express no opinion with regard to any system of law other
than the laws of Luxembourg as they stand as of the date hereof and as such laws as of the date hereof have been interpreted in published case law of the courts of Luxembourg (&#147;<B>Luxembourg law</B>&#148;). This opinion speaks as of its date
and no obligation is assumed to update this opinion or to inform any person of any changes of law or other matters coming to our knowledge and occurring after the date hereof, which may affect his opinion in any respect. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. On the basis of the above assumptions and subject to the qualifications set out below, having considered the Documents listed above and having regard
to all relevant laws of Luxembourg, we are of the opinion that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is a public limited liability company (<I>soci&eacute;t&eacute; anonyme</I>) duly incorporated and existing in Luxembourg. The Company possesses the
capacity to be sued and to sue in its own name. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has all the necessary corporate power and authority to issue and deliver the Debt Securities within the limits of, and subject to other
utilisations of, the authorised envelope referred to in the Officers&#146; Certificate, and if and when an actual issue of Debt Securities and the execution and delivery on behalf of
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Company of any agreements or documents as necessary for such an issue shall have been approved by appropriately authorised officers of the Company, the Company shall have taken all necessary
corporate action, and no other action will required to be taken, to authorise the issuance and delivery of the Debt Securities (provided that the Debt Securities are not convertible or exchangeable for shares or other equity securities of the
Company). </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We express no opinion on the legality, validity or enforceability of the Debt Securities under the laws of New York. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. This opinion is subject to any limitations arising from bankruptcy, insolvency, liquidation, moratorium, reorganisation and other laws of general
application relating to or affecting the rights of creditors. Insofar as the foregoing opinions relate to the existence of the Company, they are based solely on the Articles, the Extract and the searches described above in section 4. However such
searches are not capable of conclusively revealing whether or not any bankruptcy (<I>faillite</I>), compulsory liquidation (<I>liquidation judiciaire</I>), re-organization, reconstruction or reprieve from payment (<I>sursis de paiement)</I>
proceedings, controlled management (<I>gestion contr&ocirc;l&eacute;e</I>) or composition with creditors (<I>concordat</I>) proceedings or voluntary dissolution and dissolution and liquidation proceedings have been initiated and the relevant
corporate documents (including, but not limited to, the notice of a winding-up order or resolution, notice of the appointment of a receiver, manager, administrator or administrative receiver) may not be held at the RCS and there may be a delay in
the relevant notice appearing on the files of the relevant party. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. This opinion speaks as of its date and is strictly limited to the
matters stated herein and does not extend to, and is not to be read as extending by implication to, any other matters. In this opinion Luxembourg legal concepts are translated into English terms and not in their original French terms used in
Luxembourg laws. The concepts concerned may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. This opinion is governed by Luxembourg law and the Luxembourg courts shall have
exclusive jurisdiction thereon. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the
use of our name in the Registration Statement and the related prospectus and prospectus supplement under the heading &#147;Validity of Securities,&#148; as counsel for the Company. In giving this consent, we do not thereby admit that we are experts
with respect to any part of the Registration Statement, including this Exhibit 5.1, within the meaning of the term &#147;expert&#148; as used in the United States Securities Act or the rules and regulations of the Commission thereunder. The opinions
expressed herein are rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that
might affect the opinion expressed herein. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yours faithfully,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">ELVINGER, HOSS&nbsp;&amp; PRUSSEN</FONT></TD></TR>
<TR>
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Philippe Hoss</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philippe Hoss</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>d303281dex52.htm
<DESCRIPTION>OPINION OF CLEARY GOTTLIEB STEEN & HAMILTON LLP
<TEXT>
<HTML><HEAD>
<TITLE>&lt;![CDATA[Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP]]&gt;</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 5.2 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;28, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ArcelorMittal </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">19, avenue de la Libert&eacute; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">L-2930 Luxembourg </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Grand Duchy of Luxembourg </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and
Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have acted as special United States counsel to ArcelorMittal, a <I>soci&eacute;t&eacute; anonyme</I> organized
under the laws of Luxembourg (the &#147;Company&#148;), in connection with the preparation and filing with the Securities and Exchange Commission (the &#147;Commission&#148;) of a registration statement on Form F-3 (the &#147;Registration
Statement&#148;) relating to the offering from time to time, together or separately and in one or more series (if applicable) of unsecured Debt Securities (the &#147;Debt Securities&#148;). The Debt Securities being registered under the Registration
Statement will be offered on a continuous or delayed basis pursuant to the provisions of Rule&nbsp;415 under the United States Securities Act of 1933, as amended (the &#147;Securities Act&#148;). Unless otherwise provided in any prospectus
supplement forming a part of the Registration Statement relating to a particular series of Debt Securities, the Debt Securities are to be issued under an indenture dated as of May&nbsp;20, 2009 (the &#147;Base Indenture&#148;), as supplemented by a
fifth supplemental indenture dated as of February 28, 2012 (the &#147;Fifth Supplemental Indenture&#148; and together with the Base Indenture, the &#147;Indenture&#148;), each entered into between the Company and HSBC Bank USA, National Association,
as trustee (the &#147;Trustee&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In arriving at the opinions expressed below, we have reviewed the following documents:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Registration Statement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a copy of the executed Base Indenture, including the form of the Debt Securities, and a copy of the executed Fifth Supplemental Indenture. </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> ArcelorMittal, p.
 2
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, we
have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such corporate records of the Company and such other instruments and other certificates of public officials, officers and representatives of the
Company and such other persons, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinions expressed below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In rendering the opinions expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies. In
addition, we have assumed and have not verified (i)&nbsp;the accuracy as to factual matters of each document we have reviewed, and (ii)&nbsp;that the Debt Securities will conform to the forms thereof that we have reviewed and will be duly
authenticated in accordance with the terms of the Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on the foregoing, and subject to the further assumptions
and qualifications set forth below, it is our opinion that when the Debt Securities have been duly executed and authenticated in accordance with the Indenture, the Debt Securities will be the valid, binding and enforceable obligations of the
Company, entitled to the benefits of the Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Insofar as the foregoing opinions relate to the validity, binding effect
or enforceability of any agreement or obligation of the Company, (a)&nbsp;we have assumed that the Company and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to it to the extent necessary
to make such agreement or obligation enforceable against it (except that no such assumption is made as to the Company regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience
normally would be applicable to general business entities with respect to such agreement or obligation), (b)&nbsp;such opinions are subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and to
general principles of equity and (c)&nbsp;such opinions are subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors&#146; rights. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have further assumed that (i)&nbsp;the Registration Statement will be effective and will comply with all applicable laws at the time
the Debt Securities are offered or issued as contemplated by the Registration Statement, and (ii)&nbsp;the Company will establish the final terms and conditions of the offering and issuance of the Debt Securities and will enter, together with the
Trustee, into any necessary supplemental indenture relating to such Debt Securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note that the designation in
Section&nbsp;1.14 of the Base Indenture of the U.S. federal courts sitting in New York City as the venue for actions or proceedings relating to the Indenture (notwithstanding the waiver in Section&nbsp;1.14) is subject to the power of such courts to
transfer actions pursuant to 28 U.S.C. &#167;1404(a) or to dismiss such actions or proceedings on the grounds that such a federal court is an inconvenient forum for such an action or proceeding. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing opinions are limited to the federal law of the United States of America and the law of the State of New York. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hereby consent to the filing of this opinion as Exhibit 5.2 to the Registration Statement and to the reference to this firm in the
prospectus constituting a part of the </FONT></P> <P><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> ArcelorMittal, p.
 3
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registration
Statement and in any prospectus supplements thereto under the heading &#147;Validity of Securities&#148; as counsel for the Company who have passed on the validity of the Debt Securities being registered by the Registration Statement. In giving such
consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this Exhibit, within the meaning of the term &#147;expert&#148; as used in the United States Securities Act of 1933, as amended,
or the rules and regulations of the Commission thereunder. The opinions expressed herein are rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations, as to any legal
developments or factual matters arising subsequent to the date hereof that might affect the opinion expressed herein. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">CLEARY GOTTLIEB STEEN&nbsp;&amp; HAMILTON LLP</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Gamal M. Abouali&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gamal M. Abouali, a Partner</FONT></TD></TR>
</TABLE></DIV> <P><FONT SIZE="1">&nbsp;</FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>d303281dex121.htm
<DESCRIPTION>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML><HEAD>
<TITLE>Computation of ratio of earnings to fixed charges</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 12.1 </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year Ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B><I>(Dollars in millions, except ratios)</I><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008*</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expensed and capitalized</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,606</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,881</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,839</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest portion of rental obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total fixed charges (A)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,094</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,672</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,042</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pretax income from continuing operations before adjustment for non controlling interests in consolidated
subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,680</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,856</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,261</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,355</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,888</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Income allocable to non-controlling interest in consolidated entities that have not incurred fixed charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(993</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Undistributed earnings of equity investees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(228</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(303</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">167</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,443</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(816</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fixed charges, excluding capitalized interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,087</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,672</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,041</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Earnings-pretax income with applicable adjustments (B)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,543</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,136</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,098</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,960</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratio of (B)&nbsp;to (A)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(1.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Note</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As required by IFRS, the 2008 information has been adjusted retrospectively for the finalization in 2009 of the allocation of purchase price of acquisitions made in
2008 </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Due to the ArcelorMittal&#146;s pretax loss in 2009, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $4,051
million to achieve a coverage of 1:1 for 2009. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #000000">&nbsp;</P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>d303281dex231.htm
<DESCRIPTION>CONSENT OF DELOITTE AUDIT
<TEXT>
<HTML><HEAD>
<TITLE>Consent of Deloitte Audit</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 23.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We consent to the incorporation
by reference in this Registration Statement on Form F-3 of our reports dated February&nbsp;20, 2011, 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, appearing in the Annual Report on Form 20-F of ArcelorMittal for the year ended December&nbsp;31, 2011, and to the reference to us under the heading &#147;Experts&#148; in the
Prospectus, which is part of the Registration Statement. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Deloitte Audit</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Luxembourg, Grand Duchy of Luxembourg</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;27, 2012</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>8
<FILENAME>d303281dex234.htm
<DESCRIPTION>CONSENT OF MARSHALL MILLER & ASSOCIATES, INC.
<TEXT>
<HTML><HEAD>
<TITLE>&lt;![CDATA[Consent of Marshall Miller &amp; Associates, Inc.]]&gt;</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 23.4 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g303281g56p87.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONSENT OF MARSHALL MILLER &amp; ASSOCIATES, INC. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hereby consent to (a) being named in the Annual Report on Form 20-F of ArcelorMittal for the year ended December 31, 2011 (the &#147;2011 20-F&#148;)
as having prepared certain coal reserve estimates and (b) the incorporation by reference of the 2011 20-F into this Registration Statement on Form F-3. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">MARSHALL MILLER &amp; ASSOCIATES, INC.</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Peter Lawson</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peter Lawson</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lewisburg, West Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 8, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ J. Scott Nelson</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">J. Scott Nelson, C.P.G.</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Blacksburg, Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 8, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ George J. Oberlick</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">George J. Oberlick, P.E.</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Charleston, West Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 8, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Justin S. Douthat</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Justin S. Douthat, P.E., M.B.A.</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director of Engineering Services</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bluefield, Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 8, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g303281g32v12.jpg" ALT="LOGO">
 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>9
<FILENAME>d303281dex251.htm
<DESCRIPTION>STATEMENT OF ELIGIBILITY OF TRUSTEE ON FORM T-1
<TEXT>
<HTML><HEAD>
<TITLE>Statement of Eligibility of Trustee on Form T-1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 25.1 </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE
COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM T-1 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>STATEMENT OF
ELIGIBILITY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>UNDER THE TRUST INDENTURE ACT OF 1939 OF A </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CORPORATION DESIGNATED TO ACT AS TRUSTEE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>HSBC Bank USA,
National Association </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of trustee as specified in its charter) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>N/A</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>20-1177241</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Jurisdiction of incorporation or</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>organization if not a U.S. national bank)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1800 Tyson&#146;s Boulevard, Ste 50</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>McLean, VA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>22102</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Thomas Musarra, SVP </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>HSBC Bank USA, National Association </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>452 Fifth Avenue </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>New York, New York 10018-2706 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Tel: (212)&nbsp;525-1311 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Name, address and telephone number of agent
for service) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARCELORMITTAL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Exact name of obligor as specified in its charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GRAND DUCHY OF LUXEMBOURG</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>of incorporation or organization)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>19, Avenue de la Liberte</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>L-2930 Luxembourg</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Grand Duchy Luxembourg</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Title of Indenture Securities) </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">General </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Item&nbsp;1. <U>General
Information.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furnish the following information as to the trustee: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Name and address of each examining or supervisory authority to which it is subject. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Comptroller of the Currency, New York, NY. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Federal Deposit Insurance Corporation, Washington, D.C. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Board of Governors of
the Federal Reserve System, Washington, D.C. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Whether it is authorized to exercise corporate trust powers. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Item&nbsp;2.
<U>Affiliations with Obligor.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the obligor is an affiliate of the trustee, describe each such affiliation. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">None. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Items 3-15.
&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </FONT></P> <P><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Item&nbsp;16. <U>List of Exhibits</U> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="70%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000;width:25pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(i)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Copy of the Articles of Association of HSBC Bank USA, National Association.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(ii)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certificate of the Comptroller of the Currency dated July 1, 2004 as to the authority of HSBC Bank USA, National Association to commence business.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(iii)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Certificate of Fiduciary Powers dated August 18, 2004 for HSBC Bank USA, National Association.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(iv)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Copy of the existing By-Laws of HSBC Bank USA, National Association.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(v)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(vi)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of HSBC Bank USA, National Association required by Section 321(b) of the Trust Indenture Act of 1939.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(vii)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Copy of the latest report of condition of the trustee</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">( June 30, 2011), published pursuant to law or the requirement of its supervisory or examining authority.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(viii)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">T1A(ix)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits previously filed with the Securities and Exchange Commission with Registration No.&nbsp;333-118523 and incorporated herein by reference thereto.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits previously filed with the Securities and Exchange Commission with Registration No.&nbsp;333-125197 and incorporated herein by reference thereto.
</FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SIGNATURE </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, HSBC Bank USA, National Association, a national banking association organized and existing under the laws of the United States
of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York and State of New York on the 4</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> day of November, 2011. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">HSBC BANK USA, NATIONAL ASSOCIATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Ignazio Tamburello</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ignazio Tamburello</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice
President</FONT></P></TD></TR>
</TABLE></DIV> <P><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit T1A (vii) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">Board of Governors of the Federal Reserve System</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">OMB Number: 7100-0036</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">Federal Deposit Insurance Corporation</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">OMB Number: 3064-0052</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office of the Comptroller of the Currency</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">OMB Number: 1557-0081</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Federal Financial Institutions Examination Council</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Expires March&nbsp;31, 2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please refer to page i,</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ROWSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Table of Contents, for</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the required disclosure</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">of estimated burden.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Consolidated Reports of Condition and Income for </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>A Bank With Domestic and Foreign Offices&#151;FFIEC 031 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="25%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>&nbsp;&nbsp;(20040630)</U></B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">(RCRI 9999)</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Report at the close of business
June&nbsp;30, 2011 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This report is required by law; 12 U.S.C. &#167;324 (State member banks); 12 U.S.C. &#167; 1817 (State nonmember banks); and 12 U.S.C. &#167;161 (National banks).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This report form is to be filed by banks with branches and consolidated subsidiaries in U.S. territories and possessions,
Edge or Agreement subsidiaries, foreign branches, consolidated foreign subsidiaries, or International Banking Facilities.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Reports of Condition and Income are to be prepared in accordance with Federal regulatory authority instructions.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE: The Reports of Condition and Income must be signed by an
authorized officer and the Report of Condition must be attested to by not less than two directors (trustees) for State nonmember banks and three directors for State member and National Banks.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="3"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We, the undersigned directors (trustees), attest to
the correctness of this Report of Condition (including the supporting schedules) and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate
Federal regulatory authority and is true and correct.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">I,&nbsp;&nbsp;&nbsp;John&nbsp;T.&nbsp;McGinnis, CFO</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name&nbsp;and&nbsp;Title&nbsp;of&nbsp;Officer&nbsp;Authorized&nbsp;to&nbsp;Sign&nbsp;Report</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Of the named bank do hereby declare that these Reports of Condition and Income
(including the supporting schedules) have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and believe.</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ John T. McGinnis</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Signature of Officer Authorized to Sign Report</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8/4/2011</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" align="left"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Date of Signature</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT
STYLE="font-family:Times New Roman" SIZE="2">/s/ Irene Dorney</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director (Trustee)</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Niall Booker</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director (Trustee)</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Richard Jalkut</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director (Trustee)</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Submission of Reports</B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each Bank must prepare its Reports of Condition and Income either:</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) in electronic form and then file the
computer data file directly with the banking agencies&#146; collection agent, Electronic Data System Corporation (EDS), by modem or computer diskette; or</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">b) in hard-copy (paper) form and arrange for another party to convert the paper report to automated for. That
party (if other than EDS) must transmit the bank&#146;s computer data file to EDS.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:38px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For electronic filing assistance, contact EDS Call report
Services, 2150 N. Prospect Ave., Milwaukee, WI 53202, telephone (800) 255-1571.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">To fulfill the signature and attestation requirement for the Reports of Condition and Income for this report date, attach this signature page to the hard-copy f the completed report that the bank places
in its files.</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">FDIC Certificate Number</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;7&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;8&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;9&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;0&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>http://WWW.BANKING.US.HSBC.COM</U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Primary Internet Web Address of Bank (Home Page), if any (TEXT 4087)</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Example:
www.examplebank.com)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">HSBC Bank USA, NATIONAL ASSOCIATION</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Legal Title of Bank (TEXT 9010)</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT
STYLE="font-family:Times New Roman" SIZE="2">McLean</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">City (TEXT 9130)</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA
&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;22102</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">State Abbrev. (TEXT 9200)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZIP Code (TEXT 9220)</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the
Comptroller of the Currency </FONT></P> <P><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REPORT OF CONDITION </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consolidated domestic subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">HSBC Bank USA, National Association</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">of Buffalo</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name of Bank</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">City</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">in the state of New York, at the close of business</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>June&nbsp;30, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="2"><B>0000000000000000</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="2"><B>0000000000000000</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Thousands&nbsp;of&nbsp;dollars</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ASSETS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and balances due from depository institutions:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">a. Non-interest-bearing balances currency and coin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,543,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">b. Interest-bearing balances</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28,483,841</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Held-to-maturity securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,144,710</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Available-for-sale securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,393,256</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Federal funds sold and securities purchased under agreements to resell:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">a. Federal funds sold in domestic offices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">b. Securities purchased under agreements to resell</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,292,755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loans and lease financing receivables:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loans and leases held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,572,613</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loans and leases net of unearned income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,825,493</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">LESS: Allowance for loan and lease losses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,459,722</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loans and lease, net of unearned income, allowance, and reserve</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,365,771</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trading assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,935,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Premises and fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">504,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other real estate owned</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">213,244</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investments in unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Customers&#146; liability to this bank on acceptances outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,886</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Intangible assets: Goodwill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,035,445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Intangible assets: Other intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">390,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,196,154</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>195,101,367</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LIABILITIES</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deposits:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">In domestic offices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98,701,717</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-interest-bearing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,929,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest-bearing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74,771,779</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">In foreign offices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,012,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-interest-bearing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,698,099</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest-bearing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,314,411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Federal funds purchased and securities sold under agreements to repurchase:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">a. Federal funds purchased in domestic offices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">387,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">b. Securities sold under agreements to repurchase</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,463,487</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="2"><B>0000000000000000</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="2"><B>0000000000000000</B></FONT></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trading Liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,565,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other borrowed money</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,351,225</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bank&#146;s liability on acceptances</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">NA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subordinated notes and debentures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,141,384</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,970,088</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">176,594,031</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minority Interests in consolidated Subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EQUITY CAPITAL</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Perpetual preferred stock and related surplus</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Surplus</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,055,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Retained earnings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,327,192</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accumulated other comprehensive income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">122,838</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other equity capital components</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total equity capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,507,336</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities, minority interests and equity capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">195,101,367</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g303281g32v12.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g303281g32v12.jpg
M_]C_X0`817AI9@``24DJ``@``````````````/_L`!%$=6-K>0`!``0```!D
M``#_X00B:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+P`\/WAP86-K970@
M8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"(_/B`\
M>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!
M9&]B92!835`@0V]R92`U+C`M8S`V,"`V,2XQ,S0W-S<L(#(P,3`O,#(O,3(M
M,3<Z,S(Z,#`@("`@("`@("(^(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO
M+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^(#QR9&8Z
M1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM;&YS.GAM<$U-/2)H='1P.B\O
M;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(B!X;6QN<SIS=%)E9CTB:'1T<#HO
M+VYS+F%D;V)E+F-O;2]X87`O,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(@>&UL
M;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(B!X;6QN<SID
M8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B('AM<$U-.D1O
M8W5M96YT240](GAM<"YD:60Z,S8V0SA%.#DU1$$X,3%%,3@P-$%%.#-"-D5%
M,#,Q,S4B('AM<$U-.DEN<W1A;F-E240](GAM<"YI:60Z,S8V0SA%.#@U1$$X
M,3%%,3@P-$%%.#-"-D5%,#,Q,S4B('AM<#I#<F5A=&]R5&]O;#TB4%-C<FEP
M=#4N9&QL(%9E<G-I;VX@-2XR+C(B/B`\>&UP34TZ1&5R:79E9$9R;VT@<W12
M968Z:6YS=&%N8V5)1#TB=75I9#HT,F)D96-C8BUC9&,P+31C-F,M.38U,RTP
M8C8X,30W-#`W-F4B('-T4F5F.F1O8W5M96YT240](G5U:60Z-64Y83<W-#`M
M9C4W,RTT-#!C+6$V.#4M,3(R9#8V,S%D8F-B(B\^(#QD8SIC<F5A=&]R/B`\
M<F1F.E-E<3X@/')D9CIL:3YT86YN86UA;&%I/"]R9&8Z;&D^(#PO<F1F.E-E
M<3X@/"]D8SIC<F5A=&]R/B`\9&,Z=&ET;&4^(#QR9&8Z06QT/B`\<F1F.FQI
M('AM;#IL86YG/2)X+61E9F%U;'0B/DUI8W)O<V]F="!7;W)D("T@17AH:6)I
M="`R,RXT('1O($9O<FT@1BTS+F1O8SPO<F1F.FQI/B`\+W)D9CI!;'0^(#PO
M9&,Z=&ET;&4^(#PO<F1F.D1E<V-R:7!T:6]N/B`\+W)D9CI21$8^(#PO>#IX
M;7!M971A/B`\/WAP86-K970@96YD/2)R(C\^_^T`2%!H;W1O<VAO<"`S+C``
M.$))300$```````/'`%:``,;)4<<`@```@`"`#A"24T$)0``````$/SA'XG(
MM\EX+S1B-`=8=^O_[@`.061O8F4`9,`````!_]L`A``!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`@("`@("`@("`@(#`P,#
M`P,#`P,#`0$!`0$!`0(!`0("`@$"`@,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P/_P``1"``0`?D#`1$``A$!`Q$!
M_\0`E````@("`P$!````````````!P@%!@0)``$#`@H!``,``P$!````````
M``````0%!@`#!P(!$``!!0$!``$$`@$$`04!```&`@,$!0<!"`D`$1(3%!46
M(3$C)!@R)975%U@1``,!``("`00"`@$"!`<!``$"`P02!1$3!@`A(A0C!S$5
M,C,D04(E%U&1DM)#518T_]H`#`,!``(1`Q$`/P#]_'UGUGUSZSZSZ7WU3L=K
MY_\`/VG;#1U-9>6H-0?VT*JN)#T6LEO*FQ8G$S'V'6'4,HY)ZKOV<;^_V^W5
M)Y_KR2^:_(=/QGID[#*DWL^W)#\_^*C3HG`N?R0'@*%@"Z`D>"ZC[A9WN]NH
M^.]GW<U#UP=9KU*A)`=L\*65"0"0&*`$@$@'R!]:R+7Y4-&%YH="M<J$B>O+
M*()<<,!>RD\IAXM,]"LA>$/D4&KOS5%=%DT=1(>CR>6#O.S.-M.)1QWGVG6^
M>[9[CU[9IMR&+U65B94:Z:::)^1R"4E.'.8YLK\++SY*H/+(?V;OETN3N=N>
M-<VB6KV-$_:%9TS3RBBK2Q]=J7$W</YFS2)4(6(J4'Y5-VN<]%"L>RS/R2^*
MR6YA*&1J'>$ME0T-"&DQ9.FR*J@.[&WL$\Y1);<D.M5W8S2EN]C.?C^'T%C^
M>]WJZ'K^XEGC7WY#IT%%9DC/SC"ARE:"2^=)\V9J?\!RBGD^`=7]G?(139GZ
M[+"VR7>O@E)5:E&28UDTX)?G5O&8>5XQ\<_MS\#Z8`7^0;3C#4Q3/:K-0=F0
M:HMJ&LIU$4RQ(*(FJ<]K#:,4DG84A*DYB33)RX%=.CPG$JZRIQ;W.\_5]4K_
M`"?8W=;>JRSE3UX]FF7@GS%<-65X[2"?7?3%&KF\*LW#3\._+Q]/\']@=AK[
M#!DMFE+]FV;.Z<BU333`577$<@6P3HPA1PKT6BNKA./U=2CW,=T7C(O]4KSL
M1J+1RUD4F9A%Z42?XEI/@6KHW*X6$3+$:!5)D7U;.XQ]E--_QVF^K<XMSB>9
M\O\`E&SXW\;P]O*4F[#L*R=).2!//<"DP[#QST+`\W5#X+-QF'92&;8_F&S3
M\7[?Y):$8)URUG,/3PM;YW]-6=_`64&OY$BY\A%\T9>0('6[?)Q89-Y[\P;X
M.9Y4Z'4[7(F1C:!0S[=UT6<@CCDE_M"RY%C3)_ZRI;$-:9"$*2R[^?.=[]N]
M`^>?.K_$^RPY^MR-LP]CUNB\G'G_`*RR1LJG_'\5:L9N_@,H'DJI\J%O_N%1
M/Z]S_-S%+.F_/#9.7)O5-G==+3!_)GD%!5?N&)^S,OAB#HWR]:I%#1$PN?/5
M1):L`GI>:U0]=W,VX$XO0-TD=E(@+B==L(57=N1V)B4_\K<5;CO/OUOO.B]E
M\_V=9HM.V53GEF+-12Q6=C',TQ0`>?4UK-$NOW4^MC]BQ`/7_P!C]Q?IL7;:
MNM(I:H-XJQ]T\_NTK2B*?(>DH06[3\_<>P*20H,DS\J>OVE7J%I39SFLN:(6
M`Y1BXI'E6%C>D%D1%0<.1WFVFC*)=3UI03J<1$;J8Z75H0C^6G\N]^O&3YKW
MNZ.I,N:5>QGVWZDY34U<(O[1HYFEN5"!G'D?P<>1(%/L/I3K_MCLD;77)#*T
M(=-GV35B0U7T'*$3R:JX!_9\JHB2W'P77[_1"L?E.L1.EPYTVSZJK[PRDF+^
MN1H[!AQO-1ZK)IH4)V5K$C5EQ_B%K=$$?\YL&]E1OX$9B1]GG7$)YTW=\_S9
M*YD`EZ[="FMW8N)KMOGI;/E6O#U>"\3*@=TLKWS`(Q9O#>?]D[<6#KV[[(TN
MTT]Q;/6:SKRECSV2-]-)#V/!P*I5!4^EI1TM[?Q7DP%I[A=L_%%?Z6S.(!'Q
M_(J<V_LP(:(T%<*C)SVZHZE8_-:I+!%LFQA\ME*:B/+C2'EHXE74??O>._F_
MR"W38\^CXH)]D=/99\B-/^=2:E13@).!1YAO/`./_#R?N/IY\>^<Q^0?`M7R
MK*<S]KEZZ^AH3H'X/,.9I3P>:<^'^&"G_/C_`!]+R,_))J]N=X>#WP+G8?*T
M"M+)Q@Y>/SZ^SIWAC170K^NZ/79A1V`Q8R(:.2'8SW;:6POO.<9<0I*NINN^
M9Z=W?0ZZBYYY6ZG'K;\N3M34FUFFC!O(*'(%*"-72CO&O&DCRCK_`-G]_EIT
M^+;FSPV[]>^-_:K2,OTK89@&-+(49QK9O+5?DB3K-7G4$88E\G6AE\2TK71G
M"PBX9UXN"8YL5'1"K*J88'A^W(:=93<H@5SL`R*^4RX42$IYE?)CG$K:YWB4
MN:.L^:[NQ^,8>]?]".BN?1:BM5BEC#]4C+C8?\]+IJ#!3S\+-FX\RTIGO_9F
M_P#V_8=(8XXVAW28IWI1SFSQ;]KQIW.`OK#G*9(H*'WU5#^`6E<N\^4@KC`U
ME;UF7#<8_BVELEG-[J[M$$W^+PL^8)ZTS<IFF(]FX.7=ZM4>++_!N,\PI'_(
MEWO4\T=G\^WSZ];]7D5^R(T&F=O+6S%5S-FGHDI5EK0Z#,JQ0/1"LB?OX?9?
MGBVE2=DE/L1Z?7,MX-T+ZDM>(_Y/`?KBJ.OD"=%+D$CSE4?R,[#-'!Y).#Y%
MF15*)CF#<3=<NBS/1WL,+CT<E@39JG4WUY3:&5(MU=K8[SLMN2TU^UEM[G>I
M2XS_`"K;6^&%I9Y5IG-+3=V6MF&_]$Y\J`,5US\^^V:@>DIC\O"N*"6S?V3\
M@;X\-O8PQ8>T;89EM7MSYY(N+]T>T,SO_./$LME?UV8DHK,AF:PGY0]0D`OH
MHSC!60,3LGM%U`D+W!/-JTVCZ+:/![(O;[MV_9-,\CN]5WKU)5,\7^/.O<_+
M[<G%_L/L!\7'>LF,Z6["<!,OP"3-=",SD/7RQ6'X<C+R[$!'*A7W9O[-[37V
M7R#+.&11U$':*-0@U=5S,"[LRL$\Z#Y_[=1X5?-$Y%EV.`'I>E*Z_P`],V`P
M5_WN_!+Y7731@<NKX#'7JRFBVEI$("_L2+&I&WUO];@=E(1V8KGV1]_]^]9T
MZ(R^05Z"2V-IX!K#E")F9*J)BGV4V\L")_9BOY<1]P++HOF4NS^/])V^F3FW
M<LTU$%:LY4G,T<U;P/7(^"J4;\6?\5+?8G5USY6-HLK>]@C@/YSL;2XU!K-0
MS+7=$,D[+G$WA_-`8ZMZ&&:%R%1K)GFFIM=UIZ%WK"E)0W)3S]W!>OOKW]5U
MVK/,5V;\XO\`QGS).?6[]PQLQ^XUR;$)5'W'\ODSEQ'.K[_=#HNSV0T$+BQ:
MO0W(D5=4['K\3ZYJ`0<U4VO2!/CR9K^=.3!![<_-L;Q:T7.&,;`*#,+F[>#;
M:_-S"WHI="7!9'AXIL35D[(B1JJNJ0`BU*Q@.NON)XF13*ZXKB%*[QY&&"G8
MYE.J1Z7?PMFN/Q#8J:/UI6?GQ`:KI1YC[`S,_P#Q)^J+-U&E\F^>@$=[U7*&
MJ*#FJ;5P]IO],W'_`%4,L>7PZC_-Z#QY0`M)\A'RF#WD@7\PFV5SL=U4/W'2
M6X!&6RS65.&(.2U#\."9%H-=!2;B&7$-596L5AJ#$[,D+ZM:_P".MMIY;6CK
MXM7Y?F^/=@E(XJQYT?P%HGL*C.0K^!ZZ#FQH?XUXH'>2T6@5!6T?%=?>]=Z[
M:Y5$9**($-^%7:;GSY\KZB&4$.!R*BCH)/:/6_R#E>">E_%N+`@UEA,'^IIB
MXEJ5%A=>59#3(N;,>HP^<(#]352VBF'*L"%MR5^MUQU#:4\4AEI:I3.[J.LU
M]I\A[/XZY6.O%AHZ`CDQNL]-`M%\J1(?K%78?X#$EPP6=!=>['#XIG^39C[5
MKHD2OG@IR$Q]KI0A@;*M@R2/Y/X/%7_+BC.E_*E[TRD7I;JSQ#`-!FV>K;8$
M3(N34.TE"J(;PA_L0F)KZ%,N:N;6UMG(=:7V<C^2S5L?DMYE_G/]%G3[,_:V
MZM.)2>WK3LHS.LYS4]FG6S1K,.,N3EZ&CJ5),Y^%)+?1G8QKCWZ\,BM*0[$9
M)K_^2CGJCVA9$^P?Q,K,H&5OL]`2`%^B.6?,H4TL!ROJ,XRNS.(%UH=09TK9
M]9V$#)ZJG2*-@^CZ1(JX#\VJS.W<(UOO6BVF(TN&Q^R(ZKBNJ3[B*:M.;--Y
MQAHE-7T6!2&;2_<:.O,=/DCUL,L5T^IV6H-!Y`GX8H)]MH21MIS.]%>KK"1Y
M6OFGTT.P%<_V/L#ZJ/D%`K3_`(R/^IY47(F^0/UVWWSR]GU+XYT2KU>#Z)C7
M-Z%DFNF%"0W/GL)LSJ5897;5D"$Q;TAO"@IB1&U\E]C2E=[R3*3_`*?1M,SR
MCL[&RO+!FZ278^MP1;BUCG>9/@+XY^*3<HGF9\,G^'-)T6-^[RNTKYA:/>Y>
MO=P29$:ZHJ4!_P#*TD+BBEF4N!X<#DJK9KWS?[7&X+(\[8CGFQ<LPV@(R&:)
MNEVFIH;MK)8^AZ&)RZX/M*=R'-![A_\`K[-2Y"Y5.WSKLJ(I2>M_6FDFEVK1
M/WZ9;,!?R!-XALZ"WN\F:3+V*FWAYJ5_(C\B&;]9G7HCN-'7MEIZWAQY4FS;
M=>>8,?M1Z4SYA>4?P>W+Q,D%22N>_-U""]:,LY<`A/\`JACSW3F3)E*L#3_$
M96]K&!LZ(,U0?MC2,XE#U>,$#C2'6K;^V38UDM#L5#;?Y]]UG)3V33HGJR]Q
MFSP)/CVY#OC@W:&Y!0#F>RT1IFDJ39'9D!(^I:VIX]7U^X`/;3UFF]D'+E.Y
MR:=7711`&)_:7,34.4>7-$44?S]'WV]\FRL+R+S;I_GNSQ'5JC>#^4%RS!1?
M2E@/2*K1B1>62*RSI]#"J*SL8T^.J*XVY=,*9[SOW0M?/P^OEL]8?.,WQ:X]
M>&^;3<5<%2TX6S31E\_;A1;E_8HI_P`1Q1@201ENMOC7^Z8?]X-.2+3!_P"#
M:(WJW+\2?*>D`*W#R'\EAX`97JGYM=([J&D9=<^;Z]^6'P_1EZ)%=!>7$X3T
M40QB[!A.N*:RRB1;2/7,PB,BGJ(HO'93L&NAMR6%.H>Y]:\J-NZXZ05S:5;.
