<SEC-DOCUMENT>0000903423-17-000362.txt : 20170519
<SEC-HEADER>0000903423-17-000362.hdr.sgml : 20170519
<ACCEPTANCE-DATETIME>20170519133304
ACCESSION NUMBER:		0000903423-17-000362
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170519
FILED AS OF DATE:		20170519
DATE AS OF CHANGE:		20170519

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35788
		FILM NUMBER:		17857225

	BUSINESS ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000
		BUSINESS PHONE:		35247922151

	MAIL ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>arcelor6k_0519.htm
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<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated May 19, 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File Number: 001-35788</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARCELORMITTAL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into
English)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">24-26, Boulevard d&rsquo;Avranches</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">L-1160 Luxembourg</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Grand Duchy of Luxembourg</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">Form 20-F
</FONT>&#9746;<FONT STYLE="font-size: 11pt">&#9;Form 40-F </FONT>&#9744;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">Yes &#9744;&#9;No
&#9746;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If &ldquo;Yes&rdquo; marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 12, 2017, ArcelorMittal
issued the press release attached hereto as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit List</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&#9;<U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Press release dated May 12, 2017, regarding ArcelorMittal results
        for the first quarter of 2017.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">ARCELORMITTAL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date 19 May 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">By: <FONT STYLE=""><U>&#9;/s/
Henk Scheffer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.75in"></TD><TD STYLE="width: 0.5in">Name:</TD><TD>Henk Scheffer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.75in"></TD><TD STYLE="width: 0.5in">Title:</TD><TD>Group Compliance &amp; Data Protection Officer</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&#9;<U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Exhibit 99.1</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Press release dated May 12, 2017, regarding ArcelorMittal results
        for the first quarter of 2017.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.25in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<P STYLE="font: 14pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>ArcelorMittal reports results for the first
quarter 2017 </B></P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0"><B>Luxembourg, May 12, 2017 </B>- ArcelorMittal (referred to as &ldquo;ArcelorMittal&rdquo;
or the &ldquo;Company&rdquo;) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world&rsquo;s leading integrated
steel and mining company, today announced results<FONT STYLE="line-height: 115%"><SUP>1</SUP></FONT> for the three month period
ended March 31, 2017.</P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<DIV STYLE="padding: 1pt; border: Black 1pt solid">

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0; text-align: justify; color: red"><B>Highlights:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Health and safety: LTIF rate of
0.80x in 1Q 2017 as compared to 0.84x in 4Q 2016 and 0.72x in 1Q 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Operating income increased to
$1.6 billion in 1Q 2017 as compared to $0.8 billion in 4Q 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">EBITDA of $2.2 billion in 1Q 2017,
34.3% higher as compared to $1.7 billion in 4Q 2016 primarily reflecting higher steel shipments (+5.1%) and higher seaborne iron
ore prices (+21%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Net income of $1.0 billion in
1Q 2017 as compared to $0.4 billion in 4Q 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt; line-height: 150%">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt; line-height: 150%">Steel shipments
of 21.1 Mt in 1Q 2017, up 5.1% vs. 4Q 2016 and down 1.9% vs. 1Q 2016 (down 0.9% on comparable basis</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt; line-height: 115%"><SUP>2</SUP></FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt; line-height: 150%">)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">1Q 2017 iron ore shipments of
13.4 Mt (+1.7% YoY), of which 8.7 Mt shipped at market prices (+11.2% YoY) </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#167;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Due to seasonal working capital investment ($2.2 billion),
net debt increased to $12.1 billion as of March 31, 2017, as compared to $11.1 billion as of December 31, 2016</FONT></P>

</DIV>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Financial highlights (on the basis of IFRS<SUP>1</SUP>):</B></P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 40%; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">(USDm) unless otherwise shown</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">4Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 16</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Sales</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">16,086 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,126 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,523 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,743 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13,399 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating income</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,576 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">809 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,204 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,873 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">275 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Net income/(loss) attributable to equity holders of the parent</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,002</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">403</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">680 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,112 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(416) </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Basic earnings/(loss) per share (US$) <FONT STYLE="line-height: 115%"><SUP>3</SUP></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.33</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.13</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.22</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.38</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(0.23)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating income/ tonne (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">75</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">40</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">59</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">85</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,231</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,661</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,897</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,770</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">927</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA/ tonne (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">106</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">83</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">93</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">80</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">43</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel-only EBITDA/ tonne (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">83</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">68</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">83</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">73</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">39</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Crude steel production (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">22.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.2</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel shipments (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">20.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">20.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">22.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21.5</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Own iron ore production (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14.1</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Iron ore shipped at market price (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0"></P>

<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0; text-align: justify"><B>Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal
Chairman and CEO, said:</B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&ldquo;I am satisfied with the first quarter results, which reflect
the anticipated positive momentum in the market and the progress we are making internally to make the business stronger.&nbsp;All
parts of the business reported improved EBITDA as steel prices responded to higher raw material costs and strong volume growth
saw steel shipments increase by 5.1% compared with the fourth quarter.&nbsp;Our mining segment benefitted from an increase in iron-ore
shipped at market prices as well as the higher raw material price environment.&nbsp;Looking ahead, we expect market conditions
to be broadly stable in the second quarter.&nbsp;While this is encouraging, the steel industry is still impacted by unfair imports
in many of our key markets and we hope to see further progress in ensuring the necessary trade solutions&rdquo;.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>First quarter 2017 earnings analyst conference
call</B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ArcelorMittal will hold a conference call hosted by Heads of Finance
and Investor Relations for members of the investment community to discuss the three-month period ended March 31, 2017 on:</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Date</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">US Eastern time</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">London</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">CET</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Friday May 12, 2017</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;9.30am </FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;2.30pm </FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;3.30pm </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">The dial in numbers are: </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Location</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Toll free dial in numbers</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Local dial in numbers</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">&nbsp;Participant</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">UK local:</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0800 0515 931</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">+44 (0)203 364 5807</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14206907#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">US local: </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1 86 6719 2729 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">+1 24 0645 0345</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14206907#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">US (New York):</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1 86 6719 2729</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">+ 1 64 6663 7901</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14206907#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">France:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0800 914780&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">+33 1 7071 2916</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14206907#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Germany:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0800 965 6288&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">+49 692 7134 0801</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14206907#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Spain:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">90 099 4930</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">+34 911 143436 </FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14206907#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Luxembourg:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">800 26908</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">+352 27 86 05 07</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14206907#</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="9" STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">A replay of the conference call will be available for one week by dialing: </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #5C7F92; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Number</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #5C7F92; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Language</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #5C7F92; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Access code</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;+49 (0) 1805 2047 088</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">English</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">506022#</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 108px">&nbsp;</TD>
    <TD STYLE="width: 43px">&nbsp;</TD>
    <TD STYLE="width: 77px">&nbsp;</TD>
    <TD STYLE="width: 43px">&nbsp;</TD>
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 43px">&nbsp;</TD>
    <TD STYLE="width: 6px">&nbsp;</TD>
    <TD STYLE="width: 63px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 12pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">This document may contain forward-looking information and statements
about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions,
statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements
regarding future performance. Forward-looking statements may be identified by the words &ldquo;believe&rdquo;, &ldquo;expect&rdquo;,
&ldquo;anticipate&rdquo;, &ldquo;target&rdquo; or similar expressions. Although ArcelorMittal&rsquo;s management believes that
the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal&rsquo;s securities
are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are
difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ
materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These
risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the
Financial Markets (<I>Commission de Surveillance du Secteur Financier</I>) and the United States Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) made or to be made by ArcelorMittal, including ArcelorMittal&rsquo;s latest Annual Report on Form 20-F
on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result
of new information, future events, or otherwise.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>About ArcelorMittal</B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ArcelorMittal is the world's leading steel and mining company, with
a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel,
we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances
and packaging, with world-class research and development and outstanding distribution networks.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Through our core values of sustainability, quality and leadership,
we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which
we operate.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">For us, steel is the fabric of life, as it is at the heart of the modern
world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions
that make many of the products and components people use in their everyday lives more energy efficient.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">We are one of the world&rsquo;s five largest producers of iron ore
and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned
to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply
to the external market is increasing as we grow.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">In 2016, ArcelorMittal had revenues of $56.8 billion and crude steel
production of 90.8 million metric tonnes, while own iron ore production reached 55.2 million metric tonnes.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam
(MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0"><BR>
For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Enquiries</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">ArcelorMittal Investor Relations</FONT></TD>
    <TD NOWRAP STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;Europe </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Tel: +44 207 543 1128</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;Americas </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Tel: +1 312 899 3985 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;Retail </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Tel: +44 207 543 1156</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;SRI </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Tel: +44 207 543 1156 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;Bonds/Credit&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Tel: +33 1 71 92 10 26 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">ArcelorMittal Corporate Communications</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">E-mail: press@arcelormittal.com</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Tel: +44 0207 629 7988</P></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Paul Weigh</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Tel: +44 203 214 2419</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">France</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Image 7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Tel: +33 153 70 94 17</FONT></TD></TR>
<TR>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FF3700"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt/normal Gautami,sans-serif; margin: 0; color: #FF6600"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FF3700"><B>Corporate responsibility
and safety performance</B></P>

<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0; text-align: justify">Health and safety - Own personnel and contractors
lost time injury frequency rate</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Health and safety performance, based on own personnel figures and contractors
lost time injury frequency (LTIF) rate of 0.80x in the first quarter of 2017 (&ldquo;1Q 2017&rdquo;) as compared to 0.84x for the
fourth quarter of 2016 (&ldquo;4Q 2016&rdquo;) and 0.72x for the first quarter of 2016 (&ldquo;1Q 2016&rdquo;).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">The Company&rsquo;s effort to improve the Health and Safety record
continues and remains focused on both further reducing the rate of severe injuries and preventing fatalities.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0; text-align: justify">Own personnel and contractors - Frequency rate</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 50%; border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Lost time injury frequency rate</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">4Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 16</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Mining</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.58</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1.39</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1.08</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.84</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.75</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">NAFTA</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.85</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.87</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.89</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.62</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.91</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.41</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.42</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.20</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.46</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.34</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Europe</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.20</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.92</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.17</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.11</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.78</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">ACIS</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.45</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.61</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.55</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.53</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.69</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total Steel</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.83</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.75</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.80</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.78</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.71</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total (Steel and Mining)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.80</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.84</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.84</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.79</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.72</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal FoundrySterling-Book; margin: 0; color: #FF6600"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0; text-align: justify">Key corporate responsibility highlights for