ME!;R$A^WV9Q0T48\.6;U!JT8<"M)T1N"^&^FW99)]5%+N::$I#+6?J`\V9^F
MOVFG-/P7\:%9(3@/R6BZ4(Y.CJ!C)^=S<(:WARE\X`&IEX^=7`5*G@1?8,A6
MM<K]:\YA,.^Q&Y3.)H-M468]N,E3*Y$QQS^SK$MN(9_8XRT]S=7"N*':7&B6
M-UDUIE0=$9^KO::*F?VY@)U"7BBD^R5F4.S*KLIUKJR0K]X/H,R\&#^(MREG
M:<Z.1Y1UK5Y5Y`>`JOQ4-X^I3"OG2T?>]DK!6FSC*!'/[#.BK0ZYXHGV<(SO
MH]8?;@)T=/R#>FHG8T%O,@93%6^PU373J9<UUKJ6N-HZM;V>%^LZ;9VC.E:Y
MNNG<(A!5G?J\6_R&4L6D'UE?)1!ZI\O9Y)X[Z>!VV3K!YD+]G^M0T\>4"ZAG
M=?'XK[!]_'AV'+QX1A_FDC_SE>IRG$,:T\4P[)3:_P!(>N[PJ&0BL)B][/@Z
MB$811)DW,$3U0BLXD+\I:FW;B9R)_%9:6\Y6?9*D\W6Z_P#6^23Z5R'QB#TI
M8D3GY_?RXD5J'G*`/[!8L7LO+@GE0W+Z7?O<C6:<#K;681ER\U;ADVZG8(>+
M5)_5`"@2\*SL"_$+]%F[^<;31K2XHE:><ANR$+<CJ@>`=B!9:E%54&UYH`L*
MC]5?/0(/Z%4Y+7W,G^#:,=_B.3FF4JZEIW\N+NE_]4U0R.M%I;7":_B5-$=^
MW]R(K?=="1ZU:S1_L_.B?=E7RE[#Y#7)U6S?-9&^/+:KIR)"A)]1ZZ%E'Y2&
MCLVG8J`9HBU\^.0^FG\O_*$5[+NNMYN;Y3!@BXAE9UKE.O-EV)8;AL<`,[P3
ML<JU:@_G.V$37+6%2?VD2"W!KT.,2F6F>2.J_;W[YSP^-[>XNS5OAEDLQBI>
M5YZY"G#,1Y+VS.WIT(6#!U<\%4?5KORF/=8.KS^4.[7HR\-'B=9/GX^-%AY*
MIETAN6=QS4IX9J<O*`D:E\A=K6V7DZ3G8:W0BGI8=E%;BMNHK`(-Q6L8F5K#
M=;<!MX4!SU%<*:FJZ\U(?>?8ZGGV8<_V^HWY'WN_H/[`_P#XVIQG.G7RTM04
M#\S6CH)HXHH^P4?=$L2YX%5\>3RCYU\[T?&\'3Z^MDG_`*GV&O,QT`IZQE16
M+!320/-B?!:@_`!E#>?'T%!CY8#*3VXL3/%*\8&L]KT%VE6S=G<S6G,TLSF[
M#J(Y")*(G8UK"<_C0W)C3G?SBN.NH[]_PYWL]U7]A:=G6+V>[&8%<^9:S)/.
M>S9+33+,$KX>.EHSG%U_(OH16`((^O&G^P-63M-?6:<H48[Z*^P$M.O79[YX
MUTS(_P`/#VU?0C'\%SN1R4@_447_`"?^AZ`@2-PL&#I=I`9?N;^/#D%5[RJH
M4!V<E;+]J]%>K$T,%/\`GR6Y=HZF1&@MMI=6RI/5_B\;O^VGW&3#2"?I_N)G
MUT"N4DS=A3"2:%@(@>LLIHKAG!0E!^7U*]Y_:OR/+P7J.MG6UHG1-/Y*T]'Z
M$=JEDF5))6P#LI(1?#A7_P`?5VU/Y,=(`VCJSH\YS0I<I[TS$:+,XA?;+U&G
MG"$'^9&.SZ*U&_@5V:&#K7Z*V8RVCBUS(O>.N?FI/%<_F?:/]\V?-KT6TR2>
M>-"+0Y=MFZW];9S'B6NZZ/=G'%5)FRE73RX=?)?[)V="FO4L<KRRY:GT^QFT
M.Z=5H[(:U"_BW7*T!GI0?<%U8.&\3*[Z!\VYV)37FJ[S?V8U->.!FKKILV[8
MOJC0AB6/5\,<+HB8Z$0X;L^?-9?DL_DGG\9"T?="_O\`4Y?^VJ^P#!D]^?1$
M5S4')59!VO89J^X'\I-/K>OMN*G[AYTD?\+YG.V_N?M.MN8?ZIVNE=>:DP6+
MSV1P=92,_P#"\Y6[3L4PK5/Q:;2LOV8_178^4S7I3>G2ZS+,ZNI@20B`]1`L
M.^=C$9-((9X?'E]CV+Y.[-_E,QR-Y337:-#*NLI^\C_7O/IX/G6]+4/Z\]$T
M[UL7JD?YQ">_3D>P'-^;B<!3BR1'-P@##PS'8/[3[OL=G998YL:UQ=1+5.;.
M0UK4ZW)N$^9<%5YZ3,$1<<4#%P20#+DWO'6=8(LW(8XSE@GCAE!V,DN7"/AP
MSHP^-XS?2*V\8?A=5&I&;Z9$2C[(=^S<>0A:5?GS\?IAUWRW65?MNU.0?'4^
M,OW`:7M]K3_<_3BBAAQ\T9IT^XY<24X\_'U39/F'>]WV>%>FCFAUFCN*]?9=
M0J-$:9LIU:B0GX?QE:1_^')?9R*'ZB?//RGC.NZ,(@AO#!LM_P`FLSE[]Y7>
MW(C(_P`5:B-V>46-<T>U@QVRL#.O5WDA#"76$2.?A'<=YWG?HWX=\MA\C9,F
M\QS=J.L]CQ8F=?WAKC%\LXV"695A8/Y,Q0TE7POK7E])<G]P]9H[G-AH<\NN
MU=IHE.U&I)#B3+:V>ZO5)S=ZTB`WK9Y!+2XNSDCZ(GH#WF3XIZ,M\AA@@F6#
ME;C=SH$=44BMD']@20H2I\.N8'H]3*94.]C)ZN1+;_8EIM*N]6E?.-]5Z_F^
MK)V7=X&A(CKX9VB0[>>5*SG9]0X_Q2B*"G+[<D5N+,00MI\A^4TZ7Y#U?6P$
M+8]N336B<R-+-)'>0S(`15:<"C,`W%V7SQ!'(%&/R<:0&B-G9(H,#.[*`(V1
M*@BSHV(KP)6\FX$X,2K?>G1ZI#-A4,DJF[!I-@M*9,?[==8_)24;.S^6[L$;
M(GZ=:P_67WS8OFL:[M>1K1+/+E%ESAY^:`>6(]C@`F`?^U>SAU![`SZ[14Y-
M>@>BM&6?IRX]"0MY7\;(=1G<!SX*>>,B2HAKWY7-!#;H>I[7(1XUAD%6!KC$
MP+/EO5Z"DKNK2/(#YT*MN#-BMLWJ>M6J"OD^0VY+0IMS\>]3SZ#?Y_KSZ6RV
MQ&OAE$WD25T%>EMVETE]FXT1EBJ@LZO*C%69T/UJ7^V^PA#%31#-8:XYRSR)
M*QMJ[E>MDE%2EO"&0M0T+@+::HX44`^O8G^4#3Z.F!)42F\]W$L^)H,3]PX8
MW=\D#KK$=L+O@N<U]O8!%?!/:AV!^J4U_<-?9+G%=C-]YQ*]NGYAV&7L,'6&
MG6U&AM'/5)^>5Q$8&'I9J3\%1M9*^&MQ>)\*>3+/QVG]M=KBZC_9QEUYK;=F
MDLO8[6R)<=AYGM0^I5T*<2GC[9>5K]T'%31I,T]N7Q;ZFT_"+D:#'A4$RR*>
MUA"'WEI<F-S81:(7NKN"L4Y$>91%<02<_AJ;D+;>XEOC3TA2U\:HL'R(5A\B
MV;4\QZ:Y]:0#6L\4IHD_L3P&6W*`]<^*LX8\5*@4:UP?--FWY[@^(*F1LFOJ
MTNU?85HMVCGOX"?DISE+D"@HZ@IX]A<F:!/UO\I=S@`SF!IGOG'5=.H]0P+=
M-@C4RQ*51G`5+REP2:K9&BB]W<4,D8"'5$+O;27SLF;%0AKK4=S\^_9]GN=&
MQLOCA,XL6A:M]I(-=YSXW(\M-E1_^(5B*@HWCP3]=2^&C#\OZ#!\@@NR4MG=
MIA]#Q,])4PV49I1IQY4YY1P5F56FQ?E_@&@;+\F?H/.V]3KF,QP42=RM/G6?
M<Z5IV@WT#,$#_JDKJ![,KR?R$S!M*:(-QV;MZ_5)D-ML_P!:UUI?XR>=;::L
M%86FCVA&3=[;JBU?(!T9_P":KJ?(`G^L^8(#^3WLR@<9'D+U17L,\]"I6@K\
M;T=P%F/R6<,['];B?):KZE/AU_`9Q]P:'Z!([\RGI"_W+/<]KO/@"29VN>%T
M6B:D(.F%J"6TPI.CT08)PC07;%FB'!,BCA7\@=791;!-N\ZICDA'>)6L3KJI
ML>^C3#3GR_JT>4J`)H]D\MKF)\CQ2K^D-*"(E*1HC+Y8\?K=W&4=9UDKSO*V
MEMEY-1`7@4FW7*KCBW*<U.\RTZ&9IYZQ?FO'SQGT?,CK*HW8Z0'!9<DVY"DT
MA/6FA+)"/+"9AW)"N4'M:=)_@N!A/U#');33+M8ASJOUK_4WSDGI$<K5ZJ>G
MVS]_ZR:#8>/U='/&-GZ>1RP+[5__`,YFS%?;Y)*D>OZQ406M=DLV>>V^;]5!
MYW*(U:7[M$\?C@;C[6HJ,RS9>*T\^13Q7YO]9*SK&*3N("`W6%N)D&HEX[:S
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M=]:JOB?,YUI`GB&2G@@CB[=$OR_G]$5Z,JJSG)S@:K3;1<_%P(.,;NUVG/(P
M,1U8Y`W7?:IIERKH,$)V+3ENS8PF4]14H_8R[*_+JD+L\ZUPX_>TH[-V9+FS
M^5R8"U$0Y-[G\IZUY^`GX>:(R,J*.?U1TG']RRQ%#GS:&EP('NVA<EM/OP@$
MAX.8^I&\/Y-4/V/X&R9I\HN]'XD)S:K%<S*[@D]-77D6,4CA?/B9K>:&_6M%
MH;J(?:MS2A-_CTH)K;=^;^B8[9)G0VHZ>(6\KC3#K\@W5ZE;+7,G:9-&CQ0#
MV17K[U38M)@#\M$IK3"5+)Y;^1W0JQ3)J>D^[>+3K_I!%G*`E:+ME!<O!O/C
MS#9ICFV!@KA6-413-D)>U;Y*Y.6?)-C7B*UJ,X:"-`#H'28VL"&YB&U;IA"W
M8O"XY1C"8KC#]%:(CQ^)GO\`.0UN2%L_R426DQW1_C,Y_(MO;Y9E@,2L,X4>
M6I24YWLM/_*H2#LWV\$E5X"@9_45\A:G0]-U78L.5=>@+I\@B<HT9XR>;>/-
M&?0C*R?Y1!SIP!0NO7HSY@=&PW9];`XF1!5Y2!E%O\2BH';NQ3IE$0XEF+NB
MUAWJE2W8LKHLBTM3*X5/*BP'4+4G\US4+[QGZ3Y=5=7QC7W8`71+,UT\_P#3
MGP[+_7G-<^01J=0=:*3(>HH`'Y<Q08>H_<^48^D#>,5.QQ9:L#_(Z[<Z6&C,
MI`#RB]%ST^[GV)4GB$\$>B/S*;&0A.>7DRE\OTEK>"1[I%U**2^S'*4PA!EB
M%5L7"\D:H#C16KC>B%)6N7%COV+BUQ6.*_K>??O>4/8Y9]<;V"7T)ECG)A(>
M=6IM%-:&F5/'$RSC,HOX-?#VF/8H/VF>MT/V*RFRF#Z:4"VH/&;.)Q2GG2_(
M-_.7(AY6/(1N?!*`$\0/EO8,O/0N;"\KST$[&2;>0Y05CNIZ@U&$?.U/6E!#
M45A=Z"BT\Y!2(-38M*U'ZW)_@,*LY;;:7^(ZGJ@=4_7JZV62L:X]6;12MP?,
M?9FG:GZLG7R#?2(\<ZL>18G\'\<?H[0TLQWBJ671G7`TH,`MV3='$[6=/\^G
M*^L^YU!4+/[LI)(%`[\S.JD>@XV,IP@5J:TU-0C,[RLE7-K(,C26=VA=1QMT
MQ6L>E54@E\\T,T7;?DSD1+&:ZQ8,\[_'YSCSC675_M=BF"):=MBW6,ZCQ7'6
M6:>B8[,+Y]*:"_KDR@#RC,S*?P'SLO5U/6;-=Z+?_7JE6M'[YMJ-5)O'KW)_
MDTQ#EKJS?@5(1:CRPV>^._2&G>CN;%*.<Z&\\A9%IM_B,IJI(Y1%*OM"`9'8
MAW:PG%Q8K,4/4_(C=K/V<[+=2M?[>)ZCGY"G(J])A[AV(/9071&?C[I`^9^:
MG_!=ZI0JJ_99A>7EF^P^AWCWFGJ9^'SY`H:OW`HU0*SX(?R54@Z"G,^37SP_
M#Z=7Z!^MWUSZSZSZY]9]9]:>-"^10XS?V3HF3F%ABX9D^6MOR;#/"*AU"7Z)
MT("@Y2_I%[O&>VM%V>'=`!ZSC+I78LRJ1%7*3WCEQ'?ZW%<S`PM\>W=PR4U;
MHIKX9\X'LC6&A8997#>>;=CR#Y^)DWAT$TO^90O1BO3LLG5XE]7O?(!>Y`CH
M_9Y>Y(<3R5L?CQ8D4/E*,RRF`YUM4OS;^XC$Q%P>D\U4XT3#26SO=JDLP78J
M1@3QTRT`9J\V+),O1]-R0@%QQL0(5HN2.)3%D5NQA/OLP?X*?S^F'29([^Z3
M#IM)L4&Q9-;*X3U]A>FM73R0[Q]T8QT8L]8\Z>^<;6D[JWTA[CLOUTO_`*R5
M/9;/V&S"*\0U<>//G=2W`F3LFFEHZ7G?PJSYPG;[@6T8^9ST>6G'KH#M\SQ(
MBI\GM#>G'WH0K=3:G/Z,<WNDR?IYL?\`0[#H%S<A5*'7*R:Q_L:8">DQ8#W\
M#DAC\Y#(./#F[7XEG[+L+9\[7KUXI:Z@YHC7+12HI,,PY2I&<D!TA@]0;S@%
M^]!?*J_(WZJ:>_"N;:PDK#WZ7AE2\91\KR;]DEY\AGI,>%`=W8(?F[^6WT#G
MEQ!HZ3SKB&MY0EAJB3Z$QT$*HV8F]]:Z*"#(-IH>+I*KR:UD5G.*)E7)=Y/G
MK@W,3DCDI<7\^\(Z+!F[/ML/4Z8G$NO;U$0E/'*8U[.QC?D2B!37'C.W"S*%
M`J).*FJ,8/N=J='T_87ZI,NEL77]KJ`E,B=!DS8:(BA20U,^K6L=JJQ#3F]4
M>=)/(6_UG\IGH+S+\@%IY-S'R7G-Z&6IIYV9H=;;"[9$.O$#-Q?-YL32SJB:
MJ91<CM-8,]IE-1TH4IQ:742>??G%7PINL[7L?]7O5<G7S[F^>S(`JG&,\/6\
MQX(-3NO&5/(*&;<O"\"WT\^42S]#CMOZF,J]F>G&E1Q!9M[5T.)MQ"L9G!EU
M7Y^>0>?$M^:J1SH_S<[$%;?=CP1Y&KR6JE&^DR,HE2,@UT3-CKS+C@85MZ$5
MB]]?UU.+F]]1'U$RY'8HY,FNETS_`%'.MR?LKZ'ZU_9UXV[9#/N;%71K_#P9
MRMQ/5LR>?=297B=3%0`*S,?(5OJI?H\#=A3]+A=9Z,F/-1.+)74=,EW9UT^!
M)':+W,)E@TZ9*FW,.J@[$/R[G4"WQ,?3YQ9.,_-?-HH8Z6]1Y+J\H<K?0FL"
MZC#*\^J2INIML]I:>6B%+_LX-M(Y=)5U'8Z75??G7':8?3O[GK6GR&%IRQN_
M$S:^<1?>[L2HI/+.R^M<X+\E)9D0<@E$\=\,*2`IGKHU/IBJ%J+A]]HYFK(`
MF#W,Q1Z64S8$J$#?2Q%?S2[]3AU!';%/,:JQGT/(S!W>6P*I?PR]')&:UAT[
M_A5:7^M,ZH:TD#KN4Y2W';0QB6'\B*KO:>.]_P!;AR]7DMW/2XJL!#;^XK`\
M#2JY]2QEHSD$\8;)L;2$DVD`CBU?O]?99&7X]VF_TJUL^?KK2A/_`#)]1HE\
MVE"H/OSLBJI<94;[LW!?!^J?9_.?ZNA;?J&0U7E+(IE'GE_Z"<B:N@*)G`LJ
MS('R6YO,RL:UVMT*:C^Z)CX>FPK%I#ST1RO;Y^A2?R2^H3'UK:>CIVFR8S53
MKW>BN%^UV['+**#F9<I_Z[0NBG,R(J`':2AE`NVF?!W6/JT]=DV=CEC,H!R6
M3Y+TU<POL'L&F?"3(70)R!%6(;ZMH[\QV]L9WGFM1L&\_P"QLDP.46NE$V59
M[6)L<F(TE(&/9^F\J,\]$>@&K,739D'46?WO(MM&_9&?7#BH;=YSS_K<\.];
MJLJI(Z*]4DM17^.EMW::LE5IQ4+^.7/1YT2U)K=>#T865%1:M&>>*_8)'/3M
M,^?M*G/Z_-?1U_69]2!6_P"9;]F\^4Z2B6S"C(%:7-]K^$^A?2$:![?+?0@=
MG.N#OGPD:&QS/_*WGPV@ZQI:DA0_H,SC%69Z\9P32UF(+4PXL%A$7BY3#CO7
MN_LXVCY7+DC\6P[-$FKLV]AHB511ZD&;L;=?[6F06`+1&EG+?Q2)'ARO(O<=
MD[3Y5LZK()9\4,F:A>S>6<:\$MHF:!57\!1H>"I]C^/L@)!]-/\`65MG/H[$
MLA&Q/-<NSW6P0'T&_CZ&#CM481[4A(ID%VCLHD_9<V:K;RDBQ6_VMPZTDFL2
M?RY^GO.)XKGI[RN'^RM_P5J]>G58("DV0*12ACH?VHPN'*!XIX,L;@J?SK+R
M&7FORWY53XYHZ!>KSPRP[MW_`&%O*2T4+3,@0A]650P6SEAYNX\?C)ON"&2K
MV3Z$*Y@K3YIAF/%NFW6L6HH,U-EG]I/E%`?6BID30-G'994>9U"K1([D#"6X
MKRY[SL-$=]S_`+BU,-]!S]O\D[%^NMU?7P_VAC6NF;H%?*LVQ\5>CUFTEO\`
MM/I2B3T,)TG,P-DT<5_RKY;W""DNLQYM.O\`VZ9<Q>!K^S-EV%]40]LZ$(<L
ML[<KH`Z4H&:3Y^5'F^]MZ=D[<$+RW!%'08?#0O69/`"*<GGV9%:7`Q7VULME
M[?AV]*ID-ZUD=9=?HJ."]UE"O[#_`'Y]3R?,NW['$5Z"&75I7NFA&*9T=Y2&
MW3#V^H;E/L:<D?S4XFYT\K.BE>2K_P#NOD@[CON@[7)UL>TQ=>E?UPJ4-M/Z
M&32P9VU3>R):SH"N;U\)C_N0P8JS^';AZ0U/2<(9+!_!!RNT$7T-S0:Q_("M
MG0Z-.9$\BBFBZK%6J6E4.3K:/UASD-_EDU!5SOXKE(6A7+WX_M[+M/D+KJ.(
M];7X[#L6,D<T:U+)G$FNS<7]-F+NIF'1D>'GDGN+WK>W^8[*]1;5/!GK7L=.
M'1.N.B:)#-)[L5"[*)`50!9KSLA5EN&=7$P!"_W]Z'8V8QR?_P`;<\LH0J=W
MN>,&-D,$DZL=TX>I[([KKAYINR<XW0)SB"CG)*%]<38J_'CJ$]XWR)Z_YSWW
M896V_I9HWE+55&8.?%>M9Y]LO@>"''/*\#R'L1W4LY4$>^]^8=I#YE7XG+KY
MWZ]-D\AHTG<>W2)5ZFA\'CZ:Q&M7/CS*TT_Z:GP<ESU)ZFIJ&\.9N6^;-#=F
M66$QI@>*Y`9#)04UFP5<LEMXBK^YT8@B2[,>K("VVDO15MRI7X_EQO[\3],*
M=KW_`$<Y-V&;!LSU[5<]TS9WDPG/'^Y70JO6HHR%AP0_?\'(9F8`#_[7YFXW
M]K*747JO6^^4OUJSK9K;#EG![MH9?NBGDQ0*S,OD(@)^L_#/DJU?3-A'0>V'
M\V`A.Q#?\AKQR:,+A%T]?^.7MK'IF&[79*<CBRH3]6VPXS4B9"K[I6G[([WG
MXZ>G^>]MV%.U_9.4VQ],=<IJK<J4.1-"EN-ZZ3,ECY48U`4$>_F/!S+_`&%L
MT_+^DZ&$XX^F[#12;+6:+9%GJIGX+[-6<*X]?C^.6CRQ!"!#Y%.'/D.U&2`Y
M=H$O-?.T<KT'TE,SG19]<+G7(-V.TUE2L4L@8L>=<?LSJ+$NN\XEV38/MO-*
MYR$VI+[;#WIOE._1M^)YG&<X^Y32VCU<^7N6C06F4`LO`^.5F!T*$\D6,2;J
MI?\`L[NZ?&>R[C4.MGVF+NXXQS6YB^<H;>GDQ4G3]@)*2C<U*ME6_B'TTOK?
M7=GR<X)J81&O/UYFD+SSJ^X-4)AD9-<W[]D'=HTV0_-M81]3T+O"FXMD27%J
MKFG.(8ZESBU]_:G3WG<?(NI_W>JSX6ZKJY=;Z5]+<^.[3;.`]'TI$KF,&K]C
M)&#J"T@I<W7RGY)\EZKO.NS]*V88MW5=OLK[9V>GMZS-&H4.E)@#0NE9CE,N
MO!_^7,*JZBOMXON8_D2@AB/FHAJM,TBX&KJ/7@B&8X1WL@>KX'`:I`]0U\;C
MW\-1$N3*0BT<F+C]YUV+$8_?):8]1W_9]SWG6]8;92=W3Z7%>+,S57]M9\%6
MSS.:?ZTTTJFBR`$\KQ8SFW-^N_M;MJ?&>O[7QUM;:N\2-Y*A0++QE9E3TZ-@
M_<_[AZS]A6C*GVRE16J=;![0]4Y,*619<`7GC2R,6-]I#@.'3Y4=4+];(RF)
MQIB=&DV>D$#L;I/^UM"41UQDM(3U/YK^_.ICS\^^49.FS=K3/#3V^K/2A$EH
MA*)\@S=.TASHQ)>3VT@LWCD9@J51B])\E^4_-?B^7L/>>MU0R;-$9(F>\P6A
MT%^WB[>=+C_K++.?`7\0Y5@S#C6<W^3#8=)H+(AN,TQK!:"08DT0;+]8#RIZ
MG=JXPFW:($+*)7%-9SAUH]\U)B0WN3&FUM-\_P"K)<ZE"F'7?->RWXX:*QAG
M]C[#.+J_/;%-&-L6/.`WA-=LFM-C@BR@J1Z5\.53]?\`VA\C[.6G3MCDZG*N
M[))-6M',LY;+I7530%LH8?O9+8<[BL01Q/FGE5>P@?NC<3?2K4%3Y:S4!LR>
M+H/85N2"%T_#(Q/,LDH3.P!R2?#E0W8I#'MK+^&TW)0N.Y#6A28Z%-N<^G$/
MD_:TP=C;=C'G'BMV5($^/VH)O_5`2GYHNE4%%MR6G&RJR\IO]FN7Y_\`*=GR
MC/\`'\^2&=].[]/+I9:NB<>O&MPZAINJO0J\0&7E!CR440^=B&7;-9JR[`B\
MEQ&UZ]K5_%@B%!D05_=U>,"I-%<D4\L[GNRH;='6P:U'&[*PB,,Q_P!KG$)C
M\YS[]LCLK^Y@Z[0M::MV)J5N%/ZZ<9"ZSHQ)9.:,DYJW+G96`('CQ9]=\BWK
M\>_W.S%4RMV*1GFS(:5DK5,O94>0K+*BTI6RA56;*0OGSYT,;'\Q'IG&?;.J
M>6`KQYD_`@0W8[J*?4$`A`S43<Q@9`17;UO:/U)5#2X?7>GT2JY]UN,AA^OX
MKGZNK4EWZ)^,+3O.CKLUKZADR]CS7_R,97DN%9`^?PI)J-H4_P#F"E>`\J>R
M=E\?3'V66>=JU_=CU%N8(\H;6";6H_V'F$Z2.8?=P68GF`0)!/S%>ENS60@C
M\CY-"I;PJ*Y`82?X876($4#H]:8X,W+#T+^X3_2'57:Z':_N:=4M$J`B,\W]
MN==2K>N=+3\-^-YS8T5A]C*FII0>3?X*,L_%4/Y+5//_``*GZ6#JLT[OY9VD
MT8F;KX_&W^NW[*RK_DCQ^OG,7\*I2M)`FB^5Q@CY7-N+A5S/SWR1Y_QR#5B%
M"=O'!AG%M;>?PRD-3_2*N@U^=7R2@:AN##U&)0H,Z&JPKI$(BL.\?GMQN?E]
M:]"L_6_[*E%ELS)";"O^1H;(=!RQ)9%)U$3&.AHDU4E:<JA4;-W69^OVZL4C
M2J#9L6?'SXM#/3#`4;@E"*97T:7T@H32.</)41N8-VR_*3KP!Y$\2;M295C&
M6$7H(W/P8Z=T$,%)XM25M!%L^+O@IF\])XB',T.A.U#4J*XZ:3FWX;S?ZOYJ
MN)[TG3G1?FF#X[J/IZ_?T:[:I0DUE1GQ><E251N4OVJ^P+FI7E/R(>.9$AU7
M8TU?']792!I3)WOZ4Z("LJ2FNT)LFJ>X!7&:8F399JM"ON)X*P^I/ECWBJ,[
M[-__`!.R&FHJ:SWV?G.JT@3=+R^1FV>Z]FF>U^J3$U1"^S41@NPO+.]*J^+,
M<5)KX<25#E-I<4XG5F%->`WU77!JG&7O:_(S@*[-.?._D^LO)\Z-$*QCZM)<
M5:<6!^JC7UV;)Y,>>N=$RO(3X^=%*="_::<PX>[C<W_67._AT>-611:TF/UB
MJ^4?>;H$IS$-\J>?-)T:NDE-0,$;`6Y7BVMR:KT1D&;5Q=E5_2')_$HQ(S&-
M.L);'_O-JIJTC_\`*[WB7VOHB.8_IX]]H7B=/^L%\WD'1&.G_:)H0^516<2P
M1I!?'K,K<>54,Z%+A:/85[#*]YO/$>T:>D*?12F/KX[8.J\F;[:*M"YY*Y,R
M?$:<D0<@_P`QVHS->KQBFQOS=A(G?!QN51ADNRFHH#\@MJ@OT\5:#IW][Z1R
MNZ8O51PV/'EIHQ@O><D/N?\`"VVIM/0(!GZ_<_-=!S]6FB23^RL*R:ZN5\O3
MU_A-RCRBH\>*:)D<E==GUDLVC"5E5--^SKFT%^#&)A/`*'G^$V"OKT`46K%Y
M*C2E0%O-:R_YB_9.DBN07&>Y!YET)V^$&M!V6O!L6IK*)E=)$(0*L:B$[HA[
M>.W1"EA.$K[BK64S,NHJXB5.CC2>.*;<QQPE\FGCTT_]`71-&U%A-.=+&2$V
M'MG-@&8@I^Q-FH`;2#>6GW]1Z+=KG]NWGI,DS)/VU,1DT:*'T%HTOR;/,%6_
M6\(&*BY4`,L3_+;Z)S?9#&#1^3\\)`^X,ZT+YH>?#)*_;OEUCHZ!<<9,Y$>T
M9<MJHJ'6U-P;;GXL,3_P4]SC"N)^IGX]JKV&+-*TG2]M4@LU'`4\Y^POHF%/
M+UZ%&63)RY!^=)A6?CX6]SV=LW[MX-%Z8\]&)/)^,_V.OA&H8$>R"MJJ;`<.
M*+.BGQR4LCY>^18ZWH_]+4&N8:/:W4X-DL;9:5C",]62EPV1*M+F%:>9K6C(
M3XHM;C?*1JI:=ZA^&)JEK?3^F%UGJ9"FMNNP#XH/DU$_:V1["&>=)HK)JG>4
MJ-HS#\RDL]:-*W\U&'K9W$V_C#1L)[/NLO6;$S1QZ%TDRTG^3)3/1E7W\U7\
M=$P'FXBJ\F"*S_\`+Z.'J#V:5Y./YB0A^/U`_5F^<4!HL$V`,Y6'Y8[<WL)B
M5B5%3)+1NLH=&I8,I4R7$=>M7..]2AF&^K\E<B?D':;.E^=0^+2&33G.W#'C
M(\J:DO9IOIRT+*OIZ\`5KXE:G@^>$D_E^N<_//F%_CGQ1/D&+.D7:&I^.J8\
MT:2H5P(GMDHT[>3"7.H4A2$G>A$OH)#GR%:9>3O02Y@OC%5-`B6:*U5)8";"
M;,5&'#BK#9I]I'\#9;4XM!@5H)"9=NRL8H8RVV^<;E\:YQ7U.=1\MW=CUM[Z
M=/72\[HQIH9!^OD1_P!MS72)Z[%E=XI*9L^-A:O)E/DA9%?[+[4_(.[QKES<
MNLSU;/E]:C4X5\TN;M^S[?7FE5K:53$%,8D)5?`)D:+U]ZF.-/C#^88ABFE4
M%90_SS;6*83?JQ'0`F`86-(X9"E[<Z;&LZH615577(<1N&4.2)C'4)4EE2'N
M#9_E7R5]6[LO]=*'3YNO.BSLGAVLB;CGMS]JT==#9HVSS_6+"-_+:$(#%]'Y
M!\D[/LNNZ_HH=?V;7T&#ZHR`SWR^,+4]+/J\QG+]JTJ??5RM#BL>))&4)>X]
MW,QR0:/>9PFE35!7GZ\LJ0LJF85J57>\RB4=;)Q6VI2DKCQ@^`41*Y_]%BRU
M;=K_`.1QY#3OZ^\KJ[]QL)SPC.='>#JT30)^W.]L^>TM%_2]94GSO=:)*BGC
M16Y!EHCJ^C_L#Y!W,#NT=7.8S=.G85Y*/.I1HO"@R,*N9A5A&B?L(*$R9.`#
M3=/'7_:.HX_M.X!3.3X06W&8Y8+DM4JA"RV.8WI<IX51<HF]7(=4R-S5V[J*
MQ7Y)3QQMM*9,EQ+K2)@?+M4NS[5<.*5O1W^'-)9*WM>&G0LJ>]@/`U>6]D_Q
M4%5+K.R<G0_Y-\E[/XUV-,U4ZFG9Q^*VV.HE04_:E-V!7\R3A8)Z@!]PWXM9
M6*3:61[STAK&BXKK!/(=!U"QGC-(!YOG6=ZS=V@,5F$RS=)<]U>DJXMW96]T
M+UE>N38N5+D>2O[+4Y`;;_%Q>7^7ZL_09M&3]3LMMM2)[,L=#9VR)$:]BJBB
ME%ID56F3R>7N*&_ZS>9DP_--Z8>UVM/.V^`9(9$C>FF&RM_U,TM:SY&G[!9:
MN9K*OI)X3JG\GT>_-_KC+O2!B5BI55Y;4E]32!=KGH3<5S$70)C"Q1^S+8[E
M&0J5:.)#B2#(B=[&CL\C\:[Q?.*_U^JV?=]7V63M.RPO"_>8=NQII]FL,:1S
MVPZ+`$NK76Y#,&"E@0GCP?/WXI\UZKY+WT?C?=IB@QZ[KWE)U*4.FG[";I3G
M8*W#/7.`B^M712/:/)``@E^_&R'-LS+*2\\ZB^CVY"=".LF1A"M+X4Q9D>G7
M;5$.%=35D=024]B?(K6X\-N99QF5/J4I*'?NEOZG.Z^891'+MZ+1USY=/7BE
MJ.#5=&E8SI_JY--U`TT9W6:T-'4+^,+-Y7Z\P^=1V=770:]=G[_'VM,E*4'*
M?79SHK(:],_8E%D5FGG^6,V9OO11]OH3N_(+JT*W%*97F,,<8O(-A#>P2(,*
M1J%C!D!]B4)U>HY,OH;:\Q(;>"AMN.Q06+W$/)[*E,N_BA9-.]J>QOU5,L1`
M9;?PL@+];^N\1(]@%=BT:"M++ZXR5%DW%W=BJS4_[#[E:8D7J\Y2Q7SD1.-^
MP2R5:FO!['FHB7G./$ST.ST!LTE"EH5[Y#M9H`PE_P`1R;#RN=0%"X%&3BPC
M90,ZO'/\#=+8E1"C5!K?S(5^+$?>P9RI,B-(YWBE]B15]_'BN/S#MZ=?-NMR
MY].E--XR=1ZX;#+7UF6-\C+2JSA6.ZL_)I4HZ`,5"O/ZRG]@;NOQ:&SY<#*G
M!F,Y'UQ+8>RVODLBU+G5FT8I"O)8AN;,D_R2GU@7WR*::\'$EC+\YY:%/CQ9
M=HDB&@!;SD@],*.&))M,U%%3BH9IGM$LGKF3(CV/7I2I$)IOD:#+<_+GULS_
M`"B>RN(SR2/7/V+REG:071:3=IKQ4;.C./73%+.E]:K.QHU5\))"'`V[^P^[
M'5[3HZ_#E["5%]OOFQA74G68M7ZZLSQ2C[;:JKBT/5!Z,[\4T4_'Z;3U-Z_-
M_/NEX/7A&>9RF!J.?7%N4M$5"4?YS&?@TRY`_243H\W&C2(51-0GDYE29*V&
M>?DM,5GO\A._Y;\L[#XY\D[GJ\"9:2R])IV*2K^RVB$]3HSD%5>($%5B/'CV
M>&O)S&=[_N/DVCJU^*[(9823M]4\]U=7-8R<Y0)1$U_Y*VAR0>1'`$1,O?:"
M>QODC],FH`$%(QG^0:-?VM(;6QM74>:PB7H>/4U<)2Y%=8Q:3U`0R*RIE.W#
MG)LF0[RQ0U'XI5+W\._04_F'?4[/#/,,NCIG7EKT!564P-L,Z^VT]EYYT5:^
MUJ3.X+Y5F5%!/USWH_[4^;=Y\-GW76QA7OCL4'/"`L\D&/1H8K$=DE'H#/@O
M-LU2.0&=F/$,+HGLG4HUT>!"<1S`L=";(0Z>MOC5Y=41>"G5V'P\F:')"I"8
MEE.L8A!9_93O)++3M:M266TKXGZ<;?DW:SHRC.MER=K^CHF4HM#NI>K(T?/(
M<?\`7SE2C@.1:JKY\+Q/05^9]JNM\$IP76G6#L$="[R/7OEF$_(%>-'WM6:I
M_AL\BW'R>0"I3\A6FB0.*6E56^7N((2L<'+F#5@UXUS%V/ZPDM&\W/8IKIF6
MA#I@+3*U"?S_`,DK>H4MSO*UO[MJ<G-7]@]M*_4+^UUVB6W0W/9)6]+LN9*^
MJ7[&J'&V=B8U9*Z7_P`?P2I_"9_O/[![CK.@[+L('"MLNA9#,R,:8UIK]#IK
M#WA%FN@%UY5R`@C\:)_+]&T,]FS7=KV?.;_$1+3@-(+GQ.NHP;,9I)IAG<%#
M-"S;W1A0N7-J+VHRARW6ZA_LMYI,9KO6)<_B5*Y9]/\`(+;>P[/IM69FSX^\
MEFS>E':<95;Q[=9H$]1#?R._";"9#B+*30&2_L3L8=Y-F].Q#\>GL:65&;>]
M2OEEDJ7K.DG'X25:.G)67]AV`0AWU=ZH]=9WZKU(5PKRAAA_B?F3#*C2KT[,
M@2)$N`M4X`+RIAJ`8)U.GMH\FOLZ.*S&I*41G_RFGG?V6,)24][29=3)F[CM
M^T?TRSW7/&H`)I1O0`&\T!JI%7Y%VS3FJ@FK`D?7=J=7BIDZ#+EYG3V<[5I%
M@/"+._#QX\!9?;P2W\[FGV6/C\@`L%]J>G?2F,^9305C>#)=5M^_-Y]J@G*\
MW**(XM;RP>8>O7C3>8>S-1H(MW_!@.1/SMY+-CUQU+K\1CJ>L==;<`ZO:P!]