1Q 2017:</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">ArcelorMittal&rsquo;s 2016 annual review entitled &ldquo;Sustainable
Progress&rdquo; was published on May 3, 2017, demonstrating the significant steps the Company has taken towards integrated reporting.
It sets out the progress towards its Action 2020 plan, segment by segment, referencing the importance of social and environmental
value drivers in this process.&nbsp;The report also includes a section on Beyond 2020, which identifies the key drivers for long-term
value creation and outlines several initiatives the Company is undertaking to deliver on as follows: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">critical breakthrough carbon capture and utilisation technology
to reduce CO2 emissions</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">a new Sustainable Innovation tool to ensure all new Global
R&amp;D projects make an improved contribution to sustainable development</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">the ResponsibleSteel&trade; scheme, which is bringing together
customers, suppliers, steelmakers and others, to create a common, trusted, social and environmental certification standard. ArcelorMittal
plays a leading role and began to pilot a draft standard in March 2017.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">ArcelorMittal Zenica (Bosnia &amp; Herzegovina) undertook,
in February 2017, an industrial-scale installation of the Company&rsquo;s new hybrid filter technology, designed to reduce air
emissions at the sinter plant to well below the EU limit. A second installation will follow. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #FF3700"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FF3700"><B>Analysis of results
for 1Q 2017 versus 4Q 2016 and 1Q 2016 </B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Total steel shipments in 1Q 2017 were 5.1% higher at 21.1 million
metric tonnes as compared with 20.0 million metric tonnes for 4Q 2016 primarily due to improved shipments in NAFTA (+12.0%), Europe
(+7.1%) and ACIS (+4.1%) offset in part by lower shipments in Brazil (-21.7%). Total steel shipments for 1Q 2017 were 1.9% lower
as compared to 1Q 2016 primarily due to lower shipment volumes in Brazil (-9.9%), Europe (-2.3%) and ACIS (-2.8%) offset in part
by improved shipments in NAFTA (+2.7%). On a comparable basis (considering the sale of long steel producing subsidiaries in the
US (LaPlace and Vinton) in 2Q 2016 and Zaragoza in Spain during 3Q 2016), total steel shipments for 1Q 2017 were 0.9% lower as
compared with 21.2 million metric tonnes for 1Q 2016.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Sales in 1Q 2017 were $16.1 billion as compared to $14.1 billion
for 4Q 2016 and $13.4 billion for 1Q 2016. Sales in 1Q 2017 were 13.9% higher as compared to 4Q 2016 primarily due to higher average
steel selling prices (+10.2%), higher steel shipments (+5.1%), higher seaborne iron ore reference prices (+21.0%) and higher market-priced
iron ore shipments (+6.4%). Sales in 1Q 2017 were 20.1% higher as compared to 1Q 2016 primarily due to higher average steel selling
prices (+24.9%), higher seaborne iron ore reference prices (+77.3%) and higher market-priced iron ore shipments (+11.2%), offset
in part by lower steel shipments (-1.9%).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Depreciation for 1Q 2017 was lower at $655 million as compared to $696
million for 4Q 2016 and stable as compared to $652 million in 1Q 2016. FY 2017 depreciation is expected to be approximately $2.8
billion (based on current exchange rates).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Impairment charges for 1Q 2017 and 1Q 2016 were nil. Impairment charges
for 4Q 2016 were $156 million mainly related to the Vanderbijlpark plant in South Africa.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income for 1Q 2017 was $1.6 billion as compared to $0.8 billion
in 4Q 2016 and $275 million in 1Q 2016. Operating income for 4Q 2016 was impacted by impairments as discussed above. Operating
income for 1Q 2017 was higher as compared to 4Q 2016 primarily due to higher operating results in steel business as well as improved
results in the Mining segment driven primarily by higher seaborne iron ore prices.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Income from associates, joint ventures and other investments for 1Q
2017 was $86 million as compared to $14 million for 4Q 2016, primarily due to the annual dividend declared by Erdemir ($45 million)
and improved performance of Calvert, offset in part by a loss on dilution of the Company&rsquo;s stake in China Oriental<FONT STYLE="line-height: 115%"><SUP>4</SUP></FONT>.
Income from associates, joint ventures and other investments for 1Q 2016 of $324 million included a $329 million gain on disposal
of Gestamp<FONT STYLE="line-height: 115%"><SUP>5</SUP></FONT>.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Net interest expense in 1Q 2017 was $223 million as compared to $221
million in 4Q 2016 and $332 million in 1Q 2016. Net interest expense was lower in 1Q 2017 as compared to 1Q 2016 primarily due
to debt reduction including early bond repayment via debt tenders during 2016.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Foreign exchange and other net financing costs in 1Q 2017 were $133
million as compared to $278 million for 4Q 2016 and a gain in 1Q 2016 of $9 million. Foreign exchange gains/losses primarily relate
to the impact of the USD movements on Euro denominated deferred tax assets and Euro denominated debt. For 1Q 2017 a foreign exchange
gain of $35 million was recorded (as compared to a loss of $128 million for 4Q 2016) mainly on account of a 1.4% depreciation of
the USD against the Euro (versus 5.6% appreciation in 4Q 2016). Foreign exchange and other net financing costs for 1Q 2017 includes
$159 million in premium accrued on an early repayment of bonds (settled in April 2017), offset by non-cash mark to market gains
on certain derivatives (primarily mandatory convertible bonds call options following the market price increase in the underlying
shares). Foreign exchange and other net financing costs in 4Q 2016 included $0.1 billion non-cash expense in connection with the
issuance of shares in the context of the B-BBEE transaction in South Africa<FONT STYLE="line-height: 115%"><SUP>6</SUP></FONT>.
Foreign exchange and other net financing gain for 1Q 2016 included a foreign exchange gain of $107 million primarily on account
of a 4.6% depreciation of the USD against the Euro.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ArcelorMittal recorded an income tax expense of $283 million for 1Q
2017 as compared to an income tax benefit of $13 million for 4Q 2016 and an income tax expense of $700 million for 1Q 2016.&nbsp;The
tax expense in 1Q 2017 largely reflects improved results in a number of countries. The prior periods were impacted by the tax rate
change and recoverability assessment of deferred tax assets in Luxembourg.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0"></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Net income attributable to non-controlling interests for 1Q 2017 of
$21 million represents minority shareholders&rsquo; share of net income recorded in ArcelorMittal Mines Canada<FONT STYLE="line-height: 115%"><SUP>7</SUP></FONT>
and Belgo Bekaert Arames in Brazil offset in part by their share of losses generated by ArcelorMittal South Africa. Net loss attributable
to non-controlling interests for 4Q 2016 of $66 million and for 1Q 2016 of $8 million primarily represents their share of losses
generated by ArcelorMittal South Africa.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt">ArcelorMittal recorded net income for
1Q 2017 of $1,002 million, or $0.33 earnings per share<SUP>3</SUP></FONT><FONT STYLE="font-size: 7pt">, </FONT><FONT STYLE="font-size: 9pt">as
compared to net income for 4Q 2016 of $403 million, or $0.13 earnings per share<SUP>3</SUP>, and a net loss for 1Q 2016 of $416
million, or $0.23 loss per share<SUP>3</SUP>.</FONT></P>

<P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

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<P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Capital expenditure projects </B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">The following tables summarize the Company&rsquo;s principal growth
and optimization projects involving significant capital expenditures.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0; text-align: justify">Completed projects in most recent quarters</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Region </FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 15.4pt; text-indent: -15.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Site</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Project</FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Capacity / particulars</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Actual completion</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Indiana Harbor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Indiana Harbor &ldquo;footprint optimization project&rdquo;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt; color: #0D0D0D">New caster at No.3 Steelshop installed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt; color: #0D0D0D">4Q 2016</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt"><SUP>(a)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0">Ongoing projects</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Region</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Site</FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Project</FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Capacity / particulars</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 9pt; color: white">Forecast completion</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Indiana Harbor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Indiana Harbor &ldquo;footprint optimization project&rdquo;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Restoration of 80&rdquo; HSM and upgrades at Indiana Harbor finishing and logistics</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">2018<SUP>(a)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">AM/NS Calvert</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Phase 2: Slab yard expansion (Bay 5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Increase coil production level from 4.6Mt/year to 5.3Mt/year coils </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">3Q 2017 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">ArcelorMittal Dofasco (Canada)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;   line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Phase 2: Convert the current galvanizing line #4 to a Galvalume line</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;  ine-through; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Allow the galvaline #4 to produce 160kt galvalume and 128kt galvanize and closure of galvanize line #1 (capacity 170kt of galvalume)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">2Q 2017</P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Europe</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">ArcelorMittal Krakow (Poland)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">HRM extension</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Increase HRC capacity by 0.9Mt/year</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">2Q 2017<SUP>(b)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">HDG increase </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Increasing HDG capacity by 0.4Mt/year </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">2Q 2017<SUP>(b)</SUP></P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Europe</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Gent &amp; Li&egrave;ge (Europe Flat Automotive UHSS Program)</P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Gent: Upgrade HSM and new furnace</P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Li&egrave;ge: Annealing line transformation</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Increase ~400kt in Ultra High Strength Steel capabilities </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">ArcelorMittal Vega Do Sul (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Expansion project</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Increase hot dipped galvanizing (HDG) capacity by 0.6Mt/year and cold rolling (CR) capacity by 0.7Mt/year</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On hold </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Juiz de Fora (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Meltshop expansion </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Increase in meltshop capacity by 0.2Mt/year </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">On hold<SUP>(c)</SUP></P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Monlevade (Brazil) </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Sinter plant, blast furnace and meltshop</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Increase in liquid steel capacity by 1.2Mt/year;</P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sinter feed capacity of 2.3Mt/year</P></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On hold </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Mining</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Liberia </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Phase 2 expansion project</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Increase production capacity to 15Mt/year </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Under review<SUP>(d)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">a)</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">In support of the Company&rsquo;s Action 2020 program that
was launched at its fourth quarter and full-year 2015 earnings announcement, the footprint optimization project at ArcelorMittal
Indiana Harbor is now underway, which has resulted in structural changes required to improve asset and cost optimization. The plan
involves idling redundant operations including the #1 aluminize line, 84&rdquo; hot strip mill (HSM), and #5 continuous galvanizing
line (CGL) and No.2 steel shop (expected to be idled in 2Q 2017) whilst making further planned investments totalling ~$200 million
including a new caster at No.3 steelshop (completed in 4Q 2016), restoration of the 80&rdquo; hot strip mill and Indiana Harbor
finishing and logistics. The project is expected to be completed in 2018.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0 0 0 0.25in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">b)</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On July 7, 2015, ArcelorMittal Poland announced it was restarting