MG69>C[;?%E'$E^N:8]4W`:2^TT7D8M4*5/AF)`6-/>+ZJM16/95[KKL;#D/*
MSVK0+2BMXJ[3:18>Q8@JP4*/'L:$R/Y.O6DX!,#37L+\XXE8%DS**JIV`TR*
M\$P4'R8XMC>EF:GH535;<;7&BXN/,BL6`W/>N0]:+.?_`!Y,.*AK\E_=^+-'
M(N6^E,VMMKKH]X\H3^E'5*3(IX+ITO5IQ;WVFZH6\^P^KZH<\*-OTTFC7QY,
M5FSB7D/2L=BYG2-.+$B,S^S>0@K)-?(9D844O#?RU-C./^EX1,/^;P#5L>PV
M^U?R^")B2ARJ]#70W4:+-?T3-PJ81Q;NTSPJCB[-C!:@/HGL5\Q?'9:_O^[Z
M`NVB_6MLSI27:QW=?*V=_P`ZX,NR'6-7]CD8`-!]EIEV,(_QJKA"'^E_0AM7
MR+_5:C-_C],MW79(,D=EY:]TU])/L!#KFSL5'M;FY:;T4H?JE@'RU&E]GXIH
MQO4>9RG1CW.;A.9VM0&5L-TGUVIT,-KH>-4;H1Z#]!0;.[CCU\Y:_P!='(^6
M7?P0^N-&XA:/HF\*Y]YZ_"K-II;J67CR\VRZ->[/V6E0%4%,.>$RSH]92+N:
M496"*BMV^T8J[*B9Q0S]H6!!\0UQQ8K];F<E_(?=>MT`><:5$U2:!EYO]^"?
ME,]$>N?:KV$ZSY$SL#JZH3]"0-$U7@3;LOD'!$BXO(:(6NK4EMW)E.0!"%R+
MJ-*9>3_*YSC?Z.=_5]+.GOF[3XEJ[EQZZ?Z/)J$3_BFTF1U*R^/RC..K&\23
MS\U9>3\&XO=^I\WR#-UV<EY?[N^=:?<E,:STI"H/VX6?;BWQ8'P.$0X4!U9@
M2!_+5MTL;594GF_S-IT@4],$H_;XUFN;C=,:!P"(C^K71`;C\0?]#:K=SM"C
MP,_B*9_N1P/>F*<4RRPO\T.-^\>SST/4][H9N-^GIHM5`Q&5VQ2NBA%YCTC1
M4BJIH:WJ1RTIT'CZ;IUYUZ^ZZ^/A=.74DH1<@'5_ZQ+KQS:HCX+PHS(YEZ4J
MZM['E_U"71_*=IUU<`DB9YIP5'=G!4V1/EW,W=1I]["E9!_^H5OH"R_L3V)9
M6F&J*U<JG(B*&WEL/1W7)-A%5Q/.GVPMCW:^H!FT\TZ58*?QQ6@8<)Z?`(:N
MOVT.5U64P.(6UJ<I_0G8TRSUXM.=Z4EJV+!25/NO&VO7G9)\@G!L4L\JZU)J
M2:`&49@4`.,/F[]4C@S8$UCY(Q.HO1D8/KO+-'F`978A_1T-R7)RFTJ([\LT
M'%C%Q2EIZMIZ&[<0(\VK;0M+L?\`2\]U[IZC-'1=6L\-@I,.SF9]D+=MHPRJ
M&9XJP]4&-4=U$[,IY,KA`)`\P(\%?$&7@JD^5L,SWHK($<KY\*9.B-Y7D#^7
MCZ8//?F%VZUVW!,V_NO+Z1?4<XF'Y/?TP>!0GB8P7/NHTH=HWJSWB1UL.>QV
MM92_V@[HLY3CG_(PS_Z4S5BTI=V?!9NKZQ+9I_G_`#,V&FKR/$S3U^Q>(5(B
M/$-_W?+_``/AU'4^%:L@_;UO.KC_`!$+LCF6;>6">SUN6)I:=2>)_551]X4>
M^8/Y`X6=7]T>X)E%0=3D<N,\'KX`,0?EX/60K>VU'9PX=5N.JJ(A)^YK68J[
MS^75/<<4XP[5QW4\[]?=B4RPA.2>WLC]JSY`,'+=8$1U\%<[.NVAE_+H6B*E
MN:@//Z`KW(0QV-P7I[\V#CS0\)GLQ0H/XWIQ&*9;G.#!G=`K`I3ZE2WYLO4=
M=FY*:OX.$95>A!/:TLL,TT?OUVVD&`M5AZ[?`,WE3M+`Z)_3R&;>2Y=58]G2
MVI-<VUR'66$CJV_H_!FR[>XR9X,]NOU:VFBKX6]('M->$W`/)D_0CG2VQ!*K
M,U`?$)$.-^"_9:GT8=`A'7*<?YR7_5F[]5EW*78@`RUVT-+,[/$(D:<C1QX.
MYC_RZ*O_`.>M/_\`BIW_`-=]=!_]O.L__<9/_F/_`+OKGW_N%V__`.K?_P"O
#Z__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g303281g56p87.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g303281g56p87.jpg
M_]C_X0`817AI9@``24DJ``@``````````````/_L`!%$=6-K>0`!``0```!D
M``#_X00B:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+P`\/WAP86-K970@
M8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"(_/B`\
M>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!
M9&]B92!835`@0V]R92`U+C`M8S`V,"`V,2XQ,S0W-S<L(#(P,3`O,#(O,3(M
M,3<Z,S(Z,#`@("`@("`@("(^(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO
M+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^(#QR9&8Z
M1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM;&YS.GAM<$U-/2)H='1P.B\O
M;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(B!X;6QN<SIS=%)E9CTB:'1T<#HO
M+VYS+F%D;V)E+F-O;2]X87`O,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(@>&UL
M;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(B!X;6QN<SID
M8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B('AM<$U-.D1O
M8W5M96YT240](GAM<"YD:60Z,C0X,30U03DU1$$X,3%%,4(R.4)!,C1%-#%%
M,C@R1D8B('AM<$U-.DEN<W1A;F-E240](GAM<"YI:60Z,C0X,30U03@U1$$X
M,3%%,4(R.4)!,C1%-#%%,C@R1D8B('AM<#I#<F5A=&]R5&]O;#TB4%-C<FEP
M=#4N9&QL(%9E<G-I;VX@-2XR+C(B/B`\>&UP34TZ1&5R:79E9$9R;VT@<W12
M968Z:6YS=&%N8V5)1#TB=75I9#HT,F)D96-C8BUC9&,P+31C-F,M.38U,RTP
M8C8X,30W-#`W-F4B('-T4F5F.F1O8W5M96YT240](G5U:60Z-64Y83<W-#`M
M9C4W,RTT-#!C+6$V.#4M,3(R9#8V,S%D8F-B(B\^(#QD8SIC<F5A=&]R/B`\
M<F1F.E-E<3X@/')D9CIL:3YT86YN86UA;&%I/"]R9&8Z;&D^(#PO<F1F.E-E
M<3X@/"]D8SIC<F5A=&]R/B`\9&,Z=&ET;&4^(#QR9&8Z06QT/B`\<F1F.FQI
M('AM;#IL86YG/2)X+61E9F%U;'0B/DUI8W)O<V]F="!7;W)D("T@17AH:6)I
M="`R,RXT('1O($9O<FT@1BTS+F1O8SPO<F1F.FQI/B`\+W)D9CI!;'0^(#PO
M9&,Z=&ET;&4^(#PO<F1F.D1E<V-R:7!T:6]N/B`\+W)D9CI21$8^(#PO>#IX
M;7!M971A/B`\/WAP86-K970@96YD/2)R(C\^_^T`2%!H;W1O<VAO<"`S+C``
M.$))300$```````/'`%:``,;)4<<`@```@`"`#A"24T$)0``````$/SA'XG(
MM\EX+S1B-`=8=^O_[@`.061O8F4`9,`````!_]L`A``!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`@("`@("`@("`@(#`P,#
M`P,#`P,#`0$!`0$!`0(!`0("`@$"`@,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P/_P``1"`!W`=$#`1$``A$!`Q$!
M_\0`UP`!``("`@,!``````````````<(!@D$!0$#"@(!`0`"`P$!`0$`````
M```````$!0$"`P8'"`D0```'``(!`P($`P(&"@H3``$"`P0%!@<`"!$2$PDA
M%#$B%19!42,R%V%Q0K<9"O"!,R16=I<8.5G1\=*35#65EB<WL5)BDD,T1&1T
MU"55984F9D<H>!$``@(!`P($!`0#!00(`@L``0(#!!$`$@4A$S$B%`9!43(C
M84(5!W$S"(&14D,DH>%B-/"QP=&24R46<F."LG.S1%1TM#4W&/_:``P#`0`"
M$0,1`#\`^_CC33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C
M33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C
M33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C
M33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C
M33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C
M33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C33C
M33C33C37J771;(JN'*R3=N@F959==0B2**1`$QU%55!*1-,A0\B(B``'-7=(
MU+R$*@\23@#^).L@$G`\=<-.8B%G*+)&4CE7CAN1XW:)OFQW*[14@J)ND4"J
MBJJW43*)BG*`E$`\@/CFWYWB_P`V/&X?%<^&X>(S\,XUS62-E5E8%77*D$88
M=.J_,=1U'3J/GKF*KH(>W[ZR2/O*D01]U0B?NKJ>?0BGZQ#UJG\#X*'D1\<>
M)Q\?^[Q_NUN2`,GPU[>--=:ZF8=BH"3V6C6:IEDVQ4W3YJW4,X514<)(`154
MAA65;I&.4OCU&(43`'@!'FAEC7.648SGJ.FT!FS\L*0Q^0()Z:P652`Q`)QC
M_P"D=J_WMY1\ST'77YB)R%L#3[^!F(N;8>ZHA][$2#22:>^B;TK(_<LEED?=
M2-]#%]7DH_CS<>9!(.J,,@_`CY@_$?PUI'-%+GM,K;3@X(.#\CCP/X:_+J>@
MV+UG'/9J)9R$@N#5@P=2+-N]?.A3%4&S-JJL1=RN*11-Z"%,;TAY\>.:JZ/)
MV4(,V&.T')PH!8X\<*""WR!!/CK,DL4.WO,J;F`&2!DMG:!GQ+;6P!U.#CP.
MO0M:*TV>-X]Q8H)!^Z7<MFK%:68)/'+EDF59XW;MCN"K++M$C@94A2B9,H@)
M@`!YJ)8F<1JRERA<#(R54X+8_P`(/0GP!Z$YUAYH8R!(ZJ2X09(&7(W!1GQ8
MCJ%\2.N,:]SR?@8\T81_-Q#$\VN5K#%>23-L:7<G3]TC>,*LL07ZYTOS`1+U
MF$OU\>.;;T[RU\CU#`D+GS$+XD+XD#XD#I\=))HH4[DK*L98+DD`;CT`R>F2
M?`>)U^36.O%>,HXT]#%D))9VWCF)I1B#Q^NP^K]!DU%?WW2S(`_K%3*8R?\`
ME`',+)&[B)&!D,?<`!R2F<;P/'9GIN\,],ZU>Q!&0KNBLTAC`)`RX&2@Z]7`
MZE?$#Q&N8O)1[8S@CE^R;G9M/OW95W2"1FK'RH'WK@JARB@T\HG#W#>"?D'Z
M_0>;9'CD8#`?VG&!_$Y&!XG(UUR,[?C@G^P>)_@/CKKT;36'"\JV;V."7<P1
M$U)QNC+QZJ\,FJ054E)5(C@RD<11,!,45@(`E#R'TYA'212T9#*'V$@Y`?\`
MP''@W4>7Q_#7,3P-*8%=#,%#%<C<%/4,1XA2.H/@==X`@8`,40,4P`("`^0$
M!^H"`A]!`0YL1CH?'70$$9'4'7GC6=.--.--.--.--.--.--.--.--.--.--
M.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--
M.--1BQVK(9-&P+LM,HRZ-4M\AG]C4_<T2F6&O,4F5:0J+X572?LV%JB<#F:?
M[MZ1\@40YQ-B$4DY$L/0R1RR(_Y62$L)74_F6,JP<C(7!SKIVI/5-2*GU:=K
M<OQ7O@-#N^7<#*4SXY&-<&'W[#[!%14]":[G$I!3D:I,1,TRN4`M$/XU%VV8
M+.F\F5\+(Q$GSU)$P>L#%54*40\CXY-DK6(K#U9$868S&&7X@R]SM8'QW]J3
M;C.=C8\-0X;=>PD<D+ADE5V7'Q$?;,A^8V"6/=G&-ZY\1KM9C8<FK[&?DIO3
M:!%,:J9N2S.7MO@$$X!1X4QF:,N)WX#'KO`*/LIJ@4ZOC\@#R*\B1Q=]SB'<
MRY^!9.K*/FRCJRCJ/B-3(XI)I!%&"9"H8#_A.,-_\)R,-X'(Z]==M):%1X92
MNI2MIA8\]N9R4A62NWR*/ZXRAX5:QRCF-$X@#E)A`MSNU1+_`&$""<?H'.TL
M<D,L\,H*RU8R\H/C&BN(RS#X`2,J'_B(&N%=TMQPS5CW(K#(L;+U#EU+(`?#
MS*"5^?PUU%-V#+="DIZ'H]^JUIE*O&UZ8L4?"R[1Z[A8JVL%I2M2$DBDH)VC
M2;CD#KMCG`"J)E$P?3@QNM=K;#%996C9O@LB*KLC'\K*KJQ!P0&!UNWDF2LW
M2Q(C.B_F95D:)F4>)42*R9'3<"/'7KNFS9/G=5/>+MH=2KE0)'R,K^XI":9A
M%*1T00IY-XW=I**IN460'*!Q3]7@Q@+_`&A`!CV)HZA(LG80N[!!SM)4`XQX
M'<N/GG(Z:[05YK1Q74N=^SIU\V&;;_$!')^04Y\-1-4.[G4B_3LW6:;V#S"P
MSM;SQ'6)Z.CK(V46B<X78MY(EO>F/Z$48<C%VDJH<3>I(BA?64OD.29H9*\%
MJU.-M:E,L4['Z8I'+*J,?#+,K*,9RRE1UZ:CPNMB>I6@\UB^K-74`[I0F-Q4
M>(QD$YP<'/AUUG-Q['X7G^>V;5[CJ%4@LYIA8<]IMSI^*D1!DGV\:[A3OU6J
M2ZB2<FUF&JB)O2('(L4WX#YYRML*)07/MEYFB7=TS(C,K)^#*RL"#C&/X:[4
M(I.4...'>^QWO+U^UM+=P?-=H)R/'!^(U&:'?3ILY@YVR-^QV7+0-:I%>T><
ME4["D9I'TBV?;?MNP**`G_5:S(/410(F!UC@LF/H\'+Y[689:9<6E*-'96NP
M(ZB9\;4Q\^HR?I4]&(.N4)$Y00^8O#+*N/C'!O[K_P`(]C[OCA6.,#.I0G>Q
M6'5I7+D)S3JI'J[60BN4D5?^X-Y;J1J4P5W!B@FJ"S+],7(L*QQ(D!#E\F`1
M`.)()8KL_'R*5NUHI)95/BD<6>XS?`!<'X]<'&<:YI/%)13DXVS0DE2)7'@T
MDAPB#X[F((QC(/CC46Q??;IQ,DK2T=V'SA="XS-NK]7='EE6K2;F:&B=Q;H]
M@[=M4&RJT(@F8ZOYP*8H>2";G)_(BR/T5Z0MKGXUB<"4#Q*D^`^H_+7:0&)S
M')T<6EKG\)V)"QGX`D@CKT!&"1J<<FV#,]UI,;I&17*(OM&F%7:$99H)196,
M?*L5C-W16ZBZ*"AP16*)1'T^!_$!$.=YJT]=8VG4JLT2R)G\R.,JP_`CY]=<
M([$,TDT,3!I*\SPR`?DDC.'0_BIZ''34D\X:[:<::C[6*4?2<ROV?IN4&9KI
M4IZL?=.4U%6[<)J.7CS*K)HF*J=,I5Q\@40-_+E![HX8^XO;UOA%<(;,)3<0
M2%SCK@=>G_7J9Q]E:=R.RZ[E0Y(^?0C'\#GK^&M4#GXR-1%5_*CKM>E)Q/*7
MF10"HKWFJG9U&(@EH#/8H\]6Y`)Y@C!,7:Q':S0Z;ER4WT,`_7D?D^'O7QS%
MO?&W*<O/3GD9FD53+6=PQ<QE79)(A$QC#*IF[I)V,!KYSQWM"7CX*E1)AZ6C
MQ$E")5+*0C/%*A5NO;97$L>Y06$(A`\RG66,^@>\GFY.1?;)5V`/:WG#,DE'
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MX60ICROSDJA$MW;`$;LRDU$3L)1$Y%BL06;")"KF,%>.`]-:Y9H&2:ORE@L1
M(#E(TKP11=O&=C.\+"<`%7BE!.6B53ZV[Q]J_P`IQO.[^U=H5H4[?UQ,PLSS
M2[EZ9PLZF%SEDDA&`%D8CML8Z9OZSG/[&TFW+M4H[8:UK-=;Y'.R]429N*FC
M$"P@YF5;L(5S/P$B\C3"Z8JMBI';'!!0ZP@*AKVG!Z<<;/*S-=XZ2PZC/VF[
MZRIMD3H)0JRLV651W<.%&T9JJWMEFX^[Q5MQ'3M]CK`2DBF&19<J^`8PS(J;
M`6^V"I<[B!BFJ=*[7J&MUZ]*3T;$!6]O+HI+428D$K&K35(RF^JIQT8E$OF9
M3DDJL9,3BX9'*@K^13P94AZGC>+EK<OQO)2MA:36#-@^:TS6)9X2XP,)VYO3
MR#?N*PJ661=@5[F]NV><$\*2X[MF&2-R<&O&*WIY(HQM;<1(AL+G:"UB0+(A
M#;O;:.E=C5LL%(5H^<C!Q/9:?[!G4D6\N:UMV\C#Q+3]H1CIRUD$G*4V]8K&
M?>Z[;-S`HGY*<I/;'1>+L0R\9V1$*_&\9<K=/KE%AYRD1)'2)5E4[BQ=9$WA
M6)Z2>0X.:RU@U3`KW.5AMN[@EHMB1AWBZ,#([(05\BF)B@=1TUT.I])MFO\`
M&]>Y&F[.TS.Z92RL+)W+NH=C<&M<)89-U)HR5<@9:+>Q<U.UUFX+'MA46CR$
M2("A%@`H)CIR/"WK/N*#F:5HP!.)CJ.=@=B410Q13C'>(*NXD5PF.C$G'#G.
M"O\`*>WZ_'4I4K<C6Y26TC'[D8[C-@M&RL)#&#N1&PN]CYE`&8WK?QJ:E#7+
M'IN9WN-GDLYL.@RKRV0=6&A71!"Y2DY*`[@6R'[IC#V)5:;.99RHX0*FL7U^
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M!2T7J&A&Z/O1FLUUW*1L))EEY-NDZ,Y1=KKM"H)MT0]D5`/WDXKEY[-FU!-7
MHF3E8[8CAC[L<@B,QB,HD*$6(C+N[R9,KG,@(CC&H$7MKF%EAC,U)6AXM*HN
M+`?5,3Z;U`DBW"%X)A!L2,OF"/*QG,CG6U>O,'T5`0D7)R"<M)1T3',9"429
M$CDI)ZT9HH.GR<>DHLFQ3=KIF4!$IS%3`WI`1\>>>OMRQSVI)XE*1/(S!2=Q
M4$D@%NF<#IG`SXZ]5Q%.?C^*K4+,@FL001QLX78'9%"E@@)"AB,A<G'AG7<<
MCZL=.--.--.--.--.--.--.--.--.--.--.--.--.--.--!'QQIJ-YO9,AK*
MQV]DU7-Z^X3,)5$)N\5B)6(8/H)3I/Y1N<I@'\0$.-,'52.ROR-X!@\!!,J7
M-QO8S:]"DR5O'\"Q.QP-NOVBV582E*B'Z4\?LZO7(XI_>D)>0%)DR;E,<PCX
M]/&L[3XGH!XZI.M\EW:R)G1A'.>=&KA=4%/+[!*1VY,EK*/H\&7AV%DGZHVS
M67L:(#[8-TW9"J+_`)0,'-.XF=N1G7B4_<G]O9.6_08^9H'E\X[?=&<_+/TY
M^'CXZF5U\F.O69C#,,L^/KL:6W+J)1EO7WV0IO7K,*'8EA(D2&<Z9;))_%W!
M9=R?TMC1"+@KLO@4Q_,`<VR,9UZ^:S5K1+/:ECB@8@!F8!<GH.I(!S\,>/PU
MPP[O=XHMW>"2O5;K;.&S-1B31(&N]RJS$6&D&DS$".)83VFGLXQE]_[A2HJ'
M.5)4P^`-S.1UZ^&JH^Y?;HDM1&[7$E(KZ@%@#"&QM,F?I#9Z'P_'7:H?(9VK
M(L5K(?%SOZKI5H20;&JVNXG;6+Z-4'PE*1[QE.M3.XI7_(<%3]HWT^O&K5+5
M20!HY8R&3>/,,E/@X&<E3\_#\=8W<OD0[BQU5F[##?'>\IZ<96+1:V;C9>S&
M3UA29C*?$N)F>&!KE>3L$]/K1S-N)EBM@$$@_MB7R',X.N?KZ'>B@[T7>GW=
MM0PR^T9;9U\VT=6QX?'5LOCC[8R_>;I1@O:Z>IL=G\ML=>GIM[3HF5<S<=!J
M0]ULU4(W:RKMJR</"+I0!5A,9(@@902^/`>1QJ6PP<:NWQK&G&FG&FG&FG&F
MG&FG&FN#*-WCR,D6D>_-%/W3%VW8RA6Z3LT:[7;J)-GY6BPE1<F9K&*H"9Q`
MI_3X'Z#SA:A:Q6DKH[1NZ,H=?J4L"-R_B,Y'XZ[5Y(XK"2S()(E=2R$D!@""
M5)'4!ATR.HSTUI:LOPIY@E8F,KD>J.<PBI2ZU_5M-C)7.(/5I"[[-'*.TK#L
M$+-WR=>#G]^N,0=LR=.F+=0J"+-,6Y$S"<3;=F,5EXV,"+AZ\-F*K%'Y35BM
M0K%/#'+U?L2NO>DC)R[O*-P5\#66::=I+MAVEYJP\1L2OADG$$KRP,\`"IWH
M>[(J2@]%[>4)C4GT:3\)N87'%[/B57U!M2JG:(R$C'\,KC%"L5/7^QK%0KT[
M(OJ69Q#Q[J9LCVJ?JZCQ-9NZ1F%_N04,=,/5)YR1N;LM/_RZ&PLJ+'T,(26]
M+&L#>,7::Z>V5Z*(P-I#,-<.)3])J4HE/=N5>,EJ23/U>TTT\$KSV/\`S':.
MNM=U;(:(^((4C@27P=Y.-7K$77=2&'M46A*-[9<97'Z':E=)-,N7":\U=8B3
M631FK=`P;M1K`2KE9=S!+`1RV_J$\#WDMEKMN>%1%2MCK$O01$SV;+R0-XQ3
M2RSJ)I5`>2&,PL=DAV\>-KGCH*2;C+/1J10HS]0_:K4*J]Y3D21;:1?L'R"6
M8R##1J3L*O?6.?U3&*WFUSTH\/;J?8F[VM:32:\V8RD=7(]^HR2A"1\DY=(`
MK/T4QHB54`_I7(NJ8I0\@`<;TOK^6AYF0`3B21ITZF.99B_<CQT*J04*GJR,
M@8===:<0XWC).'I$^A$$"0[^I1X(H@DK@8$C+.CRJN0N&53G;DQMCGQU93B&
MV6#>*9-2B-RT^M6*H[\FLW76B]G@W)RI41O)QKB6<L:JIFT2@C'L31:2)5V:
M8D5+Y.8W,*8/TN_P<R=SA^04/)$QSFVS-ZBVS8W/)8C=XF4G8J%0HR@.M[`:
M7D:/+1$Q\CQ^V.&3Q=:J1JL=3/0&))E%D$@N9RS,Q#8'NUCX_<WM>457$,I/
M&8UFE4H%^SR'KD/%.9>,@XRZ/XB<([C&+F4;+J*,IZ)]U5,7:*BR:Q@(LD8I
M#ASORW.2GGGMREY)X*D>6R<"DQ,*X4IE=C%&PRD!$^H;@=ZG:I6([M<.MI+%
MF0[6V[S<C9++,<-ESD%,@J-T@P-PQ4F#^&"+;5\E`F^V6Q(9K'5:5CJY!YO!
M5K/+3!6FT-JBC;YH;TLK;7LW5IE6ELS)03]LX3;E*)3N5_(F'K=E:Y2EINS]
M96:)B5.U6>S(RS*$5)R7M.P;$6PJI158!ASXX-QLC/#MVV7ADMC#9EEK(L5=
MX79F>L$A#1N@:02[R7)`VZOW2.KTG3J1?Z0GJ-F=*6?/J/F$3=W8HOKDE`4R
MJA7OW%.KE2CHY[<Y=5TZ.LX0202*04@*4!)SKR%E.3L3V;,4:K<Y<W9XE!$3
M+BO&:RDDN(Y8*RK(2=P:20KTQJ'QM-^)6N*DC=VGQBU87;!*LLEF9)MF-OVY
M;)VQ_25C4,>IU53?_B?H&Y7W2;VA>VM!7MV<U:AU2+K]&=?8U=>MOJX[/-SZ
M+:^1;*X*/4*LT;D%!O#/VR"92E>F`I`+`19E]0[R%I[%SO$GZ1&3O>-5SD,9
M/NAU98]YS)#)DYM.ZHCJP1@K#5JR1=#YW9XIH0S/\4[4[H\;!BX/21-<=;XA
M<:B[5A5VH-YN-)L^4Q1H.XRA):[S?]Y\4K%P[%RP-&/M$2A*>Q>K0B/O-6[5
MTS4:B9'V0./OA+>;_56GA&WC[4+JT3'?EF#`-(YZR*=[&1`$W''::$#;JOCK
MNO%+0D=C<6W%/WAE6#1EC]M03L<!B(W+,1XR"9NNN+#?&-H\!1J-D\;VM:J8
MW6Y>Y2UFR*;P2+M%(M0V-)PU@FD>%ETJ5L]0:5!DX$K=-M)+)'4$5`(D/@I>
M#@3P)7N9F6*B((R_UQR@@]]'7#9!`[:DEHQN`E\V=3DD,5BW;AS'9N7C/(5/
ME:-B2\+1G*'NDEI7`42-M/;&WK>GJ=U]5ZP8C5\;5O,AH):R=_\`;3;QB]B6
MK9FZ<F5:0T)$25AMCZ)@HE#TI-FZLD[,F0/[?CP`67)<@W(O'*X/=2%$9B06
M=E'5V(5>K'KX$CP)/CJ'#76&69T"K'+*655!`0'P'4G)_P`3#:&/4*OAJR/*
M[4C3C36"3.B5V!O%4S^0%Z2<N,39IJ*5(V*:,38U-)BM+'?O15+]J<"2"8IA
MZ3`?Z_4/'.2SQ&6>)B%]/4-ER>BB(2QPDY^8:53C_#DYZ8UF56BBAE()%BV*
MZ`=29##+.,CY;(7Z_P"+:,=<ZHT7Y<_CK>5:9MT!V<IEMCH2\3F9K-*K'V>8
MFG^A5QZV82].AHA*#(]F)MNL[*<I&Y3D6;@==,QD4SJ%P9T]+3NIN>M?A$L#
M*"0\1=4,G3Z$1F7NL^T1*RO)M5@3W].RW[7&S,D=ND^R<,PQ$YC>148C(W.L
M;JBC)>13$N9`5UD4;\HW1*6A7M@8;RS<1D==0SYXH6AZE[Y+/[CA%1-%G^R/
MNWL"W7:J)JS*!%85)0OI.[`1#S*FBD@A6Q("(GC=P?#RQD`E@V#'O+`1"0(9
MB?M!]<NW,)Y*LB,EJ)(V93X@2('`4@E9&53F41%S$/YFW6)5OY=N@=CI#N_#
MM$A`PT='GD7[:?R[5VLND4EA+6/L&<>SI3\T_.&E54P"/C#/7P(K)K"D"1@-
MS>>!X"`2&W2(@QG)=T:3&T@-Y%1^ZV-L11A(RD:Q8"5IYX9&7%=V5VSA%(*`
M$LVW:)#(G9W;3.&S$'&=68TWMOA&28)'=G+A<?8Q&3)3G*%V:QK]5LG&7F4C
MHB#EG,>N@UE6[,74FE[Q#(?<I`(A[0G#T<TNPR\=R<?#W1V[TLDD:CQ&^.O-
M9*Y7(\T<+!",@N5&0#D<:LGKJ37Z*O+"H0D!2&P\\=?.U]I`1Y0TF[&U%=C]
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MMVG+#%,ISE);*PM!&<`@M*+$.S&1]P`D=<5'I/RY=7M"_NM+5HC3I!75(C1;
M#'MBLLY^ZKU?S(T<6?F9ML32SKRK1<LNV,@6`+-+D]T0<IMS)K%3GVX9:4<\
M]@8@K<:ER1@0P"R-(B1>4D]UFBD`;'IO+N]1M*L>097P(B6=N2%)5P59FV!S
M+APNV-%9=Z/MLAF"^G+=-3OUW[UXMVAJ$A:\F:7&7<1\'9)HU449UIQ8GBU4
MD"Q<S`1R\':YJJ/[`WD%D4113E!2*HX(4ZA!]8$Z<G3M<94-MT,J]J*15CP6
MD296*F/)4,H*LC.#LWJ=C,,,<P%9K25V98TDD*!W.$4X#+OQET+1GNA&02JF
M3(B-Y=1W#_)=BTW:\]SEK0=D:ZOH,;H,B3))J)SJO:)5QSAS)QTPQG82=TV.
M0EGLA,1*K-E^@+S:*BW@RJB*/E4.3QGLS6:Y6>K!QT=QGC(8=N0*P3!(97"M
MN8NJ1*`?NYZ'K-#)5$;6QVEEY'T:%OI+[0V\,,KV]I!VY[PR`8<Y`[V,^13#
M+'BB>S4Z'O5Y=-HMQ8+-C-0-G$QN5)JT9-R,!8+?9Z.31DFA:G6W\4O]U(,7
M[YLH5,?MC.#"!1S;B%2:$%A)2E].6GC#-%"+48E@,X"]V,R*1M3MF5C]*$==
M1H9!--/3'EY&*6>-(6*I).]:40RK!N(1P'(\Q94`/G93TU%A?EUZMNUI5E#Q
M.GS4M';9!80UAD8_/8:1F[;/M+`[0?1Q;9I-=:M(UH2K/BK-9!5C.>I$OMQZ
MA5D3*=:-.;D#1[&-EYIPIR"(TKB!GDDV;B4VV(3B(2NN\K(B,DBKSL6HJT%N
M=]Q]'4BG*[2&?NLRK$@<+B3*/YI#'"ZJ6BFD4@FUW7+M;GG:!SK!,ZB;0VC\
MBT*8S28FYU2EGC9VPU]_(1DP:OIU>Y6>50:,'\:HF8LLUBG8^2F*@)#`;G*&
M%YN'J\WC;6N!FC4_64`1ED.,IMD5P5VNS#J)%1AC6\\H@Y:;AV!-B"*)G8?0
M#("3'U(??&05DR@3</([CKJS?.6NNG&FG&FG&FG&FG&FG&FG&FG&FL1N%_HF
M>QWZQ?[K4J-$^3%_5+A8X:LQPF*`"8`?33UDV$2@/D?S?3C34")]Z.E*KM1B
M3MUUG%TD!A43_OSS,`#T?VO"IK,"1A#Q^`&$>/'PUG:WR.JP6WY8<*D;!(T7
MJO1=:[P7V,]U.18];ZPC,T*#=H^!,TLFP6)[!YU&+>U^<"HO79_3]?2'&A&!
MEB`/QUA"7R`]Y5Y)M'D^+"TLEWS-638QDUVXQ"-M+R*;E`SB1;UQ.)>K+M6Q
M3`*BA%CI$\_4_'QQ\=1FNT$F6LT\7J74L$W+N*CQ8+G)4?%AT'QU@&J_)5W"
M:T8KFF=%2XU(.%%3R.W=EMJSQ/K/28AN7PZDWEHSJ7E[-;IH5/41I$LF2:[A
M4G@3`'GF"0!DGIJOY'W%[?XGBVYODKM>+B4!S*779T\>H)R?P&3^&M<P_)GO
MCJ3=(/?EMZ_PZQ$'2SA.`Z#S4G4T%4TSJ@RK\S,6_P#69%7R44T#NDB%5.)1
M-Z0$?$?U=;.-XU\9;^J#]F5LM7'(2G:"=PBDV-@9Z'&>O@,@=?'&I)91&2=F
M9?)XS:.S_8CN!8NP6:W6UY`K/:M_S?<`5UNLHJJ!C%BQ?('T<^J4C(D2*<%'
MKQ8YTA`A!.<WGG7NH<%2#N'3_NU90_OAP7*VJ%'VTJ32<M3FDIRO(H1K,0/^
MEE0>>-V`R"2`1T&3J-(UA\<]/K^`:=<.E?6&E9O=I:[8CV+1M<%*W'1\![#U
MA)R1H_ED+%,2<S/T=XZ;>LXJ(G6(V$ICF$YP*&G?5<-CRG(/X'7B9/Z@9:M;
MB><Y,5J?!V9)Z=]&ZS4+T><%D^IX2?'"G"X.>NM9.E][D(6J+4+K)CF+];IR
M00M%4UC6L*H\34I;7*_^J+-H']!?"Q"PTNO.84H_<M$G'J<BM^<0`/3R%)<=
MQM0;1GJ?GK\K_N)_5'[Y]R\,OMSCI4J`&9)YX/+ZE2V$*`C=$A3Q`.3G.1C&
MM;O@/7[GD?<]SW?=\C[GN^KU^[Z_[?N>OZ^KSY\_7SYY#`P.G37Y7[LA?N;C
MW,YSDY_OU/K/M%O;;.K9DSG3;-/9]<D84DM6[1(N;(T:N*XJFM`R4">66<+P
M,I$F3`$%VQB&(7R'-UEF"["<KKV<'[B^\8.'L<`U^Q+Q-E4#1R,7`,9RC)NR
M49/@5P=3D\^17L)(6R7NK[]CR$];L.;]?](&2JC-]&Z?2F34C&-?W>,7,+66
MM44T3*1L_$`52`/(?4?/.GJ)2V\CJ1@_B->KE_>[WE+??DF]*;=CBQ0L%H@R
MV(5&%:93Y6E4=%DQN'CK@4[Y#NSE(D,&E(BT0YWW7*$FZGGKMY!-UW3JE3Z"
MC5U2K>X]P#6FM,FJIDV;=R!OM`'R0?/UX%F9=I\2H_Z]<.._>OWWQDO%3UYX
M^]P\4D4#&,%FBDZ&&4D_=0`X4-G;\-6[Z3=MKCI1K3@=TJM7F(2$SSMUI^=6
M4QI%*PYBM9\4NZEDIU8.*ZJ)Z5*G6,?[-83`DJ!3E'R4.2JEES)V6ZH03_#\
M-???Z:OW+Y/GO?G'^TN4ABDKQV+EFN_4-7[L+F2-.O6)NOE/@3D'7T"?ZOM_
MT.O1_P#XAWC_`#Q:/R?K^D,GUG6Y+C6FG&FG&FG&FG&FG&FG&FJ$]G>\C3K7
MKF>YB\S5[:V5RA6,[+6=O.2S`M>92-J2J38J<?'4BRLG2H/UBG.>0?Q#8$Q\
M%5.?\O/*VO<PJ\^W"O"3$M9I.YN;ZUBFE"8[?;`80E=S3!MS#$;#KJE]P<L_
M!Q\>ZQ&;UU[TY`WYC`[>9,)'(6P),D$(H523(-8DT^3W$W&A1F0EH.T/]1GH
M^+>U6KUZHQ<NRNZSQ1^2684NSN+%%P,H]J*48LK*I.56*K5,H"!3B8I1M:W,
M5KW+VN%HQV)+U.6,2C8%"PR8'J\EL-51R8W=2SAP1VR0<4#>_./A%9+%>UZJ
MY2]1`L:B03>95,$3Y538"NLAC?8.V=X8@C/A/Y,\I"L6FPN<UUPIZCKUTQB8
M2:PD.M%1MDIG]1W)3-A=34>QB*^=NJ@)UU"F,5542)$7`AC<J)?=U)>#J<W7
MBF>*Y1GL)D;%!KJ`\9=OB\Q[,!"YF;#J@1@QM:WN6":U=JRP65>ARWH9=JAR
MI+R@3MYE`B6./NS,&*Q;A&6:0,HY(?)U@K#.)#0;96-6J:T+`0\_-5"0J\8Y
MLC=*?E*/$PJ$>1I/GCY8\TIH48NS%-8IE6BHJ'*F8HI\O.6Y.OQ,$T[I/(T%
MJ.N8E3[_`'I#;VQ]O<1O`I2EP'95RGF.3B'P_O.ARE>"6:*:L]CBYN04/M*M
M6@].&='!PPD:RBP@A6D(;RKT!F?(NXE!V'0"9M%4?6:I8#P;F9%6\U6+AHQ-
MS'LXB0EZXJY96.663L4,RGV2CE$4O:*#DH%5.(&`LJK,+4\]=59)((C+YL`/
M&LPK.T9!.X1V-T+YQYXWV[E"LTGCO=-3DC6[=>W&MK:`9$50CM"UE8I,.2LA
MKA9L`,-DB98,65<2T/NY7<X8:2M*T&POI?*VEZ?6BM1;L']@4;5Q%B2FFA(E
ME&NI*;/IDQ)(LHTC=$YRJ`H/@X)B'*"_[FK\=P3\U-%*YCC0-%$#(XLM9,/H
MP%'6<0CU1&`!"0?F=6\_()5O34[2]M(B[[V(_P"52#O"V5&76)WS73H2TPV]
M"1K.<_[;430ZCUVML+5]$<->QA7",*6.J,C*-J'*1T4I(R\=IKXB;<*;^GN4
M%&?N.TR>MT3T>DHCXYZ:4PKS*<1`XE26A)<CG7_EWA01G`EZKW7$HV1Y)8K(
M`?(=4G%^[*O)<!3Y[T]J,6[D=8PF-N_!*_<_GQX#1(G;/<=@-NZ/(\XUC,MV
MCNZLQ6V]#Q9E=("W!=D(686U.+KLBBZJ@2XLI.>KR]7D5X2DRWZ3Z%I<RZ@,
M5G"29D%!-Y#SJ\S;EKO;AKIZ8\2MZ-FF"`J6CS',=A$#=MRZ$E^X4=5`VLPM
MKU^U7N>DIP=]ENS5&&_8YGB#`")-K&6-I%VM)E1&A#D$E4:&<_\`D1?6>R/*
ME;\5)0I^(SN0T&5C%M$=3:CQNV;GG&3*GR*>=1E<M`R-.)^I@!G[)ZF41(+0
M2@94.U+FELRW(IXVA?CXZK6%;.^)INP;`92H#)4]0BL\;R;W\NV/<I-'3]S7
M9N2H\/;JQ0\CR"3M$!/W(Y.VUA(!%,L0C<V#6D902A6(=P!P"!8#3.RT[0]'
MIU$B\VC[!'Z/G]HME'MLC?BU2)=S]7AEY]Q6[$H]J;Z/K3!U&)%%-^9XX6$Y
MQ\,S)IJ*%WMW^0K6^4H+7C-KCZB6(PTVQ9P9T@D3<8R(W0ON4#N;U5B=GEW6
MTW-!9.*:O$\M'D^X.X,_9983+'W%VD=N3RQ[RRD2.BJCY.,,BNY,RS7IDEI&
M,2M'I-EJ<K.S-@AK*[T>P4^2B7K]E[4K0:C3%K$ZJ$X=F08J;0`Q7P.$_P#>
MR8"(AUDY2*K8L)R"M%4C@JR1N%>1G>SVQV)8T0M7E0R?2Q;(5F;8%;$/]?M1
M58;MRLJ52LYF*2]TIV-Q9H56/=9BPIS(@4YP$1]R[H>=?*1F<!&6J2O%9:4E
MPST1G2Z+6++<CU2Z72%.Y*E)W1U7-!J5'/"1L<U.5P1)JM+"Y(<I2*`H(D"J
MX[W32M0TVN=N"W9LV(Y(^X"T$<`D/<<.(W9I#'M2,1X8L"DCKYM0K_O.K0GY
M!)%C$-9X$JM)(83=:?L_RQ+&BJL8ERY#R%=A#JK>7614/OO:=7AZ[8,QPZ(M
M49-:ZEFCYBOK3JM6J%BWIEEHVUKURQY=''>F=Q#1=]]JBN9L+9(#)/5?4'+3
MB;E[D9.,:2NL=.^DS2R"0L:W9&X[HGCCE<`&-9"5C,;R*NUU\QBQ^]IN0J6;
MW`TQ9@@NB%`\I@>6,MVQ*@>(JS,XDVQQO("D;.),Y4;)?S?R#_WP_P#<\M>F
MO=Y?Y#^__=KSS&M]5YW'K/0=^DZ'-6R?U6KS&=OY-Y!2>4ZQ>\J?/&LTW0;3
M$#9'%'FH8]EK4HBV("\>]]YLIZ0$2>><X88X.0_4@H>4P-"Z/YHI(F=)"DD3
M91QOC4^8'&/Q.EG=:H'CF9EC[PE5T)26.14DC#QRKAXVV2NN5(Z-JMCKXK^H
MLA%4^$DX72Y.,SR^RFCT!J^V+1EBTFQ2X$1=)5DX3Y%(J%3CRF9HL2#]LBS4
M40(4$SF`>@P!%D!FBH24@3U+5Y0HD1S^<LJJI9LL555S@:DM:E,EB0;1ZJPD
M\@"@*9H]Y24#&%=7D>4,.O>/<^OKK$]T^*+#->C,WBZEH&R8*E0K%!2$F\R:
MW@SE[[3X5^XDU\OM$K86<X\)1+`[='&3;,S-E'Q/!%3F*4H!(%J63G!S%[%B
MNP7OUG`]/9[:!(.^HP6$!4/$,@+)Y\;NNN+2/^C'B8#VY4CD2"<9,U83'[YA
M8G`:9?MN6#'9Y1TZ:D.D_&1U-H%A:6&!K^@*A%3"MA@*]-ZWHT_3ZQ8'$FE)
MN9RM526L3N$@Y9T=!-!1=NB10[1,J(C[90+SBKR+%VV9G;+G>Y+2?=CFCE\Y
MRV)1/(TG7SN0[9901PO1KR1L&WYA:>)I@.@E:NT35S(!@-Z?LHL(\(EW*F%9
M@9NCNJV8-J6YS26&QVG-T[+1K-7*399UY*0U16S_`/1G4)&0HK'^[/$+34*5
M^Y0<J+E<.5E/7Y*;TAWGM/:E@M60DEVNUDB0J,L+,4]=E<?2RI7L20QC'E7:
M1YE#:UF@2>*:`EE@G,18*Q7S13QV58$'*EIHD9\'#`%2-I(.1Y[UURS+W5.>
M5"(DFJV?UJW4VG#(6&;F"P%3NL_$V.7KC$)1\Z]$.V?P30C)$?)&+9`J*/H3
M_+P;EAA)O8L\T-6.1CU>04UE6%G8]6<":0NY.Z1FW.2>NMGB1Y#(W4FU/8`^
M"R6#F7:/!5)\$7"K^4#7=:+C=-TF(C8:6:?IS:-LR-G`T.DV9J.G1DEV<N@Y
M$J(@=.?BGB[5RH``N*:HB4Y3@!@K9ZE>R`EA=T0AFBVY(&R>)XG`QC'1RRD8
M*OAAUU*CL21*X0X=WB?/Q[D$B2PN?\6QXT.ULJP&U@5Z:K-4OCCZUTD*(6`1
MU%!+/)>S6&$0<Z_H#U%[8[0@W:KV"Q$=3:G[@F(=LS13C%G/K-'D1("/I](<
MGS6+$Y8R.V]J'I,@X*QEF9F4CZ9G9F+S#SMN.3K3N'M]D`=KOK)C'3"#"P?_
M`*<9_D_1\QK+L^Z0XWF4%/5JJO-`:QMAI-HI+Z15O=@5N9T[M*&E[;9CZ!]V
M6Y+W*9>`F(R9W@N42I$*D8@%#G"^!R5%^.L]*QB@B7M_:*0UP=D2F/:0K,2\
MF<EV)R<$C75+4T=Q+J[6D2>6;#J''=D&S>`P.T1Q_;C1<(HZ@;NNL%BOC8ZV
MQ3'+FWW>U2LGCT7/0U*MM@W?4IZ\HQLZH_<)-I>YRED<V*=+6GLFNXAA=.%!
MBW"@J-Q(;Z\[6II+<SV&Q'+)66$F,"/HJ=L2X3`[YB^TTWUM&2A)!U$AC2*N
M*A\]46_4[7\ZE\ABI#9^VSJKM']+.H8C(UW$U\>G7B9QF"Q!-76:]7X*S)V\
MUPI^S:+4];L$Z26?SRKBVZQ`SS&]6AL\FI%1TNV>/56RRP$,<@^@OC9[$CWZ
MO(C"2TT18U4!8L1H(TWQCR2%4&`7!(RV#U.NRR-MLB7$KVE*NT@#NJDJ=D;-
MEHU\JJ%0@;0%\-=(/QH]8!0LS?[?5?1<;E`W2S&'9-%,M,.*X,FHPKKM8\\9
M4U,6<S3Q=S%`(-7*[E0ZA3";BK8>FM..N%6"C)(\28&P-(J)YE\'$:QHL0;(
MC"J%QC1I9F$N7?N2QA2V?,IR&:1&\4ED(!DD'F?'4ZL1CO7/-\-FM'L-)_=;
MB9U.P)V&U/K9<+!;E2JM_NQ8Q,&$Z]=D@*]&B^6%NQ:@F@E[AO!?KS2.5XN.
MAXM3FM"SL">KLSD$EW/F<]`!D]!T&N4JK-:%LC#+$L:JO1$4!0=B#RJ6VJ7(
MZL5!/74[\YZVTXTTXTTXTTXTTXTTXTUH8[Y]S.P&<Z_N$#$=E*GU:PO#66*1
M+J>@L#;;AL5_N.P5^?L1F446UV!K2Z\QBVD0":2BC,XB<PB8WX<U=UC3N/T7
M7B_?G[@>W/VWX/\`7_<K2+3,@10BEV9CX`#I\CDDXUJ&GODJA7!U3J][/DWM
M2ZGJ%8\5%]<LKCG`^!]:;5C!U65<1B2HCX*8JQE$P'R`^0Y%%Z#./,?[-?G"
MW_6A["A<K5XZ_,@\#F-<_+IN.J:W?N=G#J:7L--ZWP%ZN;@?4XU[M]<K)VHT
MYPX*81^Y:EO2P4R"(KY\BBTC2D)^`#XYR>_DXB7'\=?'_=7]9_NZ^3'[3H5^
M/B(P&D/??^)!"H/_``G^.N)%?(AIBBS9#0<9ZI:I6VB1DF]5M76[+F<:U#T&
M(B9FY@*_&/V_VQC`8A04$@B4`,`AY`>8NS@]=I_LQKQ''?U:_NY3L=RW8K68
M2#E'@C7^XHJD8_M'S!&K$TOY<KQ66>-,GN=M!@Z96+[GVMYU39&+S_)MAH]U
M^Z*T,2AUVOH150N-81<@FVD$06`Q$RB9/R'-O6GH2#TSD?`@_+4[_P#U'[DN
MV>/N<W%)8EABG@NQB41P6X9LXS&J8BEC!PKKGP'359W?R!;2RA\0C:69K5IG
MK?.WD^/Z(JY>36@QE!N2ZAT\SLL@^4&*L];B43@!3.&ON+'*`F'T@!0XFQ(0
M`G0J?'X]?@=?.+'[T^Y17XR'C,06>'FG]+.6WS+7E)_TTC'I*B`_F7K\=5'G
MM'OMHBA@9ZWV"3KP3<K9$JXYE'AZ^VG)MT=[*232'%7[!LY=N5!,82$#P/X>
M.<B6(VDG;G.-?-;ON'F^1K^CN69GI]UI.V6.P.YRS!,[02?D-85_L_AS4#'C
MJFURVS]\R4;K,GSUFLT7*Z:JM':[91J[*("5TV.BH0R#@H@`^LO@WT_'F1T^
MGIC7:.Q/"RO$[*RG*D$@@_,8/0Z.G[]ZJNL]?/'BKIPH\=*.G*S@[EXK_NKM
MP*IS^\Z5'^TH;R<W\1Y@#&LRV)YLF5W8LQ)))))/B22?'\=<3_;'Z?A_@YG7
M$DGQ_P"GPTXUC3C33C33C35[OCK_`/7W:_\`_-G9_P#S(7/G>G_S(_@=?H[^
ME'_^[.-_^QL__MY-?5C_`*OM]?AUZ/\`T`/_`-!WCZ!^`?\`IBT?\.7&OZUR
M?6=;DN-::<::<::<::<::<::<::B*]8'BVG6JLWC0<QIUQM]-3]JKV*?A6LA
M*0B/W/W@(L7*Q3&31!W_`%0(/DH*?F`//UY7-Q/&/?/*/!&>0,)B,A'F,;!@
MR$_%2&8$?(D?'42[1I\CV!>C67TLW>AW#/;EZ>=/DWE'7\!J/)+I1U)F)F5L
M4GUVR5[/3:;)*5EUJ=%#(/$XY<CID"CHJ!52B@X2*<!*)1$P?7SS6+AN*@LO
M<AKQ+;DL1SLX7#-+$6:.0GQ+(68K\B2?$ZJK/M3VU<=I;5&L\C5?3DE!_(\A
M[7X)]N/H/\"_(:[F>ZD]9+.DW0L.$YC,(-)HEC0;OZG%N$"SR9G1R3!T#H"D
MK(E,^6'W3@8_]0WU^O-YN)XRR8S/!$_:1D3*@[5>)(&"CP`,,:1G'Y44?#4E
M^`X64;9*L)!F64Y4=9$DEF5S\V$LTLF3^:1S\3KI%NDO45S&UZ'<=<LB7BZF
M_?RE;8+4J'5:PLA*+LG3]VP14;F(BLY<1K<YA#_*03$/'H+XW'&T!9BN")/5
M01=J-\>9(]YDV@_+>S-\\LQ^)UR'MGV^L"UEIUQ724R*NP8#LNQF`^!*>4_#
M`'3H-=>WZ2==VV\SW91.IRPZW8@JI'LV>WVDT8V2ICEDZ@T(JN?JH0,2@1:/
M2]\B#<A7)2^E7U@/CFG#\94X.W=O\>'%N_.TLS.S.69XVC8#>3M0AB=BX7?A
M\;AG7.U[8X6YS$/.31'U]>I'6CVLRHL43;T`C4A-P/3>1NV>3.WIJ='>69P_
MLSJYO:1675L>N*ZZ>6)>(9J3#EQ4CN5:PLN^,D+A0\"H[5,U\B/LF.(E\"/)
M=>"&J[O614>24R,0,;I#'VBY^;F/R;O';TSC5S+6KS3=^9%:;M"+<0">V'[H
M3/\`@[GGV^&[KXZ[NM5"KTUM(LZI`15>:2\U)V.3;1#-%B@^GIE8'$M+.$D"
MD(H^D5P]:RGCU'-]1^O-XD6"M%3A`6I!&$C0=%1`2P51X!06)P.F2=92"&.:
M:Q&H$]B8RRM\9)&`#.Y\68A0"3U.!J'1ZH]=5+JWT=WD=.DKXR3GVT?;9.,(
M_G(R.LXOAFX>.?.#'590KPLFN46B?A`I53`!0`>5U;AN*J&1J\$:M+46M(0.
MKUU`"PN?S(H50%.<``:A6>&XJYRD/-6H(WY6O*TL4I&7CD=B[NA_*SN2[D=6
M8ECDZR*>Z^XU9);]P2>>UP;$%3&B)V%HQ(QFT*<?T@K6V\DT]IRA%+HE]I1(
MI@`Z(BF/Y!$.2_25_5S7PH%RR\33./&7L.'C$A_.H91E6RK`88$:Z-Q?'L:[
M=E!)4BDCKL``T"RJ5?LD=8VPQPRX*DY!!UP[UUKP/3I1W-:%DE&N4J_JRM)>
M/K#!-))=>IKE4(M`'%P4Y?TU5-4Y3)@`>2F$!^@B'(5K@^'O/9>W6BD>[V^^
M64'N]I@\>_Y['567Y$`_#2QQ?'6UC6S#&ZPP20H"/IBE7;(@_P"%UZ$?+73T
M/J7UIRZV0]ZSS$<\IUQK\">KPEE@*\T82\97%/N/5"-'B0`JG&_[[4\(^?0'
MK'P`<FU:E:E8L6ZB+'9M(B3,O0R+&%$8<_F"!%"Y\`!JLJ^TO;-*Q7M5*->.
MS50I"RH`8U)8E4_P@EF.!TZG7?,NN6"QXV86^09\)KE-IV2TF=5B+?'G)Y)8
MKA*5?G?-W!E7B:Y`.4WD/28/(?7G*IQO'T((J]2&*.&"5I8P%'DD?.YUZ=&.
M3U_$_/4^3AN)FL6+<U>)[-L@S,R@F0KC&[/RP/[A\M=O4<1R&A.%7=,SBH5E
MTM/R5I4<0\*S9K&L4P@#63F/<23`P/GC8/;.</'Y/RAX#Z<[5:T%&&*O401P
MP)(D8'38LK!I%'X.R@M\R!GPUV7C>/2669(8Q+/.LTAVCS2H"%D/_$H9@"/#
M)^9U*7.^ING&FM9?:'N-I6)[3^QJVWI#Z'"H,9"/@Y*$E7MEF)V40G12<*JI
MVJ%D_P!`9N8]`#K0\1-(MRF5%\LS)Z#\\;>Y_D(!RBTUADMU8)C#&V5&^*ND
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MD)774LTCYB+3JLG:V+.#T.6?U]\9PBS8/`4740.FD)Q](FQ#[BL2\TG&M6Q2
M_P!2KREPK]VKW1-'#`X6:<QLL7=[:DHDN_:0IU8>X/>]WAGJP5J'?LV):^[,
M\4<<,5E4>%Y9R3$'F4R]F/=F1HB`?,-8A'?+;,OY%-F3%:>Y;&D%RE?Q>OO'
MZ4A[<L>('/(4A<Y2-(;JR*7]1>5P?;;H113+@^.8OMC%C]V2-%)(88I.U#(_
MVI"XL;87E'HR8U[RU]FSD&81^E=@`)=3#[MD_6$XKM0)')8$?=>;:L6'"=F?
M",8[EC.^C`-R64!)EC/35H^LO;;3M:D-8B=<J&3YC98*"KULS2AUS09BW6^4
MK4U1F-J5=V-O+5FI`Y.S</DTUCQZ1D4%#'0$QQ3!92TN<E=H^UN4Y"?TK>X>
M.-O='"[2Q`0PI+&7)6*0%NXN1M`9&1U*E]HF^RN<Y+W'RM*'F*U>CQ]^O7EA
M43E[!$UBQ%B1#$B1MMKL556E\RR=2%.HOMGR'STACN07SKY6*?V$LZQHBR]D
M8>B3K%XVR3.H)G&.=5D`:GL2#\EJA595)%E%F,[?',)A%!4"&Y-Y/F*-?W!7
M?CF6Q["[Q%F^KHT<,4I>&O*'!PZ]Y6>4HCA8H9`=F0ZT5'WER/*^SH+G#0Q7
M??,BQ[J43*"C1A9+8=))49-B8B4%RXFFBPDG5#;^V[9?J^RTRVL<O0DLKK.3
MPM_H&AM;8P>GOTY)I.W+VM_M%LW"8AVT4Q!NN#Q0YDW)5Q*0`$HCSM8>_6];
M!<C2M9AO0P0EVW)(DGEDGD*X[2PR>0J3EAY@<:]Q0NMR=FK)2C,O"V:!G[RD
M;A(2"D(C/5M\1[F_(`^DC.JLK]O]>;:%LM-A'N.:)'9I,9*16;K\=)MOT5G<
M'[:,ME>E6L'H%Y4<VEBLX*JT*_\`V^H*)Q.5LY33,IR#QG(6+LZY$;T?_="\
M<9%SEH'CF<;54R+W87C$4K!V.XDO7B)C5_&W?=-^M)R$-=ZT]FO[>CY!4"D"
M&4O`C12L)2S;UE,T8:*OE-H224"1U]F!=T=0TC0;W6[37Z::)@.PS3(HQ"NL
MU4I5K#2K.Q*(N95PWN]J*G*P:L&FH[(_:0SXZ3@!-'H$`BJF_M"_-S_%P6K>
MP3R"Z6*`;?\`3JDB!=KRQM@/LDV32,CX$J029A$YO<=D>YN4XE!&:=2_7ACW
M`*X64E6#XE=^Z2"Z+-#5+("R)+']W5=YOY+-NA[9>X9U4:8G7:WN[*A#8XRO
M1TNO7:LHZ!LG#S,7([I6DY"\3QBB#-JNXAYX1\"C7W91()_/>W_<O(<E'P[7
M4C`O<E/7D:,!@VQ$*Q1@2LVY6<B22(6F148RUX"KJE9[G]W<CPE_W!6KQHT'
M%&`H2J%ECDDD5Y),V(PY98U,<3&K(S2*(Q,"C/*&:_(5L4X7=7DIU[MNE1.>
M69:.AGN-UQG*O*HT<H"G#1V@U%KH-KT>2E57@D.Y0CH-*;9-S&4=1#=($UE=
MZWN3D3[/_6[59C=,\T7<A4SU]Z&,!=D#33$1;V[DJ;HB(R'>"<M`D^/W3:7W
M5R7%>FEL\9219`(506%CQ(1O5YO,\P13'$$6=2_\EX=D[Q.G\HNRMIRHHK9(
MYL:%FPN,MIJI5<CTYY>VE^?L"N',X]I;>7D]5CLPB7?J(NY/4SLO9+^65%T8
MK4>=[W9/7GY9((F:""*"2N1%)(8EECKR;KBQ;VC+"24*DJU2'C15:4-*T,&S
M[UL5+W&"2O.U2TEGN1BO,+#/%-<B41P-BRJJ:\)D;TTB;9BS-$>TDMD.K/=3
M3-S["N\RL==K<34_[E*M?VZ:->EJ]<&<_*0U0D7BDK%SUN=6B,A7KJ=>)-2/
MZ]'M_2U)[,@\5%5-+V-&<6^5YVIG_34+BK!X;A$690L^UG"S$8?9**LP`8K6
MDB!F#AO=O(<AR?$TIE0"YP\5B93&8V$["0R-&LDHG%?*JJ,:[Q$D@VNZ!$VS
MSDG7T73C33C33C33C33C33C37R1?,S_X^[M>1``_O)Z1>1'Z`'_HLO'_`&.1
M+IQ7)/\`B&ORA_6*I/[80$?_`)]?_JMKYJ_X>?X?S_V?CRKU_+G!S@=3I^/X
M?[?^`?Y?X^8R,9UCP\=>`,4W]DQ3>!$!](@/@0_GX_#@$'PUG!'CT.O'K)Y]
M(G(!OY"<H#^/C\//GC(\/CK.TXS@X_@=>1,4#>GU%]0_@'D`$?\`#X\\9&L8
M.,D=!KQZR>!'UD](#Z1-Z@\`/\A'SX\\QN&L[3G'Q(_Z>&O)3%-Y])BF\?CX
M,`_^P/`8$]-8.1X@_P!QT]1?(AZ@]1?Q+Y#U!_C#\0X+`#.GPS^7Y_#0!*8/
M("`A^'D!\AY_E]//,Y!\-,-\CDZ\@/GQX\C_`!^@>?\`M\$@=-,'0!\_3_M^
M?Y>/Q`>8W#3XXU^?63SZ?63SY]/CU!Y\A_#QY\^>9R-9VMC..F->?(>1+Y#U
M`'D2^0\@'\Q#\0#C(UCKC/PU^053'_X0GT_]V7_%_/F`RGPUG:WR/]QU>_XZ
MS%'>K6)3%-__`%M[/A^4P&\#_<A<_'GP(A^/)%,@V1@_!M?HW^E($?O7QV?#
MLV?_`+B37U9_ZOKY_P!#IT>\_C^P[QY_Y8M'Y<C7]:I/K.MR7&M-.--.--.-
M-.--.--.--0IV2T6=R'K[M>IUAM&N['G>7W>Z0;:90.ZB5Y6N5Y_*L4Y-NG*
M09UV!G#4ONE^]:>HGD!62#\Y:WE;<E*H)XMH8SP(2V,!9)HXV;S/&OE5RP+.
MB@C+,%R=3*,"V;':8,WVY&`&[+%(V=5&U)&\Q4#R1N_7RHS8!TF8#\RM[>8M
M$Z]O=<S5U5E)HT)+7JJ*154J29GL/=Y2'?LY&GZYV4IKPKB7K3."!JUL;MR,
MF_*10$%P^TY?\E#'35T16]8>/EF@C).ZQ-%/+&D:`QI_S,49FC,?=0(KNDL\
M?G'#@JYYB>2-Y5CBBE`=BOE53'QA8$EQ@P->E[C.$;;$%>*%]V.I'Y=.Y&M:
M#8JQC/63&,PI><:JQAKA;M8UI'3+[9J`TJ-CLLFE$X5G3RL7;-['958`0A7]
MC6(P79*IN2(KB?VB;<91:2:&UR9QQYE9)(X?N2MFU3JQJLPS#%,AM[[$+AI(
MRFW'B15<MR5>C0L)4VS<FW%1V8&W;8TD:O+9?NQLHEEAV1&.*2(A9'))9`H#
MYE5OF5UFS475=`ENM&>9Q%T"]72CQ86?L15K-"%;Q,[5H6%M^SV&@Q<_+=?4
M8@LZHXGX>7A74BR2!/VQ/^<2UM??/Q_&6V*QS\C2EF*GS(CQM&5CBF7,=F29
M6,$,2F-FN;86**0YO[U3T?+W.,"S214[L$6\*`\J25[CNX@+;XXTDKI()V+1
MFH6E568;1?6-[FS#CJ10.SRK2E2A8U*HS/8&OUI=_*?LFNS39N\GCPR8/PDT
MI.&CI)J\11=)*+.FZA1!(/<+XD<A&M&[5B!8U;,*1ABI!-R:LA@0X+"./UDB
M1SY+&*,G+9&[5?QT5CD8K,:=L78I9W0`LZR5:]N:-FB`4-*TM>"0P,-B22J3
M@+Y1%>==ZMVD.T><9;H6,1D=U_O-4"IK;W%'(Q8L.T,H0URAL?5@GUJD;(R3
M0SUXS:K.'$:1LO-F.5)UX#[<LJI4]1+R-*5&CY"&'N4U)R+8JH%Y(A@I18XI
MMQ@D+@R1HP".1N$?DK'IJ?'\C3`DIV)LV3NZUX++%.,90P0RO9V[Y@H/IPZ"
M0+G)G2R]E]8IN>P%@V6BT_K/+RUKT]G,2]OLC;5*?4:%1H^5?P=UDW=4D:J1
MRZM$>@@]+&_=(K(D*J@8WN>#EHK5N*"M6::9(+$G$269PREQ7L(T2FOT9>\H
M,H!D0C)(VCQU91PR&>SLB:>M'RT56OM<(UB"4.WJ<%6[6!&X,;C*]&9@.AI;
M7.[O:^Y997=ORS1.JN^T=AE6WZ'8([+LRM95;U$YZ\D(BDV*NVU]V*=PN>R5
MHDS)"[KLDA)_8@P=D6E4?)#DLN9!X:">:[%)$1Q_&R;69?\`3S7YHXRY<[8K
M5:*-;,[,KP!5$0,A4M)J'`\5V98N.D$A-NRB@HP:9:T+3/&JIO>*4LU:"(LK
MO,9NXL`([(GCKSW9N&O8&WT:PSU#JSM_U[MFG.-#FJ>QA*+4++4K',UU_(3T
M7&[K<ZM+45XHW278.6-V,S?-VJZI)$$SE,GT]SPKPU>\\#*CU8:$J&0Y$@NQ
M2-VRKB`I*'A/1F`43Q#SA=\FO"/+<Y2C1M1M+ZJ>VC+$02@KM6*X=#.&;99`
M==@=7A<-&C[HTJI3/E7DIR%S!]=>SW3K*IFP81H6A:=5K92K&O,T9M5AMS>O
M[/7#Q.]O(G1*1/NX!N<:Y$N77J8JK.V]A7;D345Z<M7AJ-RGIW(CJU*+J2I?
ML6K(JEJDZD1.^_OL(YME<1'M"2,M(%/6H<-7AO*#/)?L(#'(G;L58V?9*LGG
M6!TC4=Q3ZAFF#P[(MDC1]W?/DP[`P'6O']<CZEF*4;<-`KU?>=@8R0R6Z9#K
M51D5IL1F<&S)QVTH>AR5GD"QJ#16"=R*TNQD%SI-&TO[(^IR"P\;[BI4KM>Y
M#7E!,E3;WKC$5HY1V#`LG<C>1R$DB@G=HU#-"B,)-(35FX2_R-6Q%.U=$:.0
M_8B4FSVGCL]T[8I$CS(`TRQN-H,JRL85Q2W?+?M"L/7IFOXE:\WB)OL^WR21
M?[!@M[H\]5Z0_@F4E64G5-W'0^N*MINUQ>JJ))A!OI!5L'I(A'/U0,3F.+IF
MS9H0W98E-M[B%8R)"7A=%2-40M8!B$@>=A6DRJLVV&(=[7&W8CAH<I:@#;J-
M.A*F\;`XG,GJ)6+8A5?)B!&L)G</N2.>V-J?4^W[M>(#09W9;9F-RBB:'.0^
M73>;YC:<L!]3H=061G=@A+1J.IK.GRLB0Y4UTG+,#D3$3MDC#Z0U`@/#T9R#
M^HS1-)(0P,90N1"57:&1BBDNI:09(VL1K4M*.3LUP1Z6$QH`599%EV!I48DX
M8(650R@`X)U:_D;4C3C37I.V;J*D7401.ND4Y$UCI$,JF13Z'*10Q1.0IP_$
M`'P/,8`)(\2,'^'RU@@'&?AX:\F01.`E,BD8IA`Q@,F00,)?[(B`@(")?X?R
MYG&F!X?/0Z"*GT412.'D!_.F0WU`/`#]0'Z@'TYJZ)(I20!E((((R"",$'\"
M.A^8\=9'0Y'0C'^SP_N^'RUP(R$A85@UBX:(BXF,8@8&4=&,&C!@S`YSJ'!J
MT:I)-VX&44,8?04/(F$?X\W8EB"W4@8Z_+&,?PP,?PUS2&*)=L2JJYS@``9/
M7/3XYZYU[E8N-7>M)):.8K2+!-PDQ?JM&ZCUDD\!(':31T=,5VR;H$"`H4A@
M`X$+ZO/@.:!5#%P!O*X)^)'0XS\L@''AT'RUN55@`P!"L&'X,`0"/D0&8`^(
M#$?$ZY)$$$O4":*28'\^H")D)ZO/X^KT@'GS_AYG`QM_+H``<@==%D$'"*C9
M=%)=NLF9%9NLF11%5$Y1(=)1(X&(=,Y!\"40$!#Z<UDC25#'*H:,^((R#_$'
MQUD$KU7IKU-&#%@W1:,6;5FU;HHMT&S5NDW;HH-DRHMT4D4B$33202(!2%``
M`I0``\`'.K.SN7<DNQ))/4DGJ23\23U)\3K1(HXD$<:JL8```````P``/@!T
M`^&O4K%QB[IH^6CF*SU@HNJQ=JM$%'3-5TD"#E1JN9,56ZCA$`(<2"`G*'@?