preparations for the relining of blast furnace No. 5 in Krakow, which has now been completed during 3Q 2016. Total investments
in the primary operations in the Krakow plant will amount to PLN 200 million (more than &euro;40 million), which also includes
modernization of the basic oxygen furnace No. 3. Additional projects in the downstream operations will also be implemented. These
include the extension of the hot rolling mill capacity by 0.9 million tons per annum and increasing the hot dip galvanizing capacity
by 0.4 million tons per annum. The capex value of those two projects exceeds PLN 300 million (&euro;90 million) in total. In total,
the Group will invest more than PLN 500 million (more than &euro;130 million) in its operations in Krakow, including both upstream
and downstream installations.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">c)</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Though the Monlevade wire rod expansion project and Juiz de
Fora rebar expansion were completed in 2015,&nbsp;and Juiz de Fora melt shop project&nbsp;is currently on hold and is expected
to be completed upon Brazil domestic market recovery,&nbsp;the Company does not expect to increase shipments until domestic demand
improves.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">d)</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">ArcelorMittal Liberia is moving ore extraction from its depleting
DSO (direct shipping ore) deposit at Tokadeh to the nearby, low strip ratio and higher grade DSO Gangra deposit by 3Q 2017. Following
a period of exploration cessation caused by the onset of Ebola, ArcelorMittal Liberia recommenced drilling for DSO resource extensions
in late 2015. During 2016, the operation at Tokadeh was right-sized to 3 million tonnes per annum (Mtpa) to focus on its &ldquo;natural&rdquo;
Atlantic markets. The nearby Gangra deposit is now the preferred next development in a staged approach as opposed to the originally
planned phase 2 step up to 15Mtpa of concentrated sinter fine ore that was delayed in August 2014 due to the declaration of force
majeure by contractors following the Ebola virus outbreak, and then reassessed following rapid iron ore price declines over the
period since. Accordingly, the Gangra mine, haul road and related existing plant and equipment upgrades are on track. ArcelorMittal
remains committed to Liberia where it operates a full value chain of mine, rail and port&nbsp;and where it&nbsp;has been operating
the mine on&nbsp;a DSO basis since 2011. With 2 billion tonnes of iron ore resource in its lease, ArcelorMittal Liberia presents
a strong, competitive source of product ore for the international market based on continuing DSO mining and then moving to a long-term
sinter feed and concentration phase. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Analysis of segment operations </B></P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0; text-align: justify"><B>NAFTA</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">(USDm) unless otherwise shown</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">4Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 16</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Sales</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,458</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,795</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,269</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,920</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,822</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating income</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">396</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">164</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">424</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,209</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">205</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(128)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(137)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(142)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(136)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(134)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Exceptional income<FONT STYLE="line-height: 115%"><SUP>8</SUP></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">832</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">524</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">301</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">566</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">513</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">339</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,216</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,197</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,632</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,735</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,644</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel shipments (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,610</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,011</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,364</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,443</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,463</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">719</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">681</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">715</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">660</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">635</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">NAFTA segment crude steel production increased 19.6% to 6.2 million
metric tonnes in 1Q 2017 as compared to 5.2 million metric tonnes for 4Q 2016 in line with improved demand.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 1Q 2017 increased by 12.0% to 5.6 million metric
tonnes as compared to 5.0 million metric tonnes in 4Q 2016, primarily driven by a 14.9% increase in flat products volumes reflecting
the end of the destock in the US which negatively impacted shipments in the prior period.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 1Q 2017 increased by 17.5% to $4.5 billion as compared to
$3.8 billion in 4Q 2016, primarily due to higher average steel selling prices (+5.6%) and higher steel shipment volumes as discussed
above. Compared to the 4Q 2016, average steel selling prices for long products improved +10.0% and for flat products improved +4.1%.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income in 1Q 2017 increased to $396 million as compared to
operating income of $164 million in 4Q 2016 and operating income of $205 million in 1Q 2016.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">EBITDA in 1Q 2017 increased by 74% to $524 million as compared to $301
million in 4Q 2016 primarily due to higher steel shipment volumes (+12.0%) and a positive price cost impact with average steel
selling prices higher by +5.6%. EBITDA in 1Q 2017 improved 54.4% as compared to $339 million in 1Q 2016 due primarily to a positive