M(<T"JK;E`#8(S\<$Y(_@3U(^>LLJL,,`1N#=?\0\#_$?`^(URO80'U>44A]1
MP4-_3)^90O\`94-]/J</'T'\>9P!X?#6<#Y>.OT4A""82$(03F]1Q*4"B<P_
MB8W@`]1A_F/`Z#`\-,#Q^.GMI^OW/03U@7T`?TAZP)Y\^GU>//I\_P`/PXP/
M[]9\3D^.@)IE.*A4R`<P`43@4H'$H?@43`'D0#^7'_;K&!G/QU^^-9TXTTXT
MTXTTXTTXTTXTUJ^J-5S>V=ROD3;ZM6*M:Z;%U3JW,RC*W0D=.Q+1M'Y5<UG<
M@+61;.4TEFS,%!!4A04('GTB`\P0#T(R-5_+<1Q?-U5I<M7ALU3GR2*KKGPS
MA@<'Y$8(UH[@.A]6Z_\`RN=67U9CX71NJ&_VBP6[+)1VT8V6J.6#JDVB3<TV
M0%PF\BY$\*L*:K?U@/NMQ3.!0$OTK^P8K8_P')U_/\?LQ'^W_P#45Q$/86?V
M=R-B1H0ZAT7R.6A<-E24/AGQ7!QKHOF4Z.T6N39NW?6AG`NLI?W)]G.T5VF-
MVQ8?/=,KDN,#(+#'QZ9&T2S=R+51J^1`A2-GY/`^D%B!Q:@P1+'X9ZC7'^J'
M]EX>!Y.'W][:KJG"SRHEF-%`6*0GRR!5Z!)/!N@`;'S&KD_*E\;6:W_$TM+Z
MS9U!TW4<)I$-9;M3Z95D8*/O>?SC1T[</$"1S5NQDK-!*13EP42^I<Z!5$S>
M1%'G6Q7#QYC^L#7M/WX_9#A>9]G1<][)IQU^<XRFDLT42;1-`ZY)&!AI$VEN
MF21D'X:S+I-UTR^V=..FK^>ZFX9?L\O5&T=UV)V:W)0$#:J-&1<U8BQ4VA)J
MM"2THX420]!C%6(=$B0#ZR@`>-H55HE.P8(ZZN_VO]D<!?\`VW]N2W.`XVUQ
M5JI.;]N4HDD"JS[7'3<Y.,'J",>.NNB,+Z36/K):(CJ+U[R+L*RK$7H9[Y7[
MV]>U+L"NFWD9`L'=:=9I5BHX=0;!`A56IDCI-G[,B/MF,<Y@'(CK%,1J"/\`
M;I7]H_M;<]D30_M_P]+EH88Y^\DK-%=.UCMFB=QU5?%2,!U"XZDZE:(^.7&+
M!VWZUZLE']<XS.6?7^&:V/`Y.`CDK5<I]Y762A+6:K)Q(0LH**BGJ6<K?U?6
M`C]1'CTZ]Q9?+MQX:O(/V3]K7/?O#<[LXM.*7B462BR@22N8^LFS&&ZD%F\<
MC4-]Z?C2RW;>K];G>O%`K]+WW+J(XT$T-4JRA"L]*IRLE)-92$>K,&K=B^LK
M92.459"81<?04Q`2J)@&;=964]L`,->?_>/]BO;_`+F]DI:]GTXJWNJA6,X6
M*/:+$6XAT.,*7!4LOQ^'@1K6EIV5YO$_&7\?-U2H-4C;U;NPDE`W&R_H$<UL
ML^P0LDZU-#S\B+<C^0;)$;E3%!8QBE`GCQ].0W51#'D`$G7PGGO;7"U_V1]F
M<DM.%>5L<QLGDV`2.H=P5<XR0,#H?#6Q:)Q+%83YP8#.(O*LZ:4$>MR4TK1T
MJA`'K!Y(]2?.5I(U?.Q4CCO3JE]8J"D)Q,'GSYYW"HML``8V:^SU/:GMJM_5
M'#P\%"HO$G@@_:[2&,NT?5BI&TM\<XSJGG<SHWGU#[4=?^SW7U&"MW5G<-Q@
MHB8CH5LB_KE'O36W#$V*LNF@)J-6T')RK)RB1!0H$;NTE6X@`>V7G.>#;.LB
M#R$]?^GRUX?]W_V3@]G?NAQ7NKA:X/M+D.2A$D07*0RM(NY2#D=N0$E0>@.5
M^(&K$_,GT:RK0:]<][ZN1%787SKM^GUOL-F%%B6,0=M69!@>7AK4I7XENV2;
M/X]HH905")!]VS]9@$QD1\;78=R;XQYAXXU[/^J']D*=GAQ[\]HU8H;5-,68
MHD"J\(_S`J@#='^;`ZKUZXUGTWUYP1'H8XN">/9FG9B_'G#7(MD+3H`LP%J5
ML9"'LH28,@<A-J)CZ1=>OWA(/I]7CZ<ZE$%?(`SL_P"P:FM[(]H']F3R9XZG
M^H'VFDO<[:[^Z2?N;L9W_CXZUBZCFN;QWQ>=";XRI529W2W[K.15FMJ$)&)6
M"QQB<RZ22CY>7*@5Y)-"))E*5)4YB``?0.1"$]+$W3+%>NO@_->WN&A_9#VE
MRD=2%>3L<PZ2R!!W'0.WE8@9*C'@<XU]"EMZW8"AO&"TA#%.E:%)FG<4XF*R
M:KQ:.V2;@V=6E\94:XC`!$.JR9ZW35.H=;U")`-X$P<LFCC&,`>/]^OV#R/L
M7V@GN?BN.3C?;XXZ1TWQE0+9/8D;.S;M*;@"3G/3/PU&^E85B]1I6M7.\]?,
MCZV;;$Q7:JJ]?FF:/8Q)_JN4M<AM"*ECG(B'0:MFQG<(LLY6053.JT402'UE
M!7TCJ$4,"54,,XZ^.KCVS[2]L<=[IK<IR7$4.']SQW;4=$5V&ZS6[3`NZJ`!
ME"6*G)4@'/76;?ZOM_T.O1__`(AWC_/%H_.NONDGUG6Y'C6FG&FG&FG&FG&F
MG&FG&FO!B@8!*8`,4P"!BF`!`0'Z"`@/T$!#C3PUZ`:-03!$&S<$@'R"0(I@
MF`^?5Y`@%]/GU?7\/QX_[--?L&Z!3&.5%(IS^/6<$R`8_I#TE]1@#R;P'T#S
M_#C6,#7Y^V;>%"_;H>E81%4/:3\*B;^T*@>GP<3>/KY\^>/@!\!K.?C\=<5I
M#Q$>I(K,(N.9*R[H'TLJT9-FRDF]!NBT!Y('12(9ZZ!JV33]Q03']M,I?/@H
M``=%"#H@)./AD^)Q\S\3\=98EF#L<N$"@_$*"2%!_P`(+,0/`%B1XG7.]LG_
M`+0GT-ZP_*'T.'X'_#^T'\_QXUC7#?Q49*?:!)QS"1!@\2D6/W[-N[^RD$"*
M)HOFGW":GV[Q%-8Y2JD\'*!A`!^H\#RMO'1L$9^.#XC^!^(^.LY.UD_(PP1\
M",@X(^(R`?XC7*3002)Z$D4DR>!#T)ID(3P81$P>DH`'@1'Z\'KXZQX>&N&E
M#Q"+MS((Q<<D_>M&S!X]39-B.W;%D9P=FS<N2I`LNU:G=JBFF81(05#"4`]0
M^0Z*4'T,^XCX%L!=Q'Q;:JKGQPH'@!I^8-^8#`/Q`R3@?(9)./F<Z]XL61O`
MBS:B($]L!%ND/A/QX]L/)/H3P/CQ^''_`&Z:_?VS;T$2^W0]M(P&33]I/T)F
M`?(&(3T^DA@'^(<SDYW?$:8&,?`Z]ATDU``%$R*`4P'*!R%.!3E^I3!Z@'P8
MH_@/XAS'@<CQT_#X:_0``!X```/Y`'@/K]?X<::\\::<::BO<:S9KIC>HU"E
MNCL;;9Z)9X&N/4Y!:*4:3,K$.F3!R22;K-W#(R#A8I@4(HF<OCR!BC]0I/<=
M&WR7!V:%%MEN6/:K9*X)(ZY!4CIGP(^61JVX&U5H\Q7N70&J1RAF&`V0/A@@
M@_W'^&OG<D.BORP8#3:[EG6W3YF;;I:@PMDU>JYJ$74Z9/U5[5VD7,5B\9YM
M]HV6]$3%<'0.W4#96ZBCO[1PV13*18H^N:\EKEZ"3H%X.M/82=6P1+!)/&RO
M$$5)8BL0/8C=I#')W5D=DD3'D)*]^OPMR:D2WN*>I2[18C$,T*2]T$DF.3?(
MR]U]B=R/:5570@S):L.^6:J7/<;NIKV@6G/:W5*0_P`:S:JGS1]',D:S3F3"
M>C:.9NX/I,SJ$@Y2>IF//H.8AV^7;N"@8$S%&GEMK4J6;UB.>S;:Q=R(]JS&
M.<H(EK``Q+$%\.Z.["5=A]0UZB=*=[F^/BK(L/%1M7>8LY*,T9L,YF!*N?,T
M1V1$)*GVCC`(R7J-3/D/8CGG:?35>S*B<NI%P=AZP:KHF<OK2EF\NY>,B2VA
M5^+J</$+ZW2U#M5C.HUQ&I+L@6]Q!13QXNZL5;C+,U.^8+'JZD&^2+)2*TL$
M"[XO,2BES*+`!=&*AE4>)\ECEN2,<D),"P7K3#N`*S5>[9E6(@##!E$*U\C>
MA8*TA`.I5[#=5>^EF[#:AI.$;*M6:%I]NHL<I4['>9(L51X"JX6XB&.ET*(9
MI*EB;(AJ+@[:7BE!%K*LA1=@7WD/ZE'4@C@KQ5;N^>L+5VTX#;7W,DL$=59/
MA6M5W4YP6J65$R9#$)[.Y;J6JW'SP+V[<%&"&9"@*R?^K+<D9NHS+!`F%.0)
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M,4NW?(2GF5EL9F@%62O(K3U6XJ%`@(#264LR-8R?+L$D1KL"9$![9",N'5X\
M[!],^W]D9Q[3-]&T!U8_^=Q&Z7'71_H[9U'URBK5.KM)B?E()6STU46;"4C7
MJ$?$,TI$C<JX',Q7$PG"UXJU3J^YJ'(6HR.#KB^LT>-Y>"63?%&",L9Y5S'W
M-I"*2H,9(8<Y_/PS0R,LM_\`2^.C(`PLMN%9TG8@[1VP7CGSW(V>1027"[#9
M"V]59S=:SBS?0HVV)*Y]N-JO<-*DU/1J'9:K2&<K(2-<AI5&GVV&_=+J;>HM
MTSEDB22#=D/CV3>?`5T;6:DE3D82!S<7"RQN^X,AM-&ZUU*$-&459%[C;-XD
MB!#;LDQ-CO5O4+)$M*7DHNV,%&%?[??E5@0P<%)-D98*XE/TX&M;-.Z,_)E!
M2=&?)6QDFTANT-TO2D3=;Q(7&-CH:P)(I,]-DF3#7XQ1^SB%!7<,X9-T[*\6
M,F#B*9D,<"3N)DBA_35G<12P\+-`T@C#FO.TDK8V%B)6D1HXP6[H15)[J'&M
M^3AAGFMLAFDJO=CD>,.`;*1K&(E5\(56,H3*Q$#>8A8Y\`ML=USK]W7=^[*9
MEM=8L^FRF#K9S.7*\+6#-\U5LB]MC7,A-5_.:,M:7U-G)&J_>)MY%):149O#
MD/Y$I03Y1<A7>Q'RT%962G<BHA%,A,F85NBPL4F!VA([UF(P-ZEUW@J&$I)C
M'<XRTWF-23D&("@)]\TS5,BD_>[0CF7J<>525`=LPW<^KO?]UDE2C<^T"FQ>
MLO\`JU3\HT?]VZSHZ]`9VN&?QYK#^Q9:&AUK<SGIN/05+^X'+=5R*BIQ$2_E
M`+3W.RW^;YNQQG_\1=MTYHE_ER#M)>[L<0'EBB[LE9C&2HF0,K,/%8/MZ-^,
MK\-%.2)J%6[$S'[@)EDH]B6;<29I1#'8&_S"*3:55@3NVOYC'VR*SBA1=\&+
M&[1M.K;"VC"/I"3AQL;2(:-YD8R2EDT9-^Q&034]I9P0JRI/!C@!A$.6'-S4
MK/,6K'&[AQ\EB1H]RA3L9B5RJ]%Z'P'0>&H7!U[E3AZM7D#F['`BN=Q;+*`"
M2QZDG'4_$YUG/*O5KIQIIQIIQIIQIIQIIQIK5E$N&B7:?Y/6CE]',%9C,.NL
M+&C)R+&,0=RLIC-\:1[%-S(.&S<5W3A0"%+ZOQ'^7'QSK+?E_#.M5WP2&[59
M%4I;JWWUQY.#H&17>=U'JUKMKN=)DF]2%^^E&CRB>^WL;AXQ(V:3*RT4(?T_
MMW"J`E`$RFYC`^.HU_CZ%YH9K,:R2UY1)&2.J.`1N4_`X)'X@]=85U`B>VF7
M?(U\A.3;EBW[Y^.3NIO&MVEG:W5VH[Z`IKV;D'BT/>8YD:QG=-Z_;8\$TG8)
M$*HBY(W<E*!B'$<D!NA\-:\MQG'\UQDG&<C&LM*:,I(C#(8'_N^!\00"#J5N
MQFD_)U1NZ+O1,98TO1<GJ57_`&%6J]"7NOJY=?:6O]\Y9NK/6W]I3,UN+).0
M(@Y63*4?=:%](F3'P,-Q<$NY%W(/A\-?C3WH?ZBN&_<H\I[:H>K]NUZX@CC0
MYK30^8J9(V;I*`P#D?%1CH=1]"[+\JD='PL=3>GN=L,DI]?T&NV;-XN7A9/.
MY:#TJ3=3DFVLB9;*HTBT&<DX54:?5,I$C&3#\GD.:@WQ@=M0/EG5-'S']1E?
ML5:/M6&'A(HIXVJ@9AE2<EF#`OX*Q)7'@.GAKJ&.\?*A#90IFD1UDRR.FF5.
MELXI^FFG*:YO%-S636]2%/B7CBR^%F$4S*1LW.<P`"2*8F*8Y/4.VZ\?\I0?
M#.?AKG%RG]2-?V^>%K>V(DM+7>O%8"KW8J['I$IW>"C"KG/0#/748J7#Y)U.
MR>4=H!ZZY\:XX]F:.60L4-VJAH1]#IQZ<<+R4.-M%U^HJ)I^H1*<I0,(^``.
M<3'=,BS&,;U&/'5%)7_J(;WM0]\GVU_KN/IBLB?D90I7<WGSNZY^7X:R.>VO
MY<G>D8OHT'G<32TLBAG$&C2H?1*P6D7QH]?O'KD]O@W%P!L_<F1>"B14@%,D
M4A3%'R`^=W?D"^\KCIX`]#JPO\E_5);YSCN;K<--66@A7LH?LS`L2>ZA<AC@
MX!^&!\=9_/=@/D(FZ>I09/HCUL7KQINPV>&CG\I3'R5>LUG>O9&2GJVV>V@Z
M,5(?J#]15,R)2^V(^`^@<V$ETD#LKT_'_=JUM<M^_5SCOTN;V31:H)7E12@(
MCE=BS.@+X4Y)(QX9Z:N+U*W3M9I?:"IVCL[UNPC)86'KU@:R.RQ4M3R6XITJ
MS(1D'6W<Y^ONWWZ:\<.@`$1'T^H`\`'.T1LF3[R*HQX^.OI7[=\E^Z_.>^J]
MSWO[9J\?!'"X-M4^[T0A(]^XG:?#;X>&J*_$:Q[=8)V/[5];^U^0-I'I7LVW
M:CK.7W.P7FA2<'G%O6O$M8HZ02:ELBSYI7[JR!LLF*)2G:OTTE2@7U*"/?IG
MKK]-<E0H<G6%>[$LL6X,589&Y3E6_B"`0?@>NN9IKWNEAGSAZ/V3R+*R;/TL
MW>E9SE>V-H>^T-6`GJX2+4CWEA9QKZRHE5GJ2Y7%0`.F45VIE41'T&$!SXC7
M>6*"Q6:O8`:)E*E2,A@>A!_B-6W[,:+V^QK6'=/ZW8GU\W'KTMF+2C5-DXL=
M==,V534F5)M>K6B'?V1%,SR.>J"D0/;%NHV](@`"'(LSV5;$:*R8^?\`NU^4
MO?,G[O\`M;G'X?V9[?I\G[.--88@5)"Q[BQCD4L`2&)^&TKC51W&M?(,[SA]
ME;SHEUR=T\TU;9ZMQ;EU1E65&D;8NZ<J+4]B>R&9PJD0JZ'[0Z)"&)Z0^OTY
MSWWB,=I`O\?#_9KYIZS]]OT?]"D]E46H)+))$IC4B%I#G,8W87;DXP,_CK+I
M+LA\D\I=:1I+CI!U\-H5#.W")O`25--;#LF]?DJZ$6M/#9QD21QV<HH(IE4`
MOJ`/`>.";I(/:7</Q_W:LI^>_J#M<G6YD^S*8Y>KC;-L'<P$:/;NWY"X;PSC
M7-I^A]Y].:6]AVCPVDI5NEYEVRN%=U%.>@9"Y4HEVS*\*!3V2D;.R#I[616E
M"LTTS)_E120$P^42CS>'U1?$Z#`SUSX:]A^V-G]Y>4]Z<>/W$X-8N.JRVI([
M;`=R'O1OB(,&.4ZA`"/#'7IUV'?ZOJ/GX=.CX_\`[#O'^>/1^2M?KB3ZSK<E
MQK33C33C33C33C33C33C34?ZQ"V"R9;I-=J:IV]IGJ%;X:MKIOCQ9T9Z3K\@
MRB%2221B*1YTY!9,07*8#)"'J`0$.4?N6I;O\!;IT`3<D@94&[;DGX;MR8SX
M?6OC]2^(F<?+%!?AFG_DK*I;IGH"">F#GI\,'^&M)>.]7ODSSZ,RR,A-)F\X
MK;#2Y">NM9835%NSM\P&MUZ/2"V.KU=+LL[I;^89O7"B$-)ED_6L"OLIC_2"
MBHT/=5>"C`DVR*#C;BB,A#&L\K6&A%@[GE8Q!H%A:)Y57:W<)&OB_&>WO>5*
M)!#*]>-^:66P`4DE>N.V!VFDF>,1,!(9U;9*Y=>VB[<ZE*MX%\@CFX*V.=N=
M]3A9'+)"DV6MVG9*;,!*Z`:9M4I&WR(7JE=BD(BH1B*Z"#6-3*A)>AX3WUU`
M:^D;OBZO(PV3.SRK19Z;PQ3NLTL#06J\D[3R1JJ6&FA5U\@2-0A4QL9R4MI^
M+]XVN+$,\[_J2CDDFVNB16/453'6:N`-]>*.;SK'(6E3.>Z"N&[+.JM\BE#E
MXZ)T;0M0T&2NFSS+B17"%S%>DU#((QL%BE"UR<JR8NXA>6&*1BH%&;3^]`[Q
M;W?4(@8D#VV.>IU*%3G#-9LPU[-BT["-7=XFA:O`K1DQ2>HFWQLB[7%61F)1
MH!NERU_=->]R;-/(]6YRD<5-51"D%:1+"2294F2,5XVCE#3`B2U#'&!MG8B8
M.S60]H-?E:;<L<=RU`35HD9?)2O25[7@GS/5Z>123H5%F&3%PHP/"O'LVNG-
M*)"9!;[0I%`4+Z?$WD>.Y.OS5B:I(9JD,D3Q!7VI,'[E2Y&P894&M(+$+>`E
MB7&USG5WR\'(\SQ]>.L#6=XGWY)$D4D<D-JNYVG#JTD!K2KG^7,6.5#`R/3,
M0V6!T3.V<G./7V7IPM:OE]=KW:6<2S37*S%*,!KT4U4<JN)&J3TG(*/G8'.5
MJ86Y$_;\#]+NG"*?)V8MQ?BZROZ1SU:<SQQUY!.IZKVHX5F@()`DDDSU))CK
MQ_)%:<B!HWL;6N+W2W9,4KV(XX>A5TD:5J\QZ,R1HP('EUDMBS#7Z]6XR+>:
M%<=M:R6US5KL#==.+J$PTSN;83'Z5GC!Y`JQQ1@*Z]501!RHH5R<@@HH;\@\
MJ_32QU:E&ZKWA#QUJ)WW=MK%MAFO+(5*K&`IDC)!V@[#C<018V*O)1R6K5>R
M>S/RD,W;*`B"F"HDK0@>=SW`DH8D':)!]/0ZW<^ZG]YZW<*Y-P\*6O2\;,6A
M_1+/==\L4]5\JJ4HG?$UJ!:*'#VBP%N?ZF[GH]RS>$-)J,P9D`ZI!`2<\_Q'
M&^XZM5HY!&.8;C%@:S)*Y1XME1/2B--_9L)VII/5JK!6?I)*#U\4W#<N>8CO
M04FCJ(\K58VM$K3G[L\GJ)U$A]9#.C)$8B2P7S%(2,"Z^/YOV*IE`>UG1X1O
M?+''8=8(&>A8K1;-^@:#:U[-/+5%A$Z!9?T^7B)-2`643DGWM(&0,Y1\"()E
M\7-J&R_MBQ4],;%C]/XV(0=XQ;K4==DO,LV=_;8&L!)N!=XI"`'+,?3<'7]P
M5+T4G+21&02\G)*T9=U=);$<E%1W%7#`>I&W8.VDB!NFT"E\-U%[7+F?.4JG
M?:,VDL+O]*9P#_=6=[7S6:G'%M7CXG-[$;38]26=.OUQ!N5U/-UA3:I%.#U!
M8A2E\_9X;E7X_DHECDEDGH4XTWR#N2"*6)GJ,RS*G:"QG,BF&8QL5[\K9SYN
MAP?,>MI6HX):$==+>R+U'J$K2RH46PKM)OE=P01'*LT2RKNQ"K=,]TWJGW5L
M.#8Q3Z];VT:K6I>`7D<TK$JZKLE356;B1.M.O]-D-2DI"ZB4SA)PHT.Z<IM%
MP$42O2%*D-[RE#E['.4;:3=RO#)$59/M"LBUDB=#U+3=0Q64Q2L&`!C8,91Q
M7V][A@]E_I%;:%Q!FLV6E,B6C,\IL&SX,#M:'O!>WU5RV(M8Y'=1.V;>%F8E
M^E;I=>2[$5^W5&3?:\$=(46HLQ<)WN>F'D9H+G]P(Z`T<>TFBDB=5J4@&"-0
M./J#AQ/'VHOT-.0@++5GO&Q]PJ!5E0I%5=5E<NTI^XTJM(5<^5X@,:VL^WO<
M#5.3@WSO+8N57A<2*)5>-E=[*N9%4JN.T(VCB^W_`),C'.MF?6#$F^)4>8C?
MLI.*DK9;YZVR4&_O-LOS6`_4'ATV$-$3%NGI]Z6/:QZ29O0FHFGZSF\$+^'/
M1<;4BXKA:G#5R3%7C.22S$R2-OD\SEI"H)"HKN^T+T.#KV'#\)7XJW>MP*R&
MW9+[>Y(X"J-JG#NP5FZL^P(I)^A<:LER1J^TXTU&^AZ_F>3IQ*NC7*'J))]6
M0;PGZJHJ0\N[BXY>6>,8U)%%95Y(%8-CG3;I@9982^E,ISB!1BS7:U=FCE?$
MJQ=S:`2Q3N1PY50"SGN31KM4%O,#C`)$:S<JTNT;<BQK-(8T+'"EUBDG(+'R
MKB*&1\L0,(1G)`/10W8G")X'I8[7\[!U&1CJ;EHN1M</"SD-#,5#HO)6:@9E
MTPFH:.:JIF*HLZ023((#Y$.:GD>/$<LQL0=F#^8W<3$>7,8WG.$RX*KNQN/0
M9R-1X^7XR2UZ$3QB_LW]ICLEV;!)O[;8?:(R&+;<`9R1@XY:>^84JSD)!+:<
ME481,>QEI5\GHU..SC(J4441C).0<EF119Q\BLD8B"RABIK&*($$1`>;O=IQ
M!C)+$H298FRRC;*XRD9R>DC#JJ'S,.H!UF/EN*ESVK-=ML'?.)$.(1_G'!Z1
M?_,^C\=>F=["X)6&4Y)6':\GAF-9;,'=A<2.AU)J2%;RK<[N)5D@5EBG9A+-
MDS':`<`%R4/*0&Y&O<SQ/&UY;5^S!%7AE:)RSJ-LJ+O:(]<]T+YC']>.NW6Z
M\GQCML%FOD1)*<RQ@"*4XCE8E@%B<]$D)"-\&UU]X[(XEG>4QNXVF^,D\FF$
M(YY&7B#BY^X0SQC+-E'<?))#3XF==?I:[9(Q_NA3!N0/'J.7R'G/,\K2]OO%
M'RY>*2>58T';D<L[@%%PB,07R`F<;B0JY8@'A^M\4>#D]R)/&_!0PF5YD.]!
M&IVL_ER2JGJQ4':H+-A5)'6Y_P!J>ONI/$8VBZ;"S<NM/1]8&#,TFHF?:STM
M5%[Q&1LC`3<9&S$6N_JC51ZD+E!(ATDS``^H!+R=7DCMQ]VJRR1YF!*D'#0%
M1,K8^EXRZ;D;#`,IQ@@ZY4/</#<D9$ISJTL2P,ZD,CJMG'IV*.JMMER-C8P?
MGT.I3+?Z2JV8O&MJ@I!I)6`]58N8J1;2R+BQI+JMG,,12-.Z*#]DL@H#@@B`
MMO;.*OH`IA#$<L4HB,;*R31O(A!&UTC5G=U;Z2JJC$G..A`Z]-6;6(%#L6!$
M<RQ/CKME=E18V`R5<LZC:<'S#.HE7[8]?$):)A/[Q6SE[.C9$X52/@+9*1<H
M[J+A=I/1C&<C8%U".9EJY;*$39%<"[=&*(()J\KDYOC)(VFCD9HUI&WE4D;=
M7#,IECPI,H!5B1'N8*-Q7;UU#L\OQM.Y'0LS*MJ6TU8#J0)U"DQ,X!1'\Z@*
M[*68[5RP(&15GL+CURJB]UK%Q)+U]M6G%O64;P=E)*IU]HX69NG@UM>&2L@K
MMGB!DE&P-!=$5#T"F!A`!DV;]2I0?DY6S1C2-RR!I/+*NZ,J(PS-N&?I!P05
M;#`@;<;RE'EHUEHN65ED(W*Z$=DXD#+(JLK+_@8!B""H(()BTG>WJH=:$0_O
M4!,UB@I"Q0ZB])T5NU=1T203R:*CUQ44V;.:8B`$5C5SIR1%3%3%#W#E*,*;
MW!Q,$TD$DI[L55+)`21MT+[-CQE5(EW=Q0%B+MDXQD$"O@]T\%:-<03%O5/(
MB?;E`#P[^XDA*`0N@C<E9C&V%R`01F097LUAD)0*IJ,K?FC.C79\C&UN9/#V
M0ZKQZJ*_NHNH=*&4G8<(X&JIGQGK9N2/*F8SD4BE$0LK-F"G;K4;#`6;:[H0
M,L'0A6#AERH3#H-Y(7<Z+G<P!D1<]Q4_$'G892W&"41[@DF[N%F3M]K;W>YE
M6RFS>`K,0%4D1L?OKU33.Z(IIC\@L;6RI+TQ\UU@B3.S27MC'1[I<U&!%NF_
M!8@H.3F!JJ!RB500,'FKI>XN(Y!ZL=65B]RPT$68Y4W3)V]T;%T41L.['_,V
M`[NF<-B%;]W>WZ/JO4S.!29!-B&9@H?NA6!2-A)&>S+]R/=&-ARPR,SMFVOY
M[KJ%A=9[..)YI5YUY6IAVI`62%:DF&"JJ#M"/<S\1%H3;9)9$Y?N61G#4QBB
M`*#RSHVH.1X^+E*9+49L[&(*EL!3D*P5MI#*58J%<'*DCKJVJ\I1NV[-&LY:
MS4E,<HVN`K@LI4,5"N5965MC,%((.#J2^2-3].--.--.--.--.--.--?$9_K
M(DB\CZCW2.Q>O6#A7;>AA`78NW#)8Q"Y=?3'(*K95%3TB'CZ>1`>-=X@"1G\
M=?$K^YK+_P`)K)_+_P`?R_\`]=\_7F-2,:?N6RCX\V6R?^7Y<?Y?S>?P_P!K
MC3`^(&O/[ELO\;+8_P#S@F/Y_P#TSC3`/CK[=O@6KE+E_BRW"GV7?:=7'G8>
M[Z9!6^PVRS55!MD+']H,:@VC[HQM%GC)2=?3L;+KO8`J@`P0DDTQ\^?<YG4:
M7Z\`:L=W2^.K#.SW5_J=B&%6*%7[6=;:/"7+':).Z!"P6B]H,3JMN5BM%J]O
M_;BJ46<)F,KZ;EM*$</$DUUS"(^WZA,UJC%23CIJ6;AA,$Q[)8;>U>J$$2#E
MJ3N55JV4M<MJK7L!U^?0[&I1J=C#.3V,*IV2S"HR+OUL97PF]4*HJ<X^``O,
MXUA3\SJ)+#AFM]>FRR_1/JGU@[D;9HW<&Y4?O,XC635U"Y-1TG$.2L5^+I%D
ML#DV6Q4Q`/7+B1%L911BY3,9(#`<"\:WR"?,3C'364;7A\]A,I0Z'\4_13K3
MVPZ^ZQ?=:9=M[+<KFQL$92KBTFGC6;S24ODC*+26:4^EH',FQ=LB+&(DD5/P
M8H`<^-87:>KD@ZG'&L=ZB1?4G2JON]8R/,\5N76/!ZI?9QG>4W]<IRMNV/?:
MBA,538',?^IV!]`.3-214H4$5I,S5OZCE]0"#6F3NZ>.=:\)^BZ_TLZ>YYU]
MU3.<5MSHGR!Y_P!8J1L:F<Q3N4U/JQ>&C*V5J\Q]K*JNN_LLNF_.FI)%5.=$
MZ9T0]1"%,+6YPV2?EK87.X[#S/>':J-%=?47!UZO7Z5G^BS'6JEM*;DK*:M:
M(J-I:@I61!YI>2V0$A3E+TG]N\B?!42D_.`\SK0#RZ^(37-TH^?4WLYUS?UI
MH[TI#;]0CXRX4B3DE*FT^VO;P&#NI2;E^L]9UR$:-%&S1J<YU014*4IQ`H^<
M$Y.?CJ0$/0]`!\-:X@LME_X2V3_S@F!_Q?\`RS^7,9UU(!^&O/[ELO\`PELG
M^U8)?Q_'_P">\:=-;>_A&FYI[W,MC=]-S+UN;J5VU,9N]EI%XW,8F*6@2"9%
MRY42$Q1^H>2B(#S(ZZYR#IK[S_\`5]O^AUZ/_P#$.\?YX]'XU'D^LZW)<:TT
MXTTXTTXTTXTTXTTXTU7[2^TV"8_>JQFNC:$UK=SM[!W*0L4>$M$F@6.9$745
M>S<S"PDE!59LK]L<J!Y1RS!RH42(^L_Y><4L02/817&:L)EE)Z!$52Y\QPI?
M8"_:4F0H"X0J,ZVD1H4@>08%F=8HQXEG9@B^49(0NP3N$",,0I8'IKQ`]LNK
M=GC(28K_`&/PN6C;(RG)&!=--7HIR2S*KIK+6=PQ(,Z55<E93;J#(^"^6/MG
M]\$_2;Q)EC>'=W1M"0+.3\!"Y`28GP[3D@+)]#$@`DG7.)A.4$62\D_948(9
MIO'M!2`3)CKLQNQUQC7-KG:#K=;FK![6=[QZ;9RZ5C<PSIAHU26;SC&H'.2T
MR<"L$L"<Y#U\R9ONWC05FJ`%$3*``>>:R@P+(TX*"*+N/N\NR/>4$C@X*(7&
MU7;"L<8)R-;D$3BM_GM*L:J.I:1HUE$:X^J3MLK%!EU!\P!R-=>R[;=6Y&06
MBV78K$UW:2526+Z=-IQ6KHE]4E4J9^FOSRY6$J>SJPCLK(C954ZYD#`4!'\=
MUBE;.%;<)FA(QANXD,=AEVGS9$$L<N<8V-N!P#CCWHLGS#:L/=)_*(^Z\&XM
M].!-&T;=<JX"L`67.=US9,DN=9LESI.F42\52GKRS6TS](M4)<8N`>P+<74U
M'RKJM/91-G)Q;<OJ7;'\+IA^)/J'.4A[56*[("*<RAHWP=DBD[0R-X,I)QE2
M1^.NP4FRU/\`_%H<,GYU)S@,OB"<'`(R<:C)MW&ZQO5IMNRV2J/'%;<Q;2>;
M-#23IQ%.)JL,;G&INT$(]15,'-5DT'WJ\>E-NH!CB7P(!V[$N<%3CU,T&?R]
MVO(L4J%OI&V1U3.=K,0J%CK*1R2$@*P(@BFZ@K]N?N=I_-CHQBD!^*%2'"G`
M,I)ZYF*CYY'&O=9:NV5FCJ6HG(RK:+(O;Y9C^I1M9CG$B=JWEIUXQ_J$:M3K
M+"4!_+Y`0YK%'),%[0+,[S(H'U%JYVS@+]7VC]1Q@>.<:X":,[SGRQP0S,<'
M:L5@!H)"WT[9`1M.>N0/$@:CO2.V/7O(I*+B]%T=G6E9:PR53;OUX.TOJ^TL
M43&(RS^+F[1%0;^M5Q=%FN0`&0=M2*+F!`AC+_T^<$E20X0Y/8FF'CYDKEA-
MLS];)L<]M<R,JLR*R@G4IH)41I'&%26O&V<9#VBJU\CQVRET"OC8"R[F&1K'
M:9W=ZLZ!5JQ<JKKD6\@[G8[14JP#^"M\!-R]AI<)(62SQR%5L->BK2F:*@8Q
M9V911F1%1`"&3.<%$_7->I/&%9P`K56L@Y7`A658&=CGRA)6$;AL,K9#`;6Q
MPKLMHS"N=WIYHHI/DLDX4PKD]#W`Z,A7(*L#G'74D3G8#(:W>,XSF:N*+.U:
MY'2$KG2(0]A<PMF9QC,L@Y%O;FD2XJ+-R=D;W4$'3Y!=T0!%$BG@?'`(QM6:
M3>6W4A,LJMY"J+NW$;L;R@1F=4W,BJ78!1G7-IXEIP<AG-*S*L<;KE@7?;L!
MVYVARRJC/M5F8(I+$#7&K?8_#;@MG;>L:76YM?6G]VC<W28+N%3W!UG*LDA=
MOT<OVX"JVKZT0X*LN;TH&$@>@Y_63U=Q3M%F0(=Z5([+#ID03;.W(?D'[B8'
MCU\.AQ)GC>L)C.-H@L+!)G\LS@%8_P`6((.!G'QQJ-[#WGZL526M4#8]2"'F
MZ7>(K.['$/:5HB<DSL\RC]PQ*V9!4C.9>`!O_47F697$,T3`3+NDR@(A$J,E
M]:[52K"S(\:=0OGC^H2!L&'/Y#+L$G3MELC6MI6I>I-D%5J5TGE.,@1.<*RD
M9$AST*QEW4Y#*,'6`O/DVZ01]H>4Q_M9F5F87"+HCF+=YGK[<Q;#,G:DC`2=
M*T`C)S!.Q?(B6725/$`18AC.0*8HCUXY'Y5XXZ(+22NR`-Y"'0$E7[FWM,<$
M*)-A=AL3<W36MIA3,@L=!%`LQ*^<&)B0'C9-PE`P2W;+E`"SA1UU>?[]E_X4
MA_WPO_9YOZ:?_`W]VH'ZMQO_`)\7_B&N7SCJPU7/?^LE`[&GHJEZ6E$%<YE9
MRPU-S$G:(/8>SRM=D("/LT<\7;+KL)NM'?\`W;%9(2B1RF43>HODHP):"M<_
M4H7:+DT@[<,J@%H']17L=V/((WYKB,A@4:-W4J<@BKY?AZ?.15ZO(CN48;#2
MM$<;)MU:Q6V2?':HL&12I#"1$.<`@U`N?QD5V2@KG,533Y!+:[*_?V)KIEUI
MU3GFQ[2ZA7\2U=6:OPK"N!8(!FO)*N_TL7"315<?!RB3R7E+=]O2Q<._'>W9
M(JEHW);"2/$LRJTMB*PP,9(60)VMD0EW*H8DAB!BFL>T*=ZY<Y3D99+'*W*4
M%=Y6VJQ]/6>NC%D"L`^_?*$*[F&`0"0<'IWQ1GJE*3AB]@'W[JD@IKRSRT;D
M&4QU:=V*OS\S8YFRM:I^WUTY-[+/I@Q&[>9<2C!@B0"IH?RD6/;L#,L=65TI
MBW#,%*QMM$<'8=5\FS?+EBT[J\R@[4==H(K>,]G<A!5G?D[XGY>SQ[P22)6@
MBC:5I%<3%%7<RH%4)7,A@!&[9YFSGE+^*7$J@\B"+6ZV6:LUN3D9JN56P0=!
M=,V$K/LY]*R.Y"4)5DYFQED9"PJNFJ3]==**,0B3(J*(>@=4]L<>M.Q2(S')
MQKT(250FM6*[8PF5(DGB)9A:FWV'W%9)&4`"?QOL^IQUN.;NM+56VMIXGCBV
MRV=P:9Y&"!S%,54^F!%>';]B./)U;*"Z_/T,*L.!VK0Y"Q5R1K:E+@YQA6JS
M5YN$JXQ*$:DW%K"1Z$`Y?HF3.<%2M$DQ]0![?@/KZ*0O8-6>R<WJU^&SN&0'
M]+;CLUT(.<`+%'%(0<L-S#:2,2ZWMWL<'>]N/.S\5;HS54\D:O$EFJ]>8@HH
M5FWR22QY7"Y52&`.<&1Z09BVWBN]B&LY;6E^@KC)6MU]H[8-HJS(/LY0SIK7
MK.S18%&7C(-JD=ZP.H;[EJZ<+`13VE#$Y$XVA6XNW)<K#SS5K<4BD^20VKLE
MWNLOAWHC(\$<GB8#L?=@$)O;-6>Z>0,LRV?559LJ0/+6J5Z@@;`R\$GI8IV1
ML[9UWIM\-2!8^LN=/(."K=,BV><0D;;[=;)"/I22]:"1>:)$3\)>I!%W`N(U
M]&V.8;V1RX)()*`JF]$JH^KP(#&L<-3LT4XAM\7#I1EJB.)FB*0R'>JQ.A!B
MVS!7.WJ5WKD;B=78K1P=V2DL<=J>['9D?:#OE5T+NX\&=T79N/@=K>*C4$47
MH8OE<A7$,[[+;<SHM65L3^)S^\A1]9CVTY86_P!K^MH6'1*M.VQ!Y%-P`C4"
MO/2F0QP'S[J@FBIQ%](C7]?,\"\?+5C#QPLT?>>61Y=Y3<[MWF5PY*2(`KJ0
M3GS5/VDO&30_IEVXE%+PM2Q2N+`G=$C2(.\XDD7LF,/&R,KJYSNZ+C+\\Z?N
M<TK"]>JVOV>*DTZ!:*A#7B-KM086&$F+G9QM,Y:8V&1B/V.Q.B]^C-BC&$9M
MQ,8_H,<WGDBSQDLG%-QM*>2I*E.K5AEBVEXX:V6.1('1G=F(W;1LCPBCH"++
MAN$_2(Q&\ILLUJY;=G55)LVU"%U2,)&L:*`PCVD&3+'()4]O!=2V[.A?LRU:
M7-W]Z7.;#0$[!9J5FWMF<6:27D9BXO*I&U9E4I&RR('22='6:&2=%0*90ACB
M8PN2XB/DN'EXIV"M+6KP%]B,`E<[AMB93$H=RSD!0%8^0```;<1Q-CCX$%^U
M)=O*]MS,Z1QR2/;78SR]E$60HHP"X.X9W[MQS!W^BNZV-<6#'82%AX,9J9CI
MC1KJVH=$=6'0#M5Y-=\DX:OX-S"U4[T9=8J2T.W9K,2F\-S$YSC]O<55DXQ.
M.B6OQO%V8YTA49WR1+&%9I6S*&+1([LC@N5`;R@#7G*G[><+3X6WQT:QGD+S
M;IK!ABRQ,IE/V=O8"^8JJA`$4G;@]=6\C\'@6+2)8GG9M\V8Z*[T:23>ECE?
MW&\*U>,ZY#30@S`5XFH(F9`P`OI4#],;^LQO!O5;=H_9+,6:&*PHSC!DL[^]
M,P\"[=V;I]`[AP/*N/5Q\55A@>M$"L,DE9B!\%JB$11J?@GV$W?%O-D^8YZ3
MKMUP@NNS:_M8&?=2[>^W)]<%6!*_5JG"0:KU1=4S2*@:A%0\5[RIW!A<O54S
MO'ABD%90PD+SAP]-.']OU/;\1W05-^UL!>C;<(J*`D<:!0$C154$L<98ZC<;
MP4/&\MR/*Q.2_(V#,R!4558L[$^4`N[%R7ED+2/@;F.-6/Y,U>:<::<::<::
M<::<::<::^>+Y!^AO=C=.P>SR69]>>@78WKIK\=ATZZKG;6[[%!V*#T+):_8
M*]]Y%QF=0"\>6..UEB&345<J*&-ZORD```6NBE,=<AA\M:\/]"[V^_ZK3X0@
M_P`/]YG:GS]/P\?_`&'_`"XUMO'S;7D?A>[?#^/Q:?"%_P`IG:G_``?_`('_
M`(.#IO'S;3_0N]O?^JT^$+QX\?\`K,[4_A_Y#XP,_AIO&?%M?H?AA[A^RLV#
MXNOA(!JY`/N6Q=3[7$;N/3_8%=`D,5)8Q/(^!,`B'\..FA<8Z%O]FK/L^F'R
MR1U^Q/4H[H]\.<?H/7*L,J7BMJ8ZSVG;2M!J<>98S6`BEDH`OKC`%P?UI*>L
MJ@&$#`/&FY<>+=?'PUAEZ^/'Y/=)TYWLUSZ+?$-+Z@[<NG7[S_OW[A-)AH=]
M_P#'$HM=K'I?I31R/U.BA[:9C#Y$!XUC<F,9./X#6'UOXL_D/ISFP/:E\?WQ
M`5EY;2+IVIY!;UW&C'5C*Y]7W`S:[1BFI)JK>H?4HL)SCY_'CKK.Z/'4M_LU
MZJ_\5OR%5.)G8"K?'S\/=<@K24Q++#P>[]Q8N.G@.(BH,JT9L$47IU/(^HQP
M$Q_\H1XSH63'BV?[-9U'_'O\G$9D-YP)#H5\.*F/:6TI<?<L_>[#VO?0,O'Y
MS+N[!2F!&KN%5^S9UV9?+.4$T?04%%!$0XS\-8W(.H)W?V:RK2>EGRS:_0<G
MS'2NDWQ`VVCX8W0:Y/!2>S]L3HTI%HD@BQ"*6+"E6`T>BU2(W.83'1(F4""`
M!Q_UZ;E'4%LG\!J/I'XW?DVEY49R4Z/_`!,/YHT.ZKQI9SV*[GJ21H%Z<JCR
M%,\^T!<T6Y4*!CHB(D$P`/CSQUUG,>/%L_P&HD'X7^X!A$QOBV^$0QS&$QC&
MT[M48QCF$1.<QC0@F,<QA$1$1$1$?(\QIO'^)M>/]"]V_P#^JT^$+_E,[4_R
M\?\`W'S.F\?-O^G]NO'^A=[?_P#5:?"%^`__`,F=J?H(_P#Y'Q@:;Q\VUFU'
M^*_Y%\E=62<Q?X__`(:,BN]BHMSSX+[3M/[/$L<-!7R`>5NP#&&?5QRT]]>,
M?*%#W$S$'S]0$.-"X/B6.M^'Q5]7M(Z7_'[ULZPZZZJ[W1\EJ]DA[2ZI<F^F
M:NL\EM`MUG;#$2<E%PCYV@6.G$0,*C5$05`Q0`0`#"UR8Y.=;!N-8TXTTXTT
MXTTXTTXTTXTU3;:NHSK6KW(VR"W;4,BA;I7&M6UVGT!K2_MM/C(E)TE`?>62
MP5N8M51<19'9DSGA7;'[QN(I+^L@B`Q/1QO%;JV<RT+2L>TV-J3-"8.\,`,W
MVR,Q.6B+@.5)&N[V)._2N1>2]1<!7'4F'NB=H2IRHW2#=W5`E7.%<=,4+UOX
M,<"UF\UZSO-3OE>K,"W*0F=Q-*QM>OD>&H4YG\C(P<C(Y^ZL-2<V6,L"ZTT6
M,=-TYA8J?W15"IE+RWXNXW&<HG)E5F>.61U5A@`2SQ3M"Q7#/6!B0+78F)#E
MU4.2VHU;NTJ+5*DCI(SPMW,Y<-76-8Y%ST69>WGO`"3#,N[:<:D:Z_#;ULMV
MO1&Q)'C6,Y#4.XY_&QLMD>,7*/@XFTHV,C=6G'M5(DG5(-%'M+H548P[=O*I
MB5)\1=,H%Y!0SQQ\@(Y"MCD`V90!W49I1)D.1F1%`"QPR;HD.750Y+:F/;D=
M^/S_`,O0L12B/KLD,<,$7F'Y7<UTD:9"LN[(#!<#6-/_`(:*#)UEG77O8?4G
M!E*5&Y_9)56AX69Y/UHBMX).MF:7]VH,ZBM+Q5X49M%8A-H>#2:HFCA;J>LY
MI%EX;4\CR1CL2D]Q-S><&&C&<OG>"7X^O*7#!OYD6>S(R&'644YHKE<!>1@<
M/&^!L5D:P8OL?R6"K;LAU9"LSR":4-+%&ZW'Z_\`2RI]9XUM2\ML!V67OJI%
MUBXTUY6JX16RF@JF>K1DT,O$L8Q9M+NR*&<R*QB*J/5A\F,`<Q9GFNPVJMEO
M]--W7C">7L2RK4B+1@>41)#6*I$`%5Y&?X`:CP55HWX>2X\E+"2+OW></$DE
MR94)/FWB:T&,A)9DB5#XL3&V0_&AD63VM2V#<KS<W,AGE[H5C8V(M:196=>\
MO5FQK?+_`*/"1ZY[)`404:VR.0Y$2Q;<@G(9;U*#N9PG%6>*JKVX[%2G`&R7
M:/T9:194WEE[LMEO4RNP.90N,*`NID_;L<C%R4BDRQ<A;L[2S%'6WM[E=USU
M@5E+(OBI=QG!U.^==0\FI^:9YG=SCD]H7S6\)Z;`7+3XR%EK*71V:CLL5>"F
M:,&<>RL</'.0:-W#=%(Y$4P_$PF$>LMUFN5[\"]JW5K&&-P29`KKMF)D8ERT
MY+-*2?,6(^D`",D`6O;I,S-Q]R7<\1_EA%</%"J^`B@*J(DZ[`HQJ"=V^.^#
MW^N.<^LVLVBOYH[VJX;7(UVNUJEN9N6G;B+AZHW_`'C986<GZN>$E)%W]JYA
M%(]91BY.V7%4AA'E?$)(WJV-Y]32I35HB``$#[ECDZ#<[)&5$B.6CF9<NF"1
MJY;DY3++*(XMTC4_J&\;:J(N"C90EVC61'V[X'"M$RLH.L`KWQ5UB)N%8V&P
M]DNQ-ZW2I2LC,-[<_N2='H=F.:J2E-@HRYXQE[.GYO*,(B#?)(*KH,FT@_2;
M%*X<'`YP-(>11!)!70(L]:>*4-F16-J66::54<E4<R3221J@$:.0P0E1BFKU
M:\==J<F_TQGKR*8SVY5%<4U2-I5&Z5&6E$K"7?D;L8SJ5]<^/JI[+"]?J78]
M8TB#SO`ZFI6X^NTD8"K6B<?&JQ:B2Q-=;CHLFJ4:1&'%1%8L%*L4W2*ITU0,
M4>;WYDY+F[_-6U)DNPRQ!`S((EF;,HRA5I5?"Y24L@9%<+D:[U9)ZM"M40H;
M$%V*TSE%8220OW$':<-&BA]Q\B@[7*9VXQ#=9^&KJY"/J(K/WOLWIL'26MQB
M%Z/J?830KO0+E6KBM/KNJU<:=+29X64C6BE@4$#%227<^@OW*BWDWG:*T8[+
M6W1))GB1"7&[S1',4P!\)8R<QL,!#@JH(&-YW::J:D;2PQ^H252CLK#:(`T1
M;J9(7%=`8Y"P4%@A4'7.T[XI,XUM;30N&DOG\7HUCS)PE!K9'B*\;4Z)EB'V
M=>H4("]%.Y751CO]ZHV!THM/M&W]-%T4O.%=@KUIKN;%F+E);\TC$H\]B0#!
M+)M,(!56?L[.\5'=W:XV4#I8BI9K5IN)_3TC7S)'`7+OY7W"1F+-M[FX1;B8
MPIQJ6]/Z$QF@*P+N%VS1*$_C+E(2LP_BX//;"YL^=2#>LL1R!^:WU6:!C5V,
M94VC=J]:`C+MR>L2.0,81YV2R3=%FTHFK2-W+$1)5;$XLFXDS,N'C9+)[FV)
MD1@`C*4Z:VC2&MQS4:*+!(*T<$4BY)BC2LU1\*V49I86;>SJ3O.\8;KJZ?[)
MK_\`X*?_`+^M_P!WRP_7N2_QC^X?]VO+_P#M#B?_`)G_`(O]VLMY3:]3IQII
MQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQIIQII
MQIIQIJGO>*V=B*!A;^^=9HA_:M"JD]"/W-'BH)I/2ESKKIS^ERL3'MG$?)*(
MNF@/B/0.DG[GI:B7SZ1'GA/?=SW7Q]:M/[4C:>Q)+)7:-54X:S!)#6L,S`[8
MJMIH9YO`&)'#>7.J7W-/R5/VY;O\*O<Y6J(IUCP6,T<,T<EBN@`),L]=98HL
M`L)&7;UP=:CC[I\RR6+-;_\`L.PJZ*XM[C$'&9!FM7!PTEHR$65'>RNRU03G
MJ,O."1(A1#]/*F43%^@^>>6Y'G?W$K\=2Y.C4EFEY!9':#8`:2T7K&99<IN+
M7DJ\@*X(W$VJQC'T:^#T^8_>^7VM8O68BGN.FZ4>R84V6)K,=GM\A$1'GLP2
M6*!F&.VJUK`?KO&O?=^QGR_UBC9CH]=RRX7!]JC"4T"=R]',X%&9QV)H\JV2
M?YO,*)U07KF:OL0"BK,SCPZ]9@*C]0\<[<QS'[@\3R%:.M7DN4):T-R5UC4=
MM+1L1K2P$W&>JUBE)+TWA:UC?@%M=+7N']Y__;E?G:520\G<LNAIO$@>LM(U
MVF)81G*WD@NI`SX!:Q!V_P`NK-[CI7>EO0\0@,VG]/::;%YSH%NV^:KN#QLL
MPDKDVI+:W4*E$7L5"?ULZ+F1<C&+A#B"YUTC)"<BWTYZ3W>_N2+F&7V]/,*-
M'C@&V0J\=J]%8JP3=70R&)U>>:/LL@9!N1BJ''I;/)>^[/MOAZT<MVO[CL26
M)[;I44F*!ZEBU3@.^%H`ZN(:TN`90X*/MD8:AV8U'Y.7*`U5C+ZU&N(VQVZ6
M&],<#IZ\A+Q*6$1%[@:RJT?T-Y7R1:6E++PZ:Z+<CU8P"W,L9<OD//\`/6_?
M%5]O&2VG%"'G'R((V]<]3DJL7'++B+RBQ4EF917,1F6/N(?*QU`I<C^YG(P)
M0L2VZTUNSQ+F=:L8:K':XFS8O1(LD31E(+T<,1:57DB+B)WW,-<RS;[\A-7Q
M_08IY"=@I_37%AJSG,KM5<2JZ3=BXFLECK7)5>V0R>3W`B].:759>,3=H1GW
M2+DI4';]N'J5#K[MY7WAQO$-#P*6Y^=I\GR`C8Q(8[U:O)$T*3;(6V-+#)((
M'C-5)NR1WNZ0&S3YSW]#Q=I.8_4FGMP\8T$D-6-7J3VJLDD\9'IY@:T,\:Q2
MLT%B:$RKOP`6%CZL&LO^UF3;?J;+9!J5;Z7-K=9((E0LCZI5C6[F]K$3,5NN
MU:N02CUY<4&C9^LZ;"@ZD44U?'Y4@(0OMJ,"T/W!]TS[K$E$Q\93ILX9HRMF
MQ9DF$+`;!%&:]3ORCI'O#328P=6,,_N/EI_9?N+G(KD?IN`OW>0A6-]D=M8:
ML:!X53>UIA/;6*+:7*HPBC!)&HYL>U=\&\[M1(F.U51ZPL4TS1KC;`XMW3\]
MS1O:(9"#O>7WAS'LWVFW=_35W3DT+]O8O+LOH.DV]`$4\'Q_*^ZWXP'E).0B
M!NQ+?E2FIEH+ZN:.1..C$;^O3T@AF[G8G"DL>ZS8@%MR_+^\$YSE5X>.:1HZ
MTIIUS!_IGC]-%)#8:RPC9;+3F:-JN]R2J(88US*T)RFP?*'*2PK03S78NI0;
M**/4)%7K]5_UC4("8UF'JJ=BT&&D\^(]J-L9TE\[?K1K-.+%`C8BZS8B8F*,
MWCW]\7[E-^2FEIF:?C:TT4<,3111V8[[6+@D9'(EC6&FTJEV@@EF,;H"0B^$
MY?G?W.CCFGX%N1FXNI2OSU9)*2)8Y`Q3T$KQVX#75H&82V]D<25Y98X1)MP"
M[;:NH5EV.S8XFKNJ$V%^A+K?*NI*6*M-JE+V:`KUGD(ZMVAW",8Z)C$#3D.D
MDL!VK=)LJ`^M,O@>>\X"U:Y#VIP_)\E&8>:L\;&]F(@J8Y]SHZLC8*,0BN5(
M&"_0!<#7UWVC-SC)R-/G6EE>IRUF"":2-8VGK(5,4N$5$8$,5#HN&"^).3JT
M'++7KM.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--
M.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--
M.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--
M.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--.--
M.--.--.--.--.--:X-`^1:MTKNF7IA'Y9/V6R-<_;WJ1M`6VJUP\BLZA9^>0
MJ.<T^PK,IS4[41A#)F6:Q!U%$/O$Q,'@J@EY<;(W)T^5N5T=OTO>#&@WRRE(
MX7RL8P5B+3"+O-Y`ZN"0!G7:]%Z!J"3$#U^TAV\L,8:=X</+U4..VS]OHQ7;
MMRS@:@2P?-)C.>]7-W[&[!D.G9?-X'J\'BUBQ:6>U.<N\SH5I85Z9@:Y"2E;
MEI*LK2R,+945YA`7'K@3HN$GOMG1/RVK<<UVUP%.E(DTW/\`(&G$4RR1R1S&
M&>0O@*]>(AB)T)27&V,ENFLPUII+5^&96ABH\<ETLXP6AF#]@%/JBFF9-JPR
M8<;XV.%<'5O=E[ZXKU_UNGYML#P:%7K+AMPW>3U6Q248PH]1KE/G:Q`.(V=4
M46&0"1D'MI1]@R29TQ](@(^H2@,2*)9+G(TF<++Q[54^)[TEJ:2&..(#)W;H
MR<$#(\.NH\8DEX*AST2,U>_-(FT>,2Q5#<>1_AL"#:<9P>IZ:P#;OE6Z5XU@
M9-^1V2HZ!!S3*VGSZN5*81/8M%EZ0LBWLE?@&KQ)$6<C%+N"$7%\#9)$QB@<
MP"8/,>V+%6S7I=IWN616=$7&3#9L)72;/AVPSD^.3M90"PQKI6$-BO9N-(J4
MZAE65VSA98X'L=KH"2[HG3`(`96.%.=2PKW[ZB15):WFW[QG-)BS(V`DL2QV
M-FU/`3-,AH.;O%<DE0$R(3-/;6)F5ZD03&*=<@%]0F`.3.1K#C[$D)<21(6V
MNH)$B+8:L)$&-Q5IE*#IG=TQKGQ<=WDZ$-Y()$[L%>0HP\R"U7:U$'QT&Z%'
MD!\-J,<XU#MD^6WH54;568&Q[O7X."M&-S.Z,M`F64[#TE&AQ%J94[[MS+24
M2V%)R^FG8D23,0HF`GD//K)YB;@EBW5G^W8IK3+*WBYNLZPJ@&2S^5,KX_=0
M`$[@N(V[XI&J#*MZ6XD93J`:,(GG+'P"B+>X;Z2(I#GH,Y6V^2SJ,VC[):+9
ML5!J>>1MKJ%5KEZ=64LC&V%Q=*-"7R(7EF+!@>0H/OQ,XF9,DT1J*J'I7`03
M4*/)WZ?:$]>A(I7E;-J:!(O$M)%*L6U7'D9V9U&P'<K$*1G72R$@K^M4EZ*T
MDLN^"-J-)/'G;]3(#7<]Q04."`?*=8Y??DAH%(P'N;OQ,\M<Y"]-=#FLZGX1
MM-59@YO\A$UJC69*5K4O(2*4-%P[]O>VY"JOU403]E0Y_!/`CP:M9]%P5F-5
M[_/6_3Q([K'VI/U&?C?O.Y"*O<@:0G/1"`?-D:TBD@EY+D./W^3CJ*6GD4%P
M\;TQ<`15!8ML.WPP6\.FL:R'Y7.O5HI5QM6[+L.M+JC:E'Y),$LMTJ^DTI[9
MIF%:3T,:O:KER]CHDTS=,70%7.1T0K)<OM+B0X@'.L5>.TE$4Y-]F_-8ACC*
MM&YEK.B2J-X`=29$[<BG9(2P3)1AJ)#9EDGN1/$1%3K5K#NK+(O9M"0Q$["Q
M5QVG[D1&^,;6;RNI/(U#Y=.E&:;54<._O9JUGL;^\V:C:9)Q$\P0A,1>UBG'
MN3EUH+^1^V:D!TS%)%)NT47<F57)^3P/(G&XY*[Z6+RPFK9E60@[7DK21Q-`
M@`W-*TDA4``@%&#8Z:E6V]+621?N7)+%*-85ZN8[HD9+&?I6)$C+L6()4@KG
MKK*>WGR"1'65YUZBJGF)MFD^R#6Z2M+5/K&7XQ6FL'2:U#VEY)2%MUZ:KL,*
MTI&S:/V;0AA<K&]7Y0`!$.,[S5N2M\=8B97H5#8FZ@N%60Q%$B&7ED#`^5`>
MGCJPITTN\$W/02J:WJJ\"@!CN:R)"C;@,*@$1RQ\<@#)(U&9?F$ZM+5+K+(-
MUY4^E]FK%E$+"8@JX8-]&IS#5;(XJS.RVEN<XQB4+%234Y_41?W'S;TK-2J)
MF`W+Q.)DL>Z4]L4G69F$A:4`A(@G'R\B!(I`97:*+88\;T=UW@#)U1<K=;@_
M;]GGN5C[2UY>T$W!N](+T-!Q"ZY5U62;?W,[&5&"L6&-7YV/98W'RYLDZ@I*
MR2>H:K4,K@(F)<L&SLKZSK.5'LTJ,@N@16.K4)'NI!V1,3+"W;']!1-X#E93
M5;?+0<3NV//'9?>02J+6K2V&+8Z^?MB)3_YDB`]#J5=D>IQ5CE1&\D=<P`JH
MR2;%F&JGX`!YE9B>@4$ZUW[7\M-1Q'LC<,)F\4L$M7Z%=<LS^S:"PU+)VTV>
MR:ZR1=5@E7Q=_84=3M\8@JX(F\=LF1TFX>HXB)"'$(/%VAR=>:R%*)';N5D`
M(=GEI5X[#EU4DPQ,LBJLL@"`ABQ`&=2N1B:C((4^Y*O'0WI<_;5()IYX?([X
M6:9?3NQAC)<Y10-SJ#9K%_D`ZX:YGE3N[V\P6=2UF3I(.:);YN-)9JZ]TNPV
M"M9W'3'V*J[)-S<Y"M.OL/2H)50(/U#P/+9J<FVN\1#K8@AD&/@TM&+D&B.<
M>>&O*&D^&%+`D:C5VFG@GLM$Z0P37U)/@T?'WGX^:88_RS.B@?$=Q01G(U!O
M8GY=^I6*TF'LE)N<#NE@GMSKG7N/J5+M$7#BWOL^LZ(H,S8Y]-"%B8.+19*G
M4>F,=NJ8OH2,<WGQ`J-)?MTZU-0T=R"S,LC,$015(3/*Q+8(.S!53@LIW#*]
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M5V$K5H[+23*#VU:M`L[1]<$LRMM&T':W1\:J:'(1W/:@]U2J8(G@AECB?'<D
M2:['1!7!(PLDFXDXW*C;<G5D]U[6U;K]J^`9Q=JU-%A-^D=$@8S1TGD6C5ZI
M9:%19/0D8*P(N7"<B9U:(&!?BR.@0Y`4:&*<0]1?-&EA6GO0N-OH>'EY#)_S
M4@FABEBC'CW5$ZR]>AC5CGH=7#UI_1P6X%:7N\G7ILJCK%ZE9>W/(?`1=V-(
M#\>Y-'TQG5'8SYC<S>WWIO1W6%:Y&I]OVI9MK9G"U85@L@J5GO`47&[1I2R,
MD91JRVN07;K0B2`*+>PN`JE*)3`%Y2X>Y;YV;V^X[-ZMQ\,TH?ILM2TI;[<<
M0.IM10P3"3'D#Q[<]1JMY6[7XOBGY8DRQ#E)ZJ!!DO7JV4JV.0!\!4CEDCRQ
M.2CJX&#JS7:7O(AU5T?*:O:L,TZQYQHEJHU)F-LA5ZRUIM1M>E6M*G4RMH1<
MG*M[+=I]]*K`JY:Q+9=1DR\N%?R`/*OBO_4N=CX-L0RV).U`S^$LW:DF("C+
M+$B1GNV&`BC8JK'KKOR;'CN%FYE%,T=6![$ZKT[5>)HT>1F.%,A:11%`I,DH
M#%!TU6>\_,]U_KT]V%J-+IUGT:U87O%(ZW1C%G8Z54H34-5M]2>W!W%5JX7*
M9B*Q$QE<8QRS==](.46R[T"HHF.8P<SQZR\GQ?'\K41FBY&;D!&F,2&#C3&)
MYT0X:7=W!V($S--C"*=3.1@3BKLU&](L<L-2M*Y(8*LMN0QP5W./(V0&ED8=
MJ%#N=A@C7NFOF'S*NV^ZP$U@^U1<'2*':)1]9';2!,Z=:[3\P8:S,X*VJ3&2
M?6,]Q+69-$B#XJ1XMPZ$R9%1](FYI,\25[<\,B2=EIO3@''JDJVXZ5J121]E
M:]B:-7[H4[27`PIU$HNENY0J3LM<V7J)8,A'^D:]%//5W@$]X2P5YI08=V%"
MYZNHU,^-_(G6=6Z;V#N(OG:L'"1#P\='T&'TBB7FQ2TNO*QD##UUQ(P+PD77
M;5)STLBS-&OQ0<M5S`"A0`0$;"_1;CY^,K2L&FY*U7A4IYD7U%@0"19!E98T
M4F9VCSM16!`92-0J-[]0_4G@C<Q<=7L3'I]QTK5GLO\`:Z/&S*A5%<#=E7!*
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M.PFBYE1:5=[17J!)5&&9P;:^S$FQ@D[/8;;+Q435HTL1!/Y)S(.S`U0:MA]0
M^HQ0Y4K;0U+7(."G&TK0BEF;`C4"L]J9@WYFB1%7M#SO)(B*,G5N:4BR58#U
MLW:\LL*`$M)VIX:X10/S/+,,?`(KN3A3JL:'R]1;Q?K[:676/27>&;]E=SV)
MEKR=YS8'5)I&7UJ1L.I3=IS,TP%V_2*BHP!HD\;I*H2BZZ8M1.4WGES?I?I=
M_DJ/(MVQQU&.T'`++)'8,2TU..L,EMY@D:2A2K*X?&TZA4Q+?K57IKNMV>1]
M!VR0,65DD24*_P!$D<"QM)+*A*JFT_F&94Z]?)I6=QGL9AYK$K_ET;O4W<X3
M-+G,V?.[?1[*XKM8B;K`)1EDHUDFV;J1ME7D55!9!Z746[8N&KLA%4_')(X>
M99FHSLJ<Q'0DM/`<E@M>PM>R%8>1TB,D+K,C&.:.4&,G!&H5GD*\2&W`>[Q7
MKH*RS#RY:S%+)"3&V)$+-#*C(X#(0K$;9%SW&@?(@MG_`&*N?7-QU:WN>L<?
MGMRO&5OX!M5'KC<5:$G7/W(PI=8_726&,A"/+2V:M9R32:Q;QPFX(FH)D#AR
MCX]K')T+=BK'_K:LD(,+,JMVI[+54FE<^2!"ZM)B0AS7'?"E=6MN*.B]9YW_
M`/3YV9&E"DA916>WVHU^J=Q$FU^V"$F9(6(9US`A/F2K*5#K6DRO5O;8VFL]
MFE,&V^REEL_D*[C.E1NF0^3DK36996!1MK<N\MDVEZ&U:!VH#5-94?`)&#D[
MCX(^2Y'BJM=\4^:2(5)F4CNS3/9C$8C^O8CU)>Y8QVDC:*4G9(#JLO6+''U.
M5DL0/Z_ADDEM0@J3'6BJ5[S3,^=@=J]J+97SWFG$E<#NQD:LIVD^0.M]:>P?
M7OKJKG;^V6;?BO7#*R25UJV;TRLMFL["0#=FYL5S.UC)FTR[J9$S*(;J@\<D
M;J>D//I`>/#(>8YV7A8R$,$<;NQ.6Q)W#]J(>>;:L3,_;R5&!@DZD\O)'Q/M
ML>X78.SSF-(OI)VH&:220_;AC!9$W2$`LX^`)$`7SYH.OM;N'93/ZA4++H5L
MZ];#E&`M4FUCI=0KNEZUJ<+/3B=<KURN4Q$5F%85="O+HOI&1<(,Q=?T4SF.
M!@!0BGY/AJ/-4T+0W[G(0QH?+(T7&HDEBPBM@R`JY$,2_=F*X13D:E\G#'P]
MUZ7(2!'CH0V'.&(1[$JPP5WP,J[%T9W([<2-N=A@ZFC_`)^>@#OG6G&AZ@Z6
MWA>RU;-9XB\O=$RMN_H<;$5Q.<N;R\9R2?6M[.*JCIR@Q%Z@1=L^<.$Q;&.4
M?/)M.DEGE^1XF258S0JM8[A#%'C+JD(.!NBDG=F18Y`&5XY%;!75;-9:+A:W
M,=MBUBPM?M]-PF)<L%;Z)8XXT,K2H2O;9&_.NI$V#O%2\BKO<VSNJ79K'&=*
ML_CKO?3Q#V%2-8WDC1_[P`JL!]X[2!O+-X%9`RAW7MH@9<H>?H/*9YI5XI.5
M$9[4W+1T8`S*@E9YH*[2AV(1(XK$QBD+D$&-SX8.KJ+CI9>5K\6&7=/QLEPM
MX]M8VL`1NH\P=U@,B=,%74Y\=1[EWR2Y;)8;%;WV0:53J]3;/8XROU)Y+['G
M6QQ$N,M!L9MJM)6C'']GKU5<IIO!36;2*Z!T!3$QQ`H@(WEWCEJ7JO$"42<S
M:=T6(*PRZ3=D!)&`27>Y4*4)ZL%^KIJBIW1=IS<E"I_3H(4D=\@L@=6?#QC+
MH0@W'(\#^!U9"E]O^L6BZ+,Y'1=OSZUZ=7&MD?6"C0DVD]LD&RJ(PQ;`\EXU
M,HK1K5A^X&0^XMZ"+%<$,D)P\B%;M<\;/RZJ3QM9-TL@^E!W)HL,?@W<KS)M
M/F!C;(`ZZF$@3PU20+$[*L:_%R\23J4_Q*8I$?<,KA@,YZ:I;</E;JU4KF.Z
M6GUWV.9Q#6[T:BI;(U<4]M5X9_*ZH^R.BBS9.ILDU<'UXGF7WB#*,06<-HD_
MW2P%(`ASI0KSWN4H\2%"6>2K59*V2/N2W*K7(8L#)51`H,\YQ%`[HKG)USY*
MQ!0H\CR$),]?BI;0LE`0$BI.D-N7+8RR3LT44(^[.T3]L'`S@UE^7=Y0I;;J
MUH?4N\U6R95IU%QFK)#LV(OZQJ.HZ"D^E8:FQMZ_<[2K4^5855B,C(A,+MBL
M`6005$%EB%'C0)O\?4MQ@B[;LVHU@.-Y2A`LUZ6,YQ,("RQ(B9>Q*2D(8@X[
MWD/'\A-5L8%*&E#8,V>@]5.8*:.GUQ^I8,ZNX")$K.Y`&KG8=W.KFU.=B@B9
MEI5+O6+U:E7&>SBP1\6ZNLQ"WVF'N$`:O1</)/4I!T[]A5BFF"OA5T4H%,)3
ME-SOR,#TN*GY2O\`ZD07)ZS1Q@]P21!&0,K8V&9'5U5L%0&W8VG7&BTMF]3H
MVU%4WJR3QO(P[90S/!*V]<@I#*F&D'E=2KID'5*WOS"A'9%J^GONF>_-'_7^
M]SU;W^J+SN9$0R&K5ZH1=]>VVS74+.:I+RJE9FFX)UUJX6F1E!/'F2*Y3,7F
M[0PI%Q=R25/TODF:/O+ED2=;BT>R@'FL%K#`(\(9&C#2`E5.ID4'J+][C*YS
M>JQQ21HPVM-'-#+.'8'_`)=5BA9G,^W;NCZ8D!U8G(_D0AM/[,P/724PG6<T
M3T?/;)IN*:!=@KC=CJ52I@5@+/-I5%A*.[?3X9)>V-21[N6;MT902J>QY]`A
MR37XN>5.2CE*Q\CQ;(9H2<LL<L\U>)RRY17=X'(A)[@C*OC!Z5D]VLE3C>0@
M;NT>1(1'`P%F-=;)C`.#($C<"21,HDN8R<ZZV@?)7G5X[,=EL"=U(:77^L$3
M8I6YZ7;[Y4X9>6:U2/A7L[+P&9OE&UW?5!BXE3M1F4TU&/W+8Q!,'K3]5)7M
MP2^T+7O&4LM*L[KL"EY#LFFA&]5ZQ-+V2\*N,R(R;>IQJTL4[,7N"K[;B1GO
M6A%M.-J'NP)..VQZ2[`ZK($ZH=Y(VHQ$!9?\V>*[3%]?Y7,,>U"T?WYL[[;%
MH4)*DPUII>64349+*EM`4K,_/1DM<E9&78`\"$ATW,PVCC'651*"*@!=6>-E
MHV9(K[+%!7XVE:L/]7IVO5'MPQ2(N7VK''(LTZ@PQ,!N;S#4"[/%6[B5CZBU
MZ^:M`B=/4BN8A++$S83QGC[,;,))BV$&K(]4OD=SKM,.NJM:!<\SCLUK9M'@
M)&Z.H%9'1\@-(V:':Z5"DAWSP\*P7DZF[3,RD/9>(E]LYB`50.5MP24/;4W/
MV1]^JL9GKJ0TD7J*BW:B[AY'-BLP=0I.QLHV&&NE62*][B@X"DZR"T\R02CZ
M9&JVA2M#9]:"&T>UEA]S!9,@:Q'<?DQC<>QWJYI[7#K!9)?M?:%:S1Z=-Z=E
MF8MH(0BI&<:2=JOE]GHRFQ[*1AV`+(>EP<ZGO$(`"8?'.UR"6M[CC]N1;)+#
M<=)<9RZHJI%%!(Z8<AFE!G5-B@DLKGP&=<JMF&?@9N>F$D4,7()3"&-F=I))
MIX58A01&F8&8LY``*@^8XUEQ/E(Z=U`:[5=_VK*\*V>3I<7=YS(931H"]25=
MBIF,=S46);910EJE8"R4.Q5=-3L7*H.T2&,D!_2/C-@58[%F&K+WDIG$S;&3
MML%C+JRN`P,?=3?T\H8.<*<ZZ`6$A@GM1F..TS]@[E82JKO'O4J3@,\;J-V/
M."GU=-2/8?D#ZD1`P,='[CG<O9KOF#S6\UA3V).'8Z#3F\!(V5"3@+5)-DZR
M9LYB8M=<3&<^M%!(ZAR`4AA"-R8L\6.0CFB(N<7&7LQL0AB4&,%F+=`H[L>6
M&5&]>O4:ZT#!?%*6-_\`2<A.(H7"E@SEF7:`.N[<C`*<$D$#KKUX%WAR[;Z1
MNNB/$T\YIG7VV_MBZ6JQV*`?U99JGFE*TYU:HNP1+I9BO6D8BZI)E7,)15,@
M8Y2^@Q/-ERU(</QE;E+C[8;,EM`K*RR*U6_8H%60C.Z22N61!EL.JD;LC5?Q
M%P\U=]!23N3FK4G!1@Z,+==;*A6'1@B-AG^DX)!QK&ICY1_CWK[+/I"<[9Y%
M$M-30EG5#4D)IRU//-X*1:Q$PL""K$KB,)'23Y!%47A&_I.LF'^67S&DKSQ6
MS1=2+8A27;XG9)O$;#&0=YC=5`.XLC+C<"-24GADJM=1@:JRM&6^`=55V'SZ
M(ZN3C&Q@V=ISKLDODOZ&N5ZBS9=H,O?OK[`W.SU"/82CMX_FX'/%W#2Z22+1
M!B=9JWKKMJ=)P+@$1*IX+]1,7SS>.98Y75'?LTX[3!1D]B7I$X^![K#:@SEG
M\H&01KINC$J1.Z*SW34&X@?ZA0"T9^6Q6#,WTJAW$[>NJ2T;YY>I-IV)SG%B
MC;!G=1!-19KI=IEZ\"#%HFT,_&;NM,9.E[-0ZL9H*9BR;\@-O6ND0PE.?TAO
M5B[M::>X\==XL]&8,I*[LH9%RJS$I($C;JYCD"D[#KCR5F'C[4-=#WA,X4%>
MA)9T0%%/61`TD>YU^D2(2,,-7"I?RH?'=HB[9M2^W>-3R[QM9'C9-M85$15:
MU&N.+A8%P%XT;%`C&K-%9`/(A[[1(ZB7N%*80TD1X:LMV4%:L-9IW8CZ(4D6
M)W;X@)(Z*PQN4LN0`0==D8278^.C\UV6TE=%'7=-+GMHI'0ER"%(.TL"H.X8
MUW>3_)9T-W2Q5^HY'VDRF^6>U_K05R"A)E<\E,'K\,6Q2J3%LY9MU%5T($X/
M2)_VUVOE5(#D`1#KZ6SV9;';?LP5FL2'!\D*2=IW(\<)(0CC&Y21N`R,\&MU
MDF2!G4223K"OR,CC<B@^'F&=K9VD@@$D$:CG5?E9ZDT/)UM7H]L>[FR;:S5\
M8>5[+HU\]G(:Z6:2BV?M69&6:QI:O&Q+&63>N'+[V4Q;>!3$XF*`ZTH9;W*\
M-QL(\G-VDAAF..TH:5(6D=O^!W1>V/N,S*H7KG3E[,?"\;R]^YTFX>C+9EA_
MS7[4<L@2,>!+B&7#Y[:B-RS>4C5K=A[2]>.OT[G]9VO8*1FD]J<Q^@T",M<N
MG'.++*>ZW0%%IZBF301*X=I)BNN9)`%%"$$_J,`#BE%)R7(CB:"F7D2FX1KU
M8CKC^TX.U?J;!V@XU)G!J\;)S%@%.,B.'D/TJ<;NI_!06/R'4X&HTMWR$=**
M$XU-I<>RN75Y?$R,U-1)(3HIA4@?O4HUL5V<C<Z;U49!<B!R-!<'26.!#@4P
M@'(45RM-46]"X>J]E:ZL,G=,^X*B@=3N*,%(&TE2`<@ZWDBDBM^AD&VWZ9K&
MTX![*`,SGX`*K*S`^8*0Q&TYUW^$=WNI?9V?>U7`=[SW5+''5AG<WL+594[J
M1;U=^^4C&\R=LNW;G^U"12,W5`/)T%@]"A2&^G+5N/N)!)9,9]/%(J.PP0&=
M=Z#(/@R]58>4X.#D'4>26.)XXI"%DFW[`>A8Q$"0#_B3<"5/4`@XP<ZM1R'K
MIK6KV0ZFP&B]@<PT74^XUWHM-_?+&2QW#W<KGU>21[#-L]MM3@)O)K?,-4K;
M^L)5B4D)`U<;`]([>-S.Q+Z$SDYQX^&6&Q92O([\U-5MBLZ_SJT4T:+;95'\
MZ-(U!&]=L"LQ)Z@BPLVS)QFSLHG%HU47"03%,D5V.>LLI/2)WM=J,R*0TP$<
M(ZGS:TM3^+GI??J)M<;N7R?6=#3)N=N#+0=-K.Q8KCL7`3K:A$@;*30,NB%2
MT9>[(4AHLXL;YVDSD7X*K.G0I@81"PX-I(K7'7."5RZW!,JP$F*:1KU21HZL
M8W"",VH:L<<4&1'.XP#),0T51:CY&P+!D>UZ>"-0W2Q%"D%L5S*X`:=S%8G;
MNS(3)''&!Y8%*W([M].^KFJ3=#';NX,7D\E5.M,EF#1._P!US1M/6>B_O_-I
MA]IDTYN4A%+22A9^M,&3IZ1$K([F2`#"50Z91L>$Y"S6]ZS<[1@67DI.4XV<
MUHU.U9:]F:2O`J+N<>HD=HT4Y8[,1Y8'4'LC_P!BU^"WM^D1QW`EDGHXFXYH
M)2'Z(1#7)G.UL*@RWDZZK!MGQ]=4;RON'[.^2&BX_:KC(]E7^\2)9'!K:YC<
MET:TT>1TVD2<19;`DWHS+/[5"L4UYQ0J;EDH\*BY](G3#E)!F/C^.A?+\'6J
M\7&X\%LFMR<UFA+W1U0S67DK*(SB=D*+F0$:F$MOL,HQR$DT[0MU/8=^'%2T
M.WX2_P"@Q9(;'93[PQ'UUYL?0_IU&6*QW&=^1#&AR15]NRD1FFGGZ^6;/(+1
M;Y2*%7]>E)Z5FK-'.;.>NMX>,D#Q;E9$88SM(PG3`Z1QE32VVKSP61F:>)DA
M9E(,-=N2:P`F""SK:+P+/D-G[?UC&IO'-R:5Z:4>^8*\'%AC%G$QJT)H*;N0
M&';L56>98QY)55W7<F<=;+_&UU:;8K5*I.?)A'(U1/*I9E;;58K?DLG7K1E<
M_OE+T2N.JH>U6V3;T//:WHL2TA8LS5Z[9@F\(R]TR@I@.#(J^XZUK83:KS\#
M]EB3-+:H6IY>/:5^DCRW&>Q"J8W3$?;W-&1KSXBCFI3"NZ)WH?<`#1@"-*][
MBEJ<F(TR55:<0KW)7!Q`5S($BEZ9IW1^.[K5MBG:6P7?Y&"XAFUWME>=]FJB
MO<<LC\^KC@^-YK3J9&WU>9L</^U9]I&U>-GHA>373$Q9$0]A9LL01Y4FFK2<
M>Z_<2/EK,M8$9W7GNBQLA/QFBE!KR1@.[JQ1@KX(]5)=MR05((H2DD'#U8MP
M!W3<?$;JLS=,^GG-B0B1<*DL"NK':RZGF:ZC]3S].^\&53W;BFER+8="-9=N
MU>4M.6EKV/R:="RB%=UNS23N6_:<.FI`56.>JI3"J*GLRI3"7VCI":VM<BXF
M]N6+U=.QQO+-8KI(/)<E/,VKAKX88?%J62F50,VZ(H1W0P'D^-JQPR\CZ.3?
M-9X6&M)M/FAA3CA72SY3D!H`+`8X0KY@=G775]X.H_4KM'UIK$?"=P<ZZM]1
M:VZF&M]'+9S(8'`;P,N9@BT-.RC:8K].B++!SK9!=D[*Y,)5S"11%0#@`>=M
MP']:JW^2=SGLBI#(2`LZ6DFADK[O%V96A**&$B.R@!NNK3BI#%PT_'<.%-@)
M)WYXP"QB-1X9UG"=-AB<2DDJ4**^X*-51V'X[_C4LN:P5;VCO[F+.I-NYMPU
M&$G)W6,6JB*G9*RY;5Z?7:"PDUK0R;+W>E+,(Z>910'4D%EE4RJH&0.7U74D
M]^7W!Q%RBK1>X*]?DDH*JEG:2Q?-B>6&,C[IKN'K.H5EVLXDVN,B/2C6'A+U
M,L9.%DK\(+K`X7TE*K)%`LLB_P`I+\3=U920?(&A++G5YN[?7+I5<(CK9_I!
MNQF/,JYFV9[)1"%[!V'(Z)$;(I>,Y@JI<+P0]YDH]G&6>J,6!)4CJ(_,P7<>
MYZDR>GS5\@:]_F.2EJA:_*7ZJ1QK$?NU']4LL4U?\ZL)]J(#Y2<1G=X&W]N3
M\AQ?MN*E25K/&07JDS2LN])%@2<1P3;1L9)HG;=U!<(67KDBFL-\<^%1$]FB
MD5\HT"[84^_]2)B\0\LG@$U,ZCI67Q`I]5496?/.)25=D[50E6"#"/8D*>RM
MVZ;E`IQ5,)KN*YRH]Q'D-A;E3<Y)XHQ&04Y*?BFJ<DX0#<[I#NN2UCT@\S,%
MC\/-<M7XNU[:%!R(>%-*!5D+C8.*7FQ=K1(QP@C]?NJ1V\DR,1#EI%P=Q%PR
MROO[OU+G]CV6.?7C*K#95*BRDF]8IR6PZE,YM/U]S)1E<,]]?ZU$U=Q+/D8Z
M,%<4D164$/;2$P0H9=O/6[_%1LBS<7/!V`3)VH'L5)9)MV-_E,,<3.0%"S$$
MY89F2PV).%6I9D?T\?(03RR`;%D*"9(()!].TRRQR*,Y:6&/&3TUJ@[7=*.H
M6G]KM8L.D?(#A>72VC6K'YC0<=EV'6]AN%=G*?&-V],CJAK=CG6FPYNE:B-R
M+`V;I@9V43`C^4YA&CX2O!7KS002=^)>4MV08R%*69((%DBF:/)FBA6..1Z\
MG0H["0;'.97/;K0+S9KO+P\-23N>=342>RPFB63RP22&::,68^H:-64[X^G3
ML_CVZB%?9\\K_P`C-50SRM->NR>BU5"S8<_;:8[H%TT&8Q1XO:OUS[^FDM3J
M>EV#=%CZB2YVAA1]2B)P"ZCED2("XIDXKTZI&O5`''"14I)>X.K;Z*I<"?3&
MK"8?:(.ND!O#BO24"Z@'ER95&[,5KF1<LH?%=M6]MJROX@_9E*R'&NAZP="_
MC:HSF-B,=[S]?+A,0G8//=(KTC1+WDLC?7+6,_O#"E9);):/TFQ*6M*0?SLD
MHP7(T9.U!8J$12,!%?&:\ED>WS34$UEXF_6GE08C=)^,C@-EQY@KUJ"I,6+[
M#$1(^V,@ZC2=D<Q<L`8LV'C<(QW20A.46Q*JGI]N6\.RRE!ME(CW&08U']2^
M._XLZII]'G$N_P#URLUA1R*-H+F$M^D8S-6:>E0J5YCJ%I5(,VTV-+5)J/JT
MJ]50*A'OT7R+-94#`3WO'+GFEY(<W%8!K>MK2*Y4;9*I]#!#8D9FSY#71)9$
M=554D#%MFPZEP2R1+Q+E=ZT[YE0'/;L(W*/82OM&"2M]C"LBLS=Q1%M[F1J4
MFWQ^X&TN68V3!ODFSB+2IVI8Q9Z_GT@?$KI$7[MK2>O\E2,@>24^ULB5L17M
M&<KHRPU2,,!Y%HB9TV#VC"<+&Q<YMN0>S73;;;]8]&AC8B$VU4<F0.C3^G<%
MW#$=AFVR$*!JKXJ#CH>#AXZ1R_$QTN,CN31E=T]*OR/J*A+',</>EQ7CF48D
M(`3+D@[&N]W7;/>P_5JI8]V/[(QV&6I2RT&0B=VA)2IY[+!I-93&1G`HS>W2
M'Z<U5N$"TE6BK(BBRQ(MROX]0$$W*/D?T)O<=7E'C0<?5GGE]-+)D35##(EJ
MO,WE9HC7=C,XQL"AS@+G4_AWY6MPD]2T1/9EKQ1R2JA54L=^)JLZJ#@,MQ83
M$C-AY-L?4L!K7MV#Z&?%YH6JW>=TWN3DE0WG2:/UBB>K[EUMF;UFS]?Z70"$
M:8@\QVD#>8EG=F5TL@*.XYT_9/$Y!T<$V@F]`!R[XRSRM7W(;-96D]XI[HDO
M6#L+3R6&6,^@EAP2H2".1-FT2]N65C^%1+7XQ_;%:K993['3VXU.(;]L!@#-
MWKJS@@'=))7+L&,2M#$&SNU;'N3U)K^F]J>J^TZ;WFB,D+1F\A2,LPJ]5_*W
M->T#1)MDZ)9+CGJ-QFHJ53VA2OJ'3C7T:D\>0J916;)@;R;E-22!.:Y649=+
M_'21O"C;9JU!039[,RYEBC8$>IGQ_+4*S!2=6=H66]NT:@;8U&Y%*T[J&CL6
MLH*XLQ'$4F&5C%`2%:1RP4L!K7W;_C&^-RL5C47#KY)HUE$V:\Y1*55UV`VW
M!-<H^9W"MUFW1\3'JP%^<,("W2%NKLM*';(RICN$TD15;B84#'Y*DDF'&TN,
MM#<1)>"2L,3203UJT5N*O)T,4D<*0.;,69869)<KN&9-EI)+TEV17239$1'E
MNTDZW9)Z\C(V3(GJ2\8KR,8I,-%CIM$YXO\`'ET_@+[6GV&?(,NNQ)&2T!FE
M6IFG9+9;1'=AGF405;E]2K=J0?2TW-6Q//(UJ]"O&079MVRQG`$!%0!"3)8O
M/9MO57M\C(MPUR%+&O7-R&;DHV0_\Q$UI(8[+R8,>>TS*SYUYBI5X6&K6A9X
M9:J24O4$LH]1,D%M.-9&4@5W$$UDUTC!$JH'566$ZLK4NI^#UW*;U5M%[>PN
MAS[GM_G&M]D=)EI;,JPE8=LKMBI[FF9C:JW$2*5>H$A+2\=`))Q7DD@\<BEZ
M2'.Y`!SQMF2&7@9>%B_T=&?DFK(N9%LV+*WUNE&P2QAGL69>W'GT[0[#CMMB
M9)1FD?G(IK$OZK<I4TL.,+)7I5HZI@[BCZ4FHP+'),X430S/+X,-6N[(9-E>
MB:QU&M6A:O%Y]8,HUFXVK-JF_EZY&.-8L$OC6@U"9J<8C-/&TE(N8JHSS^6.
M2-*JY318F4.4$2*&"'1806.1D"]P6.`MU9ES_*JRS57ELDC)58FBC0NV(U,H
MW')4&YE>1^':H!MK'D*,O<QT$L,I>&+KY<S.=JKG<Q&%R>FM./73H3\9](O#
M,N4]Y^O%KL<?V5RC5Z:A5;_D<MI*7[<V25L]?QJ=F6NDSKJV1UITE=6/:B2/
M9/`>I&00(=<5`&Q]IVKG&U./3C(VM>EIS19C!V3Q2</-5@D<*&R\%!I;*R*V
M'B#R$"($BD]T5J-^YR3\FZUYK;2%A(P#P2?J%>>ULW%=JM;6*&1&7R.T2,2^
MT&;.YG3*`W?5^\C1/NE6>MU"U7'^MS[LC8(:TYT\M&>Q&3R=T4BJWIM<M$FP
M-5<NUBJR[PSEZ\<L4G:+%9(AC$$XAYZNG:X;-^2(\'5]R^KA5U#UY[$E:..:
M"RQ(5C#,E25*Y)+;QO&-N?5RV+4ENC%Q\4B\PW#6ZP=-PG6-[22">J`"<A>_
M"TJC*,0001JP-?ZU];TU%Y[4>T6;WB'G/C^>8@XBH1UEV849'KR:0DWMHVFF
MQ%<FEF%6J#Q@_2;*2#50T,U2;)F!;^'+;W)(+<//UN01H)+MVE-8>5B9*KQ1
MF.".1I`#LEGS.D<H`:3R(I7IJEX`R4_T&7C"DU:A8M&HJ*#'9F?MM(!M)[DD
M<*".382Q1BSX)SJCW5GIGUBS?4.K\CB_<7K[M5!B.PTSH,G.5*^8E76,EIM=
MPH*!BN4YIFN72*M:>V5QG#J0E9MRV.,I+?:_J"Z1_<.<M]3Y#EA=[MB&0.G"
M<I&@".6GDNW:LG(V`",05JCPQ+VHQV86G$9V'&:_F*O'V:#+6D[,?ZEQ9V[A
MLCKUEMF".61CNFFLS2CM2-AW6(J-P'2V?9+HQ'ZKV%M$_(?(A=\FT^V9OI1<
M0J#`<G9Z5DT+<8=G7]"FZ7(O`CKO<LVBF+599I%/R.(R$DW!WA%06`HA\_2F
MHXODJ;3[BU<)9E\H*46M+99+6,*P+(((K,FUXJQ>%#YV)]!+.#R'&7'CQ6BM
MAX8C]$E^.I)7C>`D9#A)._/60LMB5(Y)%PB@57J70G)(FL]!9R.^43&9;)>O
M]UEX#"((F=];UL;VS59&07:.9%NR1N2L->-X9F:O4TY%JX?2R,DJY=@D#H3"
M'M(KO(CW<O+V8FDNV>($4=<*4V45!DE>B%&^"&2J8HGDB!5:R##`.2?-3T%/
MM>YQ"V&2*/E&FGL,0Q]00B1QWRQQ,R61),(YBI::1492(T`L_M/2GJG?Z-+F
MJ/;X,6ZHO+^Z4[%T>"U&J63-KK?U+7#3/]31KY8IR0Q[0B65LT;G-&/45!3.
M5N5L0YBFYYZ&/9+QGJ6>3CH_3GC8\[")HC+Z=JTRCN3*S.Q:+,G>9%\PVD&T
MY0"U5Y!'(AM/7G6_)CH:DH'?%B-O)&%"MLFPG9#/G<#TI%:OC%^-^KQVMRJW
MR3Q[./LMGQ)]7"[_`+;@FNT3,;O45]&4JH2-;O[AC!7-U<DY:?39LY@QE!*@
M[%`5#)J&).::S'PU/C)P&06+9CFD4&1XI:$%>S#7?IVY$IB&4V(\RQ9AF\HV
MEI%H":RUJ570=@!4#,(UD]:)XI2&R61;6(Q"S&)S]HCP4;0>JO6?KYDNJY%:
M<X[(1^I/*_TQK>/9;3%+=3+$M+97%W@]BD=BKRL3(N9.5BK#/.2,S.FI#Q:"
M1$FZ:G@I2\L[5ZX\W,1SP%;5JU2DEW!NY7B@J^GKP2,1O*R@&<O+AI92T@R2
M3JGJ5HH^(XN*.8/QU>>^48;1'/;L2"6PR;?(K0K]L11=(HB%(``U[M)ZYX#/
M=>OD,S>X=C:_#0V[R6FR'833I*?HC)7#(^XU-JU:1-H7>R*$/7F-$I)6XMC3
M1VYA9`5500(8#<\UMKQ\#Q59ROZ14Y03([8,=BRO*+:GC);*$R6QZ>2)<[6/
M;V[_`"Z]'5LA/=EKDZD(/+R<?7BEA4L66./CO3QRE1YU#P9L`D!2,L/+DZJE
MVIZ8]+>Q72^J4JF]U\OZZ]2*/692L:S:<FL.*0N&Z8C*UFOQ#>?T.7BIF"I;
M"V0SN,:R+%\9YX(JL8JB:R2OIY9\F]V?W37YJUOC+V0U2LP.Q+`M]Z+TH;KO
M$P:)D56[@+)@/U$+VU+%0XIN+XE8Y[<;0M8G0!IGAC@>.2.<ID[)H7#%B0R,
MD<BDA<'..IW37KUE/;+L#J=&[N0NO;3=,E@JOV9S9I+Y`YD&6<!68)C@$S/5
MJJO%++G3*IU&+<"P?K@1*P(OU%U3'`B0EY\A*TWMCG..F0+QER[.]N4Y"P<D
MS6&L.[_3')Z>587K.0(T@23`;>6CP1+'=X&Q&S&:E11./7.1-QRB-66,8)F1
M[B=_U"9Q([0@["`(!SGI-`MFGQRW:T=^LNK%2P&5L])ZVYFX'&=1Q_>95_<[
M(XJ-XHLE/S46,_L3S/3(MFBT5]^[B50<*-@$_D_)7$26:G/17D$ECEI_;E*N
M\&W$D<%>G"EJ6LR#>L-G9'-),JX,#(A(0G//W!$]WB>3HRR+!4'N._:>QC"F
M>U;EECKVXGPFZG8DG@6!V&Z9"[+O&T2SNO4/I;*];=#H6F]R<@K*[WNG=-A<
M[+ITMALK"5KL-.+?=/,RM=2O$LG1;',P52<)L?T63$)$J!$5S)E.4H\HVBC%
M+V]4D<;J7$6JM=SC?;JS-9];-"?RR#N2`68,FN\>X$,IQ9EI1=YNRROLO6ZD
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MPRD;$SL0Y.N=AYI^2XV_3*PNG&/!6C55:-ZJQLMJ2LA!`[A;N6)H]V,*"RA1
MCE:QT#ZR6BXD<;UWLMZ>=2F47B/ZXY^YUK/\^L&9Y/8)7.)C0'%*U!=P>XZ)
MG[`U=@VR"D@+QM%L79455E?N2&$J7/46H[33/[K,]<RS#R3!8[C2UDFA4!"[
M7&"AV0&1D2$+D$-VAGB'&58^*BC3VP,A44M)$\_Z=8J[XI2Q9&%)[,VR-\[Q
M)9SA/+3L_P`9GQJUHF.5JR?)/4YN4C;#JKAU)ZGL'7V?T?1*A/[V[N\Y5*!9
MY"0CIO.I&K:DQ5BWTS72@_5=&?-''I4742).6XQO1]V%&[7&<<LB`%9)!7J3
MI1GED'G]-)7EE<0?R)X40Y98MQJ^;K"U6LK9E>&6:U.5=R"(ED6LMF)4<!.X
M"E=A,1W8"4QC>,W0ZX=+.K.=T'LS7:/W5@]&C=4Q1:N1MC:6[+'JN'=7AF+F
M]0;M7$!*J,Y:JH2DU+)GL<GZ"J@A[9E`%N;D"VUB?@#Q]HA9UN\;):L!=O=>
MO7KKQL<B'R1]RC&BQ@8-B.0S*#N!UTX]:4?N""YQ(3NB'D4IPH=SH]BT6OR1
MN"9)7CY$AO`^GG'9/F.-99WDZU]:-.QSIG'V#MMBG7NM8S8*_)83:M1C,/T'
M-]2,VSXM>BHEO6-:EV=.NR;NM"#UO]DHJH`>%DQ](`;F_*SV)O?4O-V.W%S4
ME?D(WK21JS".PT;3LJ/YXV@*H-Z@&,-AL!M;4*\47M#]&8RRT$LTG-@.RYGK
MM($$K)Y',[M)OC?ZW!(!9>D$GZ2]29:^URY73OQD<E=PT/J;:/TRK'P//:U*
M6',\PT:M97`URAP,\>/@6NG5VPOI*/9LP,*Z<<8[$ITBJ&+RL1H&O1XD5I;'
M+M+W'9W22UQ-:K;5V?J#5K1QVG#89$D#2XC()G59Y%7<BHR?I-6!=BA5]/%[
M@>_#-@`@B2Z30W]%>0;%/>RNJ^N?BXZ?,HSK"[M/RGM)+,:I2YB.ZV1%EON+
MEK<TF7)KE3+Y-97)GM+:*G(21K$LO+2+=BD](V68F<`LFD*P<Z<XTUN?EDY/
M,5ZSQ+Q3%QB2&C)'`N^3=U[*/'')'(P5%[A4LRLN)%:Q.)8IJT>:J<LLC(H.
MQ[Z\B]I%)7PG)=JCQ]6<!/*LB=;MU+I[TMAND7=+&IGME3K9@FPB4VSZPMH6
M;Q4%DOC%,PIK8LW:8N;3KD`0M;K47-C^I.&XG1D2&\@@HD<9WNVU:Y2KQT=Z
M/TDE?E+$U9V#8DM2<U8N",*VWN&*[(U0QJ=S/&8VQ+N`\[[-K5>(G+\;)ZQ/
MT>I7D52"35BX\5Q-E-Q435<S"0#8%.]<H,FCM9^._P"-)S2;!$PGR&]<T726
M07O/]-L.;7+$8B,D_P!4U#*;7.Z+:XQQI=L)&S\0[KT'#O%5'9$!!\W]T"*J
M(@:VI\G?AMU+=:L[5EO<5+#'@F,RU+EIXHHO+X7+4DZ!`68S)((]T@<#OVU%
M+TDK@E8+R[R`',4_'=EBY_-Z>MF</T`B.6Q$`1/55Z(=-(71.V5GJ7>W/YV\
MZCE'8>OVFLN;SDRB.7,+S?*C8;'8Y=K#3X3,="4*U0[%B]%R5!(A7?M.#$4.
M0!\C?$LO[?OP<>!QNVABP250FO=MS0;I!Y1ZB:66!3GJT1[8,BL!+B]..=JW
M9CAXS8^V`I+"3BHZTQ"MXM'4462/I",&<=K!UI?H/2&25NT34=C[$=:4<'C,
MCO%)=Z'8>WG697+E,2?7B0>/;O!P5:/'Z?.)Q]\DC'$\N]!C^I)-FSQ?TH@0
M94@J<G2NCFB:??AJAR0&DBD2*TE4P[=L(S&T_;,O1U6:0*9`Q&W(6&KV*TT*
M5[,<5]G12O:AE<GCS.LF<R*Y$-3>L))7N1J,)(I.U2S?'1T`DZZO%O\`Y%L_
MC4#EPH594V@84BJ5.D]1-*RBF>I12PIH@G=<OL,C:T`'\BS6/47;@9F150N_
M-R27?U`VU,*SR<P90<@1&VE!;2MNP1Z000,^X@IWU[A4,F9'MZ:2AQ_$5Z"]
M^&I7XY8&49$Z5^8L7(&4J""+%J1ZBE"06C*1DR!EU)-2^/\`Z:$O],=TOY`:
M^-]9Z-BDS4F]4O6-C;7-OJW3>;QW/XJ`383#B14F;/F3U6XL$T4E%ED4/?;D
M.S`RG+"S/REFUR)KI-#=L?KN_8&W0M=>FUPXQG-%HH1(&P5,JB8J2FH%(UJO
MMWC*4@CFXFK0XF-)&QLGAJ7[=BNY;Z2MN:66!64E6,16,E@P'98YT!ZPY[C_
M`'$H%@^0:'U";TS6<,F^R&GS%JRQM,474,]?PYJ\PN[8EGDF-7M>B),F:;AM
M(G;*N7!Q4;(E%4I`@U+-?M\#)Q<,:T*?NSU]58R3'8NEJADHPD9W9FB4B)&>
M9.\$&<)JOY:C)+-S8Y6PZS6_:#4)N[@/7X\I>"7I"V/*D<\H[SJD+K!N8DB0
MZLYV0ZJ5O2>P<+>+'W>CLET]K3;1%2M4;U_&RV"9ZL2USHTLZJC:&O"THO$M
MXG081L4+FDR.X*H_!H8`,*7,\)*M*25EC]359ZAN("0)+43VFH.S)YH,QR21
MB%"OJ!&7!#`XN.0=IJ"0N%C023M4=@2(]]98K@`)"3Y0"4[P1#T)!0G-(]%^
M/+H=/)0'[I^0JBPN:MM$N,]UJK[O0,69(TRU26N0-JVR&C[>]LB;[6G<G=F*
M,:N@\$ZT"LX]DI06$@<Z>UY[W&<GQEFJ#;Y6M'3[`"]9>/BDM-4A6-`=RO/+
M+MLJ"TO:,:Y(8ZA^YHXN17D!R;=BM.;/J`YV[+\E*O#-.S':8V2G'%(:QPBA
MQ,PVL!JW'3_J9U9RGL9$Z'E/;2J:O>F-?[+1R>>PMIS*3>/6NC;<C<M`D5(^
MKRCJ;/\`W=7`@0S@P)B1NN;VW7H7_+R#P>:7$BM3^_5_0.*J[QDCT]66PU>U
ME?+MM-)(JO\`0W;(C8D'&.1A6>X9;#F.;_W%>ME2>OJ9Z-2"6H=W7=!#%%/L
/_F*LH+*$*D[@^8U*U__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g303281g73f80.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g303281g73f80.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0M*4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````8@```.@````&`&<`-P`S
M`&8`.``P`````0`````````````````````````!``````````````#H````
M8@`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````"*T````!````<````"\`
M``%0```]L```")$`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``O`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#U5))))2DDDDE*22224I))4^H=5P.FU[\NT,)^A6-7N_J5CW.0)`%D
MTNC"4Y",092.PCJ6XN";E];ZYU1]-&4ZAQWEE8L=6QK&';'Z+W/>K^1]=LBV
MST>G8<O=]#U)>\_^@]'_`*561D'K>&X9]E!P77/<!:VMK#N=[GC\^QF_^4JV
M7)&5<))B#ZN%V.1Y3)AX_<CCCDR"L/N&,B#_`''1LP?KETT^K7=;D-'.RPWC
M_MF_W_YBL=/^NQ#_`$>J4['-,.LJ!D?\;CO_`$C?[/\`F*E@T_6KJ%`R<3-<
M^LDM,W00X<M>S;[4^;@?6ES(SL5N<UH@.+:WO`_D64^ED)H,AK#CK^L..+)+
M'AR$X^8/+RF-+QR]C-'_`!OF>SQ\FC*I;?CO;;4\2U[3(**O-,3J&?TG*<<<
MNQ[)FS'L!@_\;4_8[^W]-=AT3ZSXO4B*+@,;+[5DRU_CZ+_;_P!M_34V//&6
MA],FAS?PW)A!G#]9BWL?-&/]:/\`W<7_T/54DDDE*22224I))))3@_63ZR#I
M9;BX[0[,M;N#G?18TG:'1_A'N</8Q8_3/JMG]2L.9U5]E3'ZG?\`S[_ZV_\`
MF&?Z^FQ=D^BBQ[++*VOLK^@]S02W^HX_11%%+%Q2N9N(^6+=Q\[[.'@P0X,D
MOYS,?5.7]S]UK873L+`K]/$I;4.Y`]Q_KO/O?_:3YV%1GXEF+D":[!'F#^:]
MO\ICE824E"JK3LU/<GQ\?$>.^+BOU<7>WB>B7Y'0.MOZ;FB*\DM9OX!=]''R
M&3^99_-6?^HUVR%9C8]ME=MM3++*3-3W-!<TG]QQ^BBIN.!@"+L7Z6;FN8CG
ME')P\.3A`R?NSE'](-?,P,/.K]/+I9<WMN&H_JN^DS^RL!_U)I;F578V2]E+
M'M>ZMPW.&TA_Z.WV^'YZZ=)*6.$MPC#S6?"",<R`?T?FC_BR?__1['ZT]3ZN
MS)KZ?T1X;F4X]O4;P6AV^JB&TX<._P"YUY]+>WW_`*-6LOZTX6-TO`ZFVJW)
MJZF6-QZZ`'O+K*WWU,V2/<[T_267AX/6LOKG5,VOJ%?3<JRP5-Q7U,OL^RTE
MU6+?#K6OIJRK?M%O\M5NBX^1C'IF$;&9.)B]5M?A9E;F"JZFW%S;7>@&V._H
M^2^ZE]5?\VDIVKOK18VUF)C=,R<KJ`I;?EXE9JG':_Z#,B^RUE'K6;7>E36]
M[WJ>3]9'L>RG$Z;E9MXI9D95%?IM?0RS6NN_U;6-^U/VO_5JG66>S^HJ+<F_
MI7UFZM=7BV=1IS6X[WC#-;[:+:Z_2%&50^RM];;Z]MU%BH9..]W7,W+?5U%W
MVRO'L?3TW(:VVBT5-8[$ZA33D,_2;/3LIM]]:2G0'6*L_P"L'1,K$O>,#)P\
MRQS22QI+#CC]/6?;ZE#M[/?_`#2/C?7#%ONQB_$R*.GY]GI8'4;`WTK7G2OV
M->[(H;D?]I77U5^LL*C!QK+.FTU@86/;A]69?OR:[W5NL?6+K+;Q9[[&_3R/
M3]F/9^CWHCKL[,Z%TCH^1B_9*Z;<,9'4K+*AB&O'?4^E^%>+?UE^?Z=+<6ME
M?^&24[^!]9F9_5;NFX^'D.^RW6T9620T55FL>S<_=[_7_,KK_2?Z59OU4^L6
M;EY&6.IW!U-]1ZC@NVANS&]2[&?2=OTO0]"JS_KZL?5X758O7WL;OM_:.8^M
MK7-<2=K-C?8YVU[OW+/>L+J.!9_S<Z"SIUU7VC[`<3+(L9IAWUU,ZAF;M^UU
M&)<RM[[F^RM)39Z?]9.INZ9UG)ZED65@XE?5,(T,K]6K&R/6%550M'I6.K^S
MM_GO](M/]O=4;]9F=.9C6Y&&<#UA'HA]CY:?M6XVU[*_^TOI.]/]/^D]/T?T
MBROK1BU"W,^Q.K=C6?5ZVH;;&`-;6\.PGNW/;^AM:^]M5O\`-^Q:V-6\?7'&
M?IM'1MI]S9GUZ_S-WJ;?^$V^FDIK]'^M^2>CMR.HXMUN;?E6XV'14*]][FOM
M_1U,;8WTVX;*_1RK[O3J_0^IO2ZC]9W9?3NM=/\`LN3T[J&)TZ[(?ZA:"TEK
MVUFF['L?OXWLNJ=_X(LSIM=^+1T;/J8W*NQ<SJ8.%794;K*KK;O6NQ0ZS9=9
MB[:W6U-=]!$ZG?EYV=UZ^S%=AL/0K*Z*[WU-M<`Z\^K;4VUWH,]1SFL]7]Q)
M3U_2'OLZ3A/L<7O?CU.<YQDDEC2YSBKBI]&:6](P6F)&/4#!!&C&_G-EKE<2
M4__9`#A"24T$(0``````50````$!````#P!!`&0`;P!B`&4`(`!0`&@`;P!T
M`&\`<P!H`&\`<````!,`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'``
M(``V`"X`,`````$`.$))300&```````'``@``0`!`0#_[@`.061O8F4`9$``
M```!_]L`A``!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`@("`@("`@("`@(#`P,#`P,#`P,#`0$!`0$!`0$!`0$"`@$"`@,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P/_P``1"`!B`.@#`1$``A$!`Q$!_]T`!``=_\0`T0`!``("`@,!````````
M``````@)!PH%!@(#!`$!`0$``@(#`0$````````````!!P@"!@,%"00*$```
M!0,"`P,'!P8("`\````!`@,$!0`&!Q$((1(),1,W05$B,A0U-F%B,U,6.`I2
M(V,T93F!P4)D%6871_!QD>(D=':VE+34)45UM4:&=[<82%@Z$0`!`P,"!`,%
M!0,'#0$````!``(#$00%!@<A,4$246$(<8&1(A.AT3)"%&(5";'!<H+2(S/P
M4I)CDR1$E"465A=7&/_:``P#`0`"$0,1`#\`W^*(E$2B)1$HB41*(E$2B)1$
MHB41*(E$2B)1$HB418_REDNUL0V)<.0KR>E80%N,5'CI40$QU3@4>Y:H$`!$
MZ[A30I0#RC7K\KD[7#V%SD;Q_;!&VI_F`\RNTZ+TAF==ZEQ6E<!;_4R=W(&-
M'0#JXGH&CB5K#YTZL.Y&_KBDT\:W`7&5G)NW*40VAV3)2:69@H)$'+Z4<MU5
MP742*!A(70I1'A6LF<W7U'D+B08ZX_36?<>T-`[J="7$5]R^QNVWHAVDTQB;
M-VK\6<QGRQIE=*]XB#Z5<UD;7`4!X5/$J-__`+_-Y7_V&R'_`,/:?\BKKG_?
MVL?_`"&X^(^Y9;__`#!L!_\`*\5_H._MK(]H]4+>7::J9E,H?:5$O*"B%T0<
M/+=Z0H\0%91F50AC!VF`=:]A:;H:RM""<I]0>#VM=]M%U+.^C3T_YQCFMT;^
MCD/(V\TL=#[`ZA]G)6$X9ZU#1=1O'9NL$S3F%,BMP6D85D2AQ`ZJL8KHIJ/;
MH0=`K(6%WH:XMCSEAV_M1\?L^Y:L;@?P])XVRW>W6IQ)2I$%SP/D!(.'Q5N^
M'MTF"\ZLDG6.,@0TNX.`=Y%+*FCY9`XE*84U&+XJ"QC%YM/1`0$>RLN8?5."
MSK`['9!CW?YIX.'N-"M%->[+[D[:W#X=6:7N((ARD`[XB/$/9W#XT4@:[`L6
MI1$HB41*(O_0W^*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB415C]6M"7
M5VBS:D:=8K9"Z;?/*D2`P]XS,9R0H'Y>()E7$HCY*QCNT)CI&<QD]HE9W>SB
MMQ?0U)8LWUQS;QK3*ZRG$9/1WRGAYTJM4RV6+"3N*#CI1P9I'/I5BT?.2:<R
M#5PY3265+S<.8A#"-:L6T<<MS!'*ZD;G`$^`)H5]L\Q<W-GBLE=V40?=QP/<
MQIY.<UI('O*VL[<Z5>S\UL19%[2E)-PYCF:YIA:?DRNES+MTU>^`$G!$"\_/
MJ``70*VHMMJ](?IH@ZU>]Q:#W=SJFHY\U\2\MZUM^AF+QT>=AAB9*YOTA#'V
MCM<13BTGA3Q6%LD=&##$TDNMCJ\;FM%X8%#I-Y!0DRRYQXD3#O@*JFD`_*(Z
M5Z3([,8:8...O987>!^85]ZR'I+^(-N#CGQQZKP%G?P"@+F`Q/IU/#@3\%5W
MFGI;[G<4"Y?0ENADN"0`Z@OK/36=O4TB<>9:+$HN?1+VB74*QAFMK]3XGODA
MMOU,`ZQU)][>:W,V]]9VSFM_I6V1RO[HR3J#LNB&L)/A)^'XJ!;1]>V-Y\BS
M5:X+,N2+7*H!1!]#R35=$^I1.BJ5%4!*<O88NG"NALDO<=<5:9(;AI\VN!^P
MK9J>VT[J[%NCFCM<AB)FT_)+&X$<:$5'$>!5JVVKJX98QTJQM_,B0Y'M4ADT
M1E!(@VN1@AH4G,5=)---Z!`#710!$?/65--[MY;&EEOF!^IM:T[N3P/;U]ZT
MGW>]"^A]5LN<IH!_[IS1!/TZN=;O//D22RO[/!;"6$MQN(-PD`G/8PO&*G!!
M,AG\.#I%.<B53$*<R$C%F/[2@8G-ZW*)1\];!X34>(U!`)\9>,?XMJ.YOD6\
MU\L=Q-IM>;6Y-^,UC@)[;B>R7M)AE%:5CDIVFOA6ODLXU[Q8X2B)1%__T=_B
MB)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(NF7CD2Q<?,%).];K@[:8I!J=
M:6D&[7^2)O13.?O3"(!Y"C7XKS(V./C,M[=LB9XN("[!@-*:DU3=-L]/82YO
M+@\A$QSOM`I]JJLW:]0O9Q=V-;TQ2O/2]]!<+%:-.:V(MR*;1T0W,DZ2>ODF
MZ'.BH3T3%Y@'6L5ZMW!T?>8V\Q1N'S_4;3Y&G@?&IHMUMC?2OO[@M7Z>UM%C
M(,:;602#]1(VKFGFTL87'B#Q!HM?9Y=&!HPP?9['%TS*J)B&1>7+=:S$3*)'
MYBJ=Q""0I2FT#@/$*P`^ZP49_P!WQTKR#S?)3C_57U(@PNYEX#^]-6V5NQP-
M6V]L'\".59JJ="'5_P!R49%1T-`Q%EQ;&+8(1S,%F`RK@J+9(B*!E7#XIU%E
M"$(&HF];RUWEF[NI(HHX+>*%K&-`'#N-!RXGFM;9?0=M'>7UWD,G?9":XFE+
MW4?]-M7$DT:P@`5/3DN,'J_;O?)*68'F'[(1/\;?R5XO_;VKZ_XL'^S;]R_6
M/0=L1UL\A_S4O]I<G&=8K=:T5YY`MD2R7,4114MUFS]$/6+WC5(IO3\_DKRQ
M;P:K8[^\^@\?T`/Y%^2\]`VR<[.VU=D8'TYB=S_L<2%\]Y]0O&.=T`:;BML=
MH7&N<IDOM':3M2$N-H4X:>TH2)02<'6(81-H<3!Y*XWFX.,SK>W4.F8I'<N^
M,]KQY@\ZKRZ?]*^L=M)?K[4[Q7]I&#7Z%TT30.I^5T?%H!Y<`%#F_+6V_P`X
M8\EB&]I:$[SF-]DK]9+IN43B.I46DVU*X;.@XZ`*@E'AQ&NG7]KI^>LN(O7L
M_P!7*#4>QPJ#[Z+/FFLWNCC0VTUWIV"YI_Q-D\%I\W0NHYOB>VODL7V5?U_X
M=NUI<EC7+(VQ<42Y351?1#W0BAD5`.!%@2,=L];&$O$AP,0P#H->KLK_`"&'
MNVW%C<NCN&FH+3_D"/:NYZATQI?7V#GQ.H\1%>8J=A!9*SB*CF*T<QW@10A7
M];1>KA!70$?9>X\R$!/*JHLV=\,VHDAWQC]VF0TJV:I"#!43B/,<"\GE'2L^
M:1W;@N?IV6HR(YN`$H'RG^D!R]O)?,#?7T+Y+#?JM0[2M==8P-+G6;G5E92I
M/TW./SBG($U5W$/,Q-P1K28@Y%G*Q3]$CAE(,%TW+5RBH&I%$EDQ,4Q1"LVP
MS17$;)H)`^)PJ"#4$+YU7^/OL7>3V&2M)(+V)Q:]CP6N:1S!!7)UY5^-?__2
MW^*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B+"&:MQ6(-O\$><R=><1`ZD,+*)
M4>('FY-0"&.1)A&`I[4L)^70#<H%U\M>CS6HL1I^#ZV3O61^#:CN=[&\RLC;
M>;4:\W1R3<=H[3\]SQ^>4-<(8Q6E7R4[13PK54/;@NL=D*XU9*"P;;[*T(45
M%$&]RRQ#O9Y=$#B4JR"(*D:M#*%#@`E,(`-8)U#O#D+DRP8.!L,/(/=Q>1X^
M`7TNVM]`FEL2RTR6X^4DO\A0%UO$0R%IZ@FA<ZGM"J/O_+F2LI2:TM?MY3MR
M/%SF.;^D)!PH@37CRI-N<$2$#R``<*Q)?Y;(Y.1T]_>22//B21\%O3IC0ND=
M%V<=EIG3]M:0-%/D8T$^9=2I/O7+V#@+-64E4T\?XNO:Z2JE`Y%XJWY%=H)!
M$`[PKP42MC$#F#40,/"O+88+,Y,@6&,GEKU:PD?&E%^#4^Y^WFC&/=JC66.L
MB.!$D\8=7P[:]U?<L\WST^MT6.,<263;ML%2-@HDB2\@T(Y*ZF&K4_TCIS'(
M$,JBBWX<XCV5[^^V_P!48['RY.[QY;`SF*U<!XD#E3JL9Z;]4NS.K=6VFC\'
MJ<2Y*<D,<6]L3G#DULA-"7=**%(:>7LKIG+V+8=7([>>EQ:6XO%MN9,M#.0&
M;RK8A):,)%-E7,%-)D*#^*=E*H)B*MU==.8`YB:#68=/;7VFH\7;Y.SSH(</
MF':*M<.;3[%H%NIZSL[M1K3+:/SNV])87DQR&1P;-$3\DC>'$.'.G(\%F9YT
M0W8(F%CF8#N-0Y2N80A4A#7TM134YM0KW+MDG@59F:N\VK'\'\1B`R`7.W](
MOV9C7[0L+WCT8<\Q":J]JWE9]S%*4PI-#^U1SI02@(E*)U0,@43:`'^.O2W>
MS.>A#G6UY#+X#B"L@X#^(+MG?O9%FM/W]F2>+AVO:/<./!0QR#L(W88V*LO-
MX=NB08H%,=62MQFK/,2%*(\3+,2'$-0#73EUTKIF0T'JO'=QGP\KF#FY@[A]
MBV"TMZG-D-7.CBQVO;.*Y=RCG>(7GW/(_E43)&,DXATHQEH]]&/4?159R#5P
MR=)"`B&AV[DB:I.(>4*ZK)%+"\QS1N:\=""#]JSC:7EG?P-N;&ZCFMW<GL<U
M[3['-)!^*^#_``^7_+7C\%^I6&[/>H1E#;/)1T!)N5;NQ>=<$W]N2"JJKB.0
M.)N=>%<&4_T=1,QN;D$!(.FFE9`TAN#E=-21V\CC-C*\6&M0/V3T6JN_7I9T
M;O!:7>4LX6V.L@VK)V`!LA'(2MI\P/*O`A;3&$LZXYW`64PO?'4\SEF#E,`>
MLTUTC2$0[#@HRDFI#BHV7(8.PP!S!Q"MI,'G<=J"QCOL=.'L(XBO%I\'#H5\
M7=Q=MM6;7ZBNM.:KQDD%TP_(\M(9*WH^-W)S3Y<N2__3W^*(E$2B)1$HB41*
M(E$2B)1$HB41*(OBD9%A$,G,E*/6L='LTC+.GKU=-LU;I$#4RBRZQB)ID#SB
M(5PDDCA8Z25X;&!4DF@'O7Z+2TNKZXAM+*W?+=2.HUC`7.<3T`%22J3MY?5A
MB+'6E<?[=UF%P7*D!FCR^C%1>PL6L(`"H1B9RJ(R#A+40`PZD`P?)6%-9;KP
MV3IL?IXMDN1P,O-K?Z/B?L7T1V`]$-_J..RU1NK'+:XEU',L^+)9!T^H>!8T
M\Z<R%KW7[D.^LKW0\NR_+BEKKN246YEGLBNHY6,)M`(@V1#\VW1```"IIE*4
M/-6OM]D+[*W+KJ^N'RW#CS<:^X#I[E]3=,:5TUHC#6^#TSBH+'$0MH&1M#1Y
MEQYN/BYQ)\U-3;'TXLZ;A5V,L^B7%@6(MR*J7+<3-=JHZ;F+S`,8Q5(1=V*A
M=-#`'+QUUKNFF=N<[J%\<SXC!8'\[P14?L@\2M>MX_5GMMM7'<V-M?,RFI6U
M`MX'!P:[E_>/!(;3J.?DKY\'],3:_AXC&1D;4#(EUMBE,I-W>JL]:`X`2F!5
MI"BJ,<WY!#0!$IM0[:SQ@]LM,8<1R26OZB['YI"2*^3>0^"^9>X_K&WEUZZY
MM+7.?NK"//"&U`8[MY4=+3O=7VCR5@L9%1<*S1CH>.8Q3!N4"(,HYH@R:HD*
M``4J;=LFFD0``/(%9`BBBA8(X8VLC'(``#X!:N7E[>9"XDN[^[DGNGFKGR.+
MW$^;G$D_%>,M$QT[&/X:6:(OHR3:+LGS-P0%$'#9RF9)9)0AM0,4Y#"%)H8[
MB*2"9@=$\$$>(/-6QOKK&WEMD+&=T5Y"\/8YIH6N::@@^16GUOWVDR>V#*[I
M.-9N%,=78LZDK2DN10[=`HJ`=>*57,`E*NT%4``HCJ):U!UYI*73&5>(V?\`
M3I27,=T'[-?$57WG],>^5GO)HB%UW.T:KL6MCN8Z@.<:4$@'@ZG/Q7?>FKNX
M7VZY5^RERR!R8TR(Z9,9E-=0/98B5*8Z3*92`^H(<5N180$`,0`U[*_=MMJX
MZ=ROZ6ZDIC+@@.\&NY!WWKK'J\V+BW6T5^_,1:@ZOQ3'OB+1\TL?`OB-.?*K
M:UH>2VTV[A%T@BY;*D7;N$B+(+)&`Z:J2A0.FH0Y1$#%.40$!"MLVN:YH<TU
M:1P7PXEBD@DDAF86RM)!!X$$<""/)>ZJO&E$6",K[9<$YL9KM,CXUMJ>563.
M0),&*;&91$^OYU*48^SO`5*(Z@)C&T&O0Y73."S3',R.-BD)_-2CA_6%"LEZ
M(WAW*V[N(Y]):NO+9C2#]/O+XC3H8W]S:>(`"IRW%=&HB23VX-N]Q'$$D55R
MV7<JZBJRAP$YP1CY90QQ-J70I05XZUAW4.S8:)+C3MQT_P`-YX^YWWK?K:CU
M_N>^VQ>ZN)%7.`-W;M``'`5?$*4\26\%2ADW">5</2[F%R-8]PVP[;*=V*LA
M&NDV2WY)VS[N_95TS`(:"4PAQK"V2PN4P\KX,C921O!YD&A]AY%?1#1^XFBM
M>V,.0TGJ.UO('BM&2-+QY.97N!]H4ONF%>^1K;W88Y@;-=2AX"ZI)6-O>+;@
MLM&JP`L71UWSY``.BD9B<A3D5$`$IO+7;MLKW(V^K,;!9N=]"5W;(T5([*&I
M(\O%8&]9&G-)9;9#5F3S\,(REE")+21U!()N]H:QCN9[ZD%O&HZ+_]3?XHB4
M1*(E$2B)1$HB41*(E$2B)1%XG.5,AU#F`I"%,<YAX`4I0$QC"/F``J$@`D\E
M6M<YS6M%7$T'M6K/U$-_E[Y:O&Y<0V(_5MW&-NR"\2_]C.JC(7,_8.3IN%GK
M@B@?Z""B8<B90`!TU'6M6]P]>WV7O;G$6,ACQ<;NTTYO(/$D^'@%]HO2GZ8=
M.:'P&(UWJ6V;=ZQNXA*SO`++=CV@M#&D?CH>+C[E6KC3%M_YANMA9N/+;D[F
MGI)4"$;L&RRY4"CJ*CIXL0AB-FZ90$3'.(``5C?&XN_R]W'9X^W=+<./)H)I
MYGP"V\U?K33&@L)<Y_566AL\9"W\3W`5/1K035SCR`"V0MG72OL3$Z,1?>9B
MIWGD$"%<$@5.Z4MF!6Y@.0H(F2$[]VERAJ<QN0!UT"MCM';66&*;#?9H";(4
MKV'\#/O*^2>_GK4U-KB2^TUM^3C]+5[3,*BXF%*'C6C&GP`KYJWMLV;LT$6K
M1!)LV;ID20;H)E2112(4"D333(!2$(4H:``!676M:QH8QH#0.`"T0FFEN)9)
MYY'/F<22XDDDGF23Q)7OKDO&E$2B*.>Z';I:>YC%DS8%R)%2>"BJ[MR7*0@N
M(B9(F/LRZ9S%,/<J'`"J%#34M=<U1IVTU-BYK"Y%'TJQW5KNGN\5EC9K=C.;
M/ZTQ^I\0\FW[@V>(D]LL1/S`CQ`J6GH5IE94QI=F&LAW+CR[V#F+G[7E7+)0
MJR2B/M"**Q@:2+4QP+WC5Z@4JB9R\!`>`UIMEL;=X?(W6/O(RV>)Y'+F!R(\
MCS"_H%T3J_![@:5Q&JL#=,GQ=[`UXH0>TD#NC=3DYAJUP/$%;,/2IW2R&;,6
MR..[M>%<W=C)-@U0<J'$7,E`."K$:+J<YS&4.U,AR&-P#B%;*[5ZHDS6+DQU
MV^MW;``'JYAK0^ZE%\@/6OLO:[=ZTM-5X.W+,%F"]Q:!\L<S:%S10"@=6H'M
M5L%976D*41*(E$72+YQO8N2X=Q`WU:\/<L6Z)R*-Y-FBX$`UU`4U3%%1,Q1#
M4!`0K\-_C+#)PNM[ZU9)$>A%5V/3>K=2:0OXLGIO,SVEXPU#HWEOQ'(^]8[Q
M-MCPAA!Z]D\:V%$6])OP,5>123[YZ"1]>9%)PIJ=)$VO$I=*]?B=,X3"/=+C
M;!D<IZ]?BNU:XWBW&W&M[>SU=J:>ZLXJ=L9-&5'(EHX$^97_U=_BB)1$HB41
M*(E$2B)1$HB41*(E$7X(`("`@`@("`@(:@(#P$!`>`@(4YH"000>*J1R_P!(
M;#&4\GS.06EZ779K.XGYI.8MN%;Q2K('JRAE7BC!9VU56;E=&-J)1$0*.NE8
MCR^T6&RF4ER#+V6%DCJN8T-(J>=*CA5;T:#]=NX.B]'6&EI]/660N+2+Z<5Q
M*Z0/[``&AX:X!W:.1Z]5.O;]MAQ%MIMDEN8TMU-HJ<!&2N!_W;NX9=4PB8QW
MTB*9%!)J/HIEY2%#AI7>]/Z8Q&FK86^-MZ'J\\7N]I_F6M6Z.\FN]WLP[+:O
MRI>P?X<#*M@B'@R.I%?%QJ2I"5V%8L2B)1$HB41*(H"[SM@^/]W"47-K2*EF
MY"A&RC-E=#)LBL208G$IDV$V@*9CNF[8P"*9BB!R<P@`Z5T#6>@;#5HBG,IA
MR+!0/`YCP<.M.BV=]/WJ=U3L6^\QT=HW(:5N7A[[=[B"QXYOA=6C7._,#P-`
MOBV0;#(/:`G<LLM=2]X7?="+9D\D$T/8HQI'M3J*$;M&IB`J)U%%-3&.8>P-
M*XZ(T'!I#]3,;HS7<H`)Y-`'0!?I]1OJ9R6_#L18QX1MA@K)SGM87=\CGN`!
M<YU:4`%``%8/605JRE$2B)1$HB41?__6W^*(E$2B)1$HB41*(E$2B)1$HB41
M*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB__7W^*(H%WAU)-JEC;HX3:)
M<-^)L\MSCIE')MQ1_P"9F,O)-BNX^)D903`@U?NTCEY"&[3&`.T:*AI/%3TH
MHE$2B)1$HB41*(JG-OW4@G<U=0G/6S%QCV'B;;Q-#N7T->3=X^/-2KF/513=
MDDFJJYV1$%.]_-]T0I@TXT7(MX`JV.BXI1$HB418/W$;AL8;7<4W%F3+LX6!
MLRVBM@=N"D%9TX<O'";5HS9-B^FX<N%U0`I0HG-=>VL;K,/;Q,6-,NX5GC35
MKKR3Z'<IND1:2<9)QZG(NSD61Q%1LJ)1`Y=>!BCJ%$(HNT;@\_8VVR8HN?,N
M6)D(.R[41;GD'12=ZX56>.4FC1HT0`0,NZ<N%BE*4.(B-$`JNH;4]VN&-Y6,
M297PE<!INVRRCN%?HND1:2D5*,S?G&DBR.(J-U#IB!R:\#D'4-:*D$<UT1??
MUMR;;J2[.E[I<)YF,Q%X$69DK[!WG<E<`P]NT[OVTS<W.!?,';1*<*K-%_[B
M\*8MO^P\77_D.W;6OS)O?_8>W)5\DV?SX-UP;*F9IG$-2@X,"8".@"?@'&BB
M[7E#*=@87LF8R+DZYXRS[,@$R*RL]+KE;LFA53\B8&.;M.H<="E#41'LHG-<
ME85]VED^S;<R!8<ZPN:SKMC$)FWIZ,6*X82D:YU[ETV5*(@<AA*(><!`0'B%
M$7;J(E$51O4+ZE5P;)LZ;8<4QF/(2[X?.DM[+<$O)/)!!_!LQF4(<AHA%HX1
M05<]XN!Q[X#%T#32BH%5;E11*(E$2B+_T-[C*V08?%.-KWR1/+)MXBR[:E;@
M>**F`A.2/:J+$()AX!WBH%+_``T0<5H>7?@3(^?]O6XWJQH.7R-XVWN&B[HM
M%-,5C&^R4).LF#MX57F*(M8XQ$A*8"Z<A1"JO(*`]JW;-G6=H[<KMDPOFJ/5
M(HI?%A6_)2Z1%`5,TG@CT$IIJL(`'*LF_(<1+H`@!@J+QG@JW\R];S!.`]R^
M<=O^2[0FHMKANW';\ETMGR*ZETW(V(S52MJ/BQ;@9-5\5UHFH)Q`!*.H:45H
M:56;-CG4XMK=QBO*>7[OQK.X+LO&*YEG$Y=SE08N2ANX.X!ZW=KLF)3K$3)Z
M1$P.41'0!HA%%`Z\OQ"5LOKMN"*V_;6\GYJM2V'KUO)7C&BZ09.&K%0Z:K]D
MBRB)#E24Y0,0JAP.)1UTH>"O:K0=F/4$QCN_P9<^;T(.<Q=%V(]<1U[Q][%]
MC"%<M6AGJZI'BJ3=-PV*B0>/*`@/`0UHH115I9`_$!6J>Z9Z-V\[8\GYTM&U
M7*Z,W?$61VSB3(M3F!PY9$;1+_5(I$S"7G,`F`-=-*<5>TJQ?8;U)L(;](:<
M)8R,I:%_VD"/VLQW<W(G.1@+"H4'"&A4O:VH*(F*8P$`2#P,`:T4(HJ==@_[
M]O>?_L_<G_&6G9Y^VBYG\*M&WY]6'"FR&?B,<K6_/97S%/M$G<=CRSQ*=XW1
M<J*(M#R2Q$72B!G"J0\J94S*"''2BX@5XJ*V!NO3C>\<I6[BG</@Z^]MTI=R
MR3>`GKJ,NK!*KN=0:%>*.XZ.602<'`"=Z',0AA`#:44[58=OYWSVQL9P.TSA
M)6NZOYA)3,9$QD=%R"3--R61*58KOVTR3@O<^SCS%T*/-PH@%5`NU^NOBS)F
MX;$V#,18>O/(;6_"V\A=%WQ*YE&5H24ZS,Z69BBBP6(Y3AQ`"N%5%$BCQY>R
MIUI17M(JND_B'[J!WM^PSA-LHH5]EK,=LQJJ:>HF/'I2#1,XE('K&364`?X*
MJK1UZ+`70G>SFV/=)N_V!W8[,JK;YH?(5MG6$2"Y.@SC4GWLJ)A,`)&C)E%0
MXE$0$P54=XK,77XO:2OV*VW[,+54,I/9XR9#&DD6Z@BLG%,I!`I.]0`-3%Y@
M%4HB(!J2HC.I6./P]Y'.',E;Y-ID@Z.X=8\OF%N!OWX\BWLR!58$Z@(:CR`N
M*A#&T'MHCAR*F2MF[:P;JZ%Q"&WTCC<"6PY&0_ME]J2$_.RCTGIV9(P4/264
M:%Y"K=YS`/#30:*4/;7HJ`^IWORG<J;_`/;W?JV!+\LY;;E.SMLQ=OS95TI7
M(J4/?RC@)*%+["GRH/#->4G("H>F'$:JHX`CJI[]7OJ*SF3-ET+CX^VS)UIM
M\TV[$W4^N6>152C+/582.@1,@8K$H&=+".H<XICIIP&B@%#S4S>A'NV=Y4VM
M6M@Z8Q9=-D1VWO&<"DWR1-\Y+6OED^EYPRSF)<+-D"$%D"8B?0ZA0)QUJ([F
MN'SCU[<;6OD><QMMSP;?NY!]:SI9I/SUL>T(P2*K=04U@:*-(V065*4R9P`Y
MN4IA+PHG:N%MK\0KA2ZYO$%ELL/7M%Y!O_(\;C^[;2GG1(]W9/\`23QJR1EQ
M.HR`T@B=5UP3$J1@$H@-.*O;YJ,?7U5!?=YT\%B`(%6DT52@/:!5+VCSAK\O
M&J*>]&]5M<U%P2B)1$HB_]'81Z_NXE3'&U&-P;;\@FUN_</=,1:*0%5`CA"`
M:R3-[*N`,!RBDF?NR$,(^B)1,%%R;SJI+[;\8[<;+Z?]I[3IW(>/ABIK$CZW
M+G36N&",8TI=C-T]D':B8K<JBS21D.\+S%$0,F&O92HKS4-02:<579T`<SN;
M0E]Q^Q:XI="1<X8O6>EK)<@Z(X!Y`H3)XE][(HF<45DE![E<3$``].BKAU43
MK3V]X\W%?B'<TV]D^%:W):MH.[BOX]OOTR+QTM+6]#19HEO)-E"F3=,".EP.
MHF/`W*`#PIT5K1H5A?XAB[)''^QZU+`LHB%MQ%_96MFU91"(02CFA(/V*37.
MQ3;-"HI)HJ+I)B)0`"Z$TTHHRE59MT^,&6#@/:/A"T;$A&,8D]QY:L].O6[=
M(CJ;GIB&:/Y*3?KD(51RLNY7-H)A'E+H`44/$FJK<_$"WZ^PWL64MZPF;&VF
M>4;_`(^W;E-",F\8=PR53,[<G,#$B`*JN3%T.)@$3AVU#P5;S44-GO6(VA[7
M-O6.L/VG@#,3-*`MN.2G7L58ZADIV=.V*:4E%W*:8&?"[<G.8ISZ^B.G95XJ
MEM>JB)8&Y*V,D]7O#N>-J6*\A6%!9#5;P64X:5MAS#1SUV[.9!Z_,T;HD;]P
MJW$%%3'X"H&M54CAQ4MMC;@[+KD;XGA.*C.S[O=$*/$!.@9NJ'FU#4M<?!0\
M@O3T8K3A]S.^+>?NMR:S;W!>UJWW(PMIA)D!V6!*:4<-"+L470*F;*-6[8I4
M3%'4FHZ54=R"L9Z[6$+'R7T^<O7[.1;,+PPNW@[XLRXR-T@EX]R6Y(F*>1Z#
M[D%<C*00DQ[Q/7E$Q`'MHHWG14R;P\C7'E'H)[8KENMTH_F&]S-[?4>K*&47
M<MK?D9&,9*N%3F$ZBOLJ!0$1'R!5'54?B/%;$'3"VUXNV^;0,*M;'MJ(:2]T
M61!W=<ER%CF@3LS+W%&MGKI5])@B#M4A`.!"$$W(4H<`[:BXGFJE^J](?VN=
M43I_X!,;OF</<$?=,@W1,<3D0<.CO%%52AS$U(1H`AJ&NE%R;P!-%[=]L>79
MMU@]IFZF/3.RM'.4(TQ?>SA,!2:G?-#-(-1!4Y1(`K.V!&ZR@F$>"8<.%$'%
MJXJS7*F\OKQS,ZL8TK8.U&#E&+`R8]XQ),,&+I@@(G#G3!9.4<<Y1#03<M$Y
M-7EMD7##'XAC=18W,+*(S#C]Y.MT3"4B:BYHNTI2/1(4`*"@*.2+B7M'76B'
M\(7'M/\`]'B/^P$[_NTE\M5/RKQZSO[T+IJ_ZB'_`*E(4"#\)5CW70_=Q9B_
MZPM;_M$U%Q',*&1<KW+A[\.SCJZK1<*,YUQ@!K!-7J1A*=JE-7#+,':H"40,
M!A;+&`!`=0$:BO#NXJ770YP39.)MB^/;I@XUG]J\H$7NB[I\$$OZ0DW)U5"M
M4%W7+WQD6J9A`I1,(`(B-$=6O%5>];3!]D6?U`=B68;;B6$-/9"ONS82[21[
M5!J29>P=ZMEF<P\(BF0%'WLBH(F4'B<"AKJ-%6\ER'7J^]ETY_\`7&?^^4;0
M*-ZK;!HN*41*(E$7_]*PS<WBA3JC=9VXMOMSJW!&X8VZ6\K!7&XC3G171=,(
M-!Y(+-5Q`J2"TC.NB`F;M%,!#C57,<&UZJ?0?AX=FX=EX9>#R?$ZF@!\@<_"
ME5.X\U6OD#;.PZ/74CVQWYBIS<\WB/+QC65-+S"YW+PSZ4=((/V+ER7G!QZ)
M4UR@;01Y:*@]P(*S[M5(LO\`B(=R[\K=P1L[L2\7J2AT3E*+9U$0(H*B82@`
M%4UT`>P1X5.BA_"**U/J^[0;CWC[0+@LFQR%5OVSIIC?]I-1#TY&0A&KY-2.
M34`Q1(HY;NC<G;J8`HH.!56^SOKIXQP/A2W<%;OK'OVQLK8<AFUC*]Q$K.2W
M`C;2`1C50R*Z395HZ[MJ!#"/.0P\0,(#1<NTDK/^;YU/K:]/W)S[&6.+LQW/
MV+=@26/6MY)%`]TR$4T.Z*K&J%3;D,D\0#NP,',4IQ`-1HI^$J-6T?K48)PK
MB6#PMO*PU-X^RMBZ-:VDNY)9C1VG<B4,F+))R9%PP;KM792(E!01%0IA'4#5
M52T^*EUM6ZEU^;R]TMNVWMSVN$@-N4,F\-?&5[IA$(Z05$Z8^P*0ZR$:@B@)
MSIF]`JBAC`/'32GO7$CASXJ*^Q6,<FZZF]=%TT<)HJVM<A5A414(7N':[1,@
MB8Q0*!50$>4?+Y*XKD3\JQ.\NB_.BEO^RO>MT6+<%W;5=Q3Y6X!GK=:K'3@#
M/7RRZ@+"1%=#VZ)7$XBF<R?>$,`@-5/Q#S7W[^>J,QZDMA1FR79+C^][JD,Q
M34(SO.ZW\:LT:1D.Q?IR*L:9NFDJ4B8J-"JK+*J$(4B?#4:*4IQ)7>NK-MU'
M;!T?\'8.;J#(N[%N*`;33UL@;NEYE^"[V46`I!4Y2"]<F(41'TM/EJ^*`\?)
M;"VSXAD]J^WHAR&3.3$%AE,0Y1*8I@MYB`@8I@`P"`^0:BAYK7O,D^RW^(U`
MKINL>'Q+9Q5$BJ%$Q4P)COF35#4-$R#(NM0\].BY?EJIM]?W"KW)FQMQ?MOI
M+_:W!=\PV0HITU2,HZ;QH(.H^9!+N_SA1$%$#ZAZO)K11IH5@[\.SAB9C\%Y
M*W*7GW[J[<W76<Y))XF;VA[%QOK.^]4](PN'(B(B'`:I5<>BPION![A'KL[2
M<NMFK@6V3+9MF%==P@<Q7B<<LM;;A(3$`0.(=X03>4`+J-10<6D+D&K5R'XC
MA%7V=?NO[.YU7O.Y4Y.[&W$B=YS\O+W8GX<W9KPJIS:G648O'G5$Z:96K1PX
M$6*FG<)'4U%+(S=10`Y2B`B1/TA\P<:!5O(JQ?KFI**].+,H))G4$KVV#F`A
M3'$I"R!N8YN4!T(4.T>R@4;S"Z#M9V[(;F^B)A?!4B(L7%Z;?09L%ET3:MI0
MLK,/(I8Q#"0P$,X*F.O#T1UJ(3\Q*K6V!]4IATZ;`E-GV]VPK[M&4QC+2#6S
M[D:Q2SMO*QAG"HG;@DH1/O$P$"G2534.42&T'2AYJD5I3FH1;TMZ=T;\M\^T
M?*5OX\NNSL#VQE.R+(QP_GV:Z1[HE$KO9RLQ+@(H))"HJ1V4I2$Y^5,``3"-
M/:J!0*P?KPL'KW=MTY$&C5PY54?M$B$12.<QE"W?''$@<I1],"%$=.W0*JC?
MS%;6U1<$HB41*(O_T]W>P/&#*/W?OI6WP!XP>JGXH_I?JODTJ]%>BD#446`,
MY?36%X`?%37QR^F]4_P%_6KZKY-:*A?';/CS<GW=/AQ+X9\>?60^)/ZN?D_+
MRT4\5(NB*O#<'\>N/W>'T9/O!_'OD_6/T?FHJ.7533QG\$P/P'^ID\,_@GL#
MW#_,_P`GY***&^XWXW)^[[]3_P"1OQOVI>I\S_-IU7+XJ5^&?@.*\*NPW@S\
M!^3W5\GGHN*ZO:GC=?7@%[J:?"GC=])_WZ_97U/SJBO1<_G#P^EO"'U0\</#
M[L'WM\VJ@6"MKOO*<^Y9]$'W7?>79_TY^B\U`G3JLTYZ^`G'@K^OLO'KX"^F
M+^L?S_ZCY^E$'O64+<]P0WN7W:S^'/<'T!/<W[-^I^9I118(@/O"W3]V[W,W
M]P?>%_54OBG]C?5_HN6BO19=R)\$W)\%^ZG7B)\$_1C\2?LKZWYM$"X+#/AO
M;7A=^I%\&?#?_P`-?S+S5`A72<H^)^+?N\?3NO%'Q/\`7_NM_3_6_.J^*#WK
MV?W_`)/N^?#2O_G_`.NGZG]6OROG:43IU7[DOQ1Q?]WWUGWB7XH_2$\+_G?7
M_.TJ=4'+JNYYD\.;C\,/U4/&3PY]8/B/^:_QU5%S.-O@*T_@GW(R\-O@+Z,/
MA/\`8GU'S:(HN;H_>D']R;Z%;[T?O3^1[C_0_E_P5#S5'O7)2/PWA/[G'OYI
M[Q^&_I4O!/\`;WU7SN6N03Q7>\P_&F,ONY^\Q\8?C3UO[LOVGY_EJ%!U4C**
()1$HB41?_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