price cost impact with average steel selling prices higher by +13.2%.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0; text-align: justify"><B>Brazil</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">(USDm) unless otherwise shown</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">4Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 16</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Sales</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,610</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,751</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,729</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,488</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,255</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating income </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">175</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">143</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">233</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">149</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">89</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(71)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(70)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(68)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(64)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(56)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">246</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">213</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">301</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">213</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">145</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,710</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,778</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,888</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,800</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,667</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel shipments (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,226</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,841</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,751</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,689</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,472</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">678</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">565</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">582</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">515</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">474</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Brazil segment crude steel production decreased by 2.5% to 2.7 million
metric tonnes in 1Q 2017 as compared to 2.8 million metric tonnes in 4Q 2016, primarily due to planned maintenance at Tubarao,
Brazil.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 1Q 2017 decreased by 21.7% to 2.2 million metric
tonnes as compared to 2.8 million metric tonnes in 4Q 2016, primarily due to a 27.3% decrease in flat product steel shipments (primarily
export shipments, given the need to rebuild inventory following maintenance and ahead of the seasonally stronger demand period,
as well as temporary shipment delays) and a 10.2% decrease in long product steel shipments (primarily reflecting weak domestic
demand).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0"></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 1Q 2017 decreased by 8.0% to $1.6 billion as compared to $1.8
billion in 4Q 2016, due to lower steel shipments as discussed above, offset in part by 20.1% increase in average steel selling
prices, with average US dollar selling prices for flat products improving by 28% (reflecting higher domestic prices as well as
the mix benefit of lower slab exports) and improving by 11.3% for long products.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Operating income in 1Q 2017 increased to $175 million as compared
to an operating income of $143 million in 4Q 2016 and operating income of $89 million in 1Q 2016.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">EBITDA in 1Q 2017 increased by 15.3% to $246 million as compared
to $213 million in 4Q 2016 primarily due to a $21 million provision reversal as well as a positive price cost impact offset in
part by lower steel shipment volumes. EBITDA in 1Q 2017 was 69.1% higher as compared to $145 million in 1Q 2016 due to a positive
price cost impact with a 43.2% increase in average steel selling prices in US$ terms, offset in part by lower steel shipments by
-9.9% (flat exports down 14.8% and long product down 14.2%).</P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0; text-align: justify"><B>Europe</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">(USDm) unless otherwise shown</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">4Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 16</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Sales</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8,222</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,139</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,172</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,810</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,151</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating income</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">636</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">387</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">414</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">383</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">86</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(273)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(311)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(303)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(293)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(277)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(49)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">909</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">698</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">717</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">725</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">363</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,212</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,173</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,571</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,720</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,171</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel shipments (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,208</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9,535</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9,382</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,886</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,444</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">649</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">590</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">596</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">562</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">530</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Europe segment crude steel production increased by 10.2% to 11.2 million
metric tonnes in 1Q 2017, as compared to 10.2 million metric tonnes in 4Q 2016 (which was impacted by the planned reline at ArcelorMittal
Asturias, Spain).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 1Q 2017 increased by 7.1% to 10.2 million metric
tonnes as compared to 9.5 million metric tonnes in 4Q 2016, primarily due to a 12.8% increase in flat product shipments due to
improved demand offset partly by a 5.4% decline in long product steel shipments.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 1Q 2017 increased 15.2% to $8.2 billion as compared to $7.1
billion in 4Q 2016, primarily due to higher average steel selling prices (+9.9%), (with flat and long products average steel selling
prices increasing +9.4% and +9.9%, respectively), and higher steel shipments as discussed above.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Operating income in 1Q 2017 was $636 million as compared to $387
million in 4Q 2016 and $86 million in 1Q 2016.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">EBITDA in 1Q 2017 increased by 30.3% to $909 million as compared
to $698 million in 4Q 2016 primarily due to higher steel volumes. EBITDA in 1Q 2017 improved 150.4% as compared to 1Q 2016 primarily
on account of higher average steel selling prices (+22.3%) and cost efficiency improvements, offset in part by higher input costs.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt"></P>

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<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0; text-align: justify"><B>ACIS</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">(USDm) unless otherwise shown</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">4Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 16</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Sales</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,807</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,526</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,586</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,581</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,192</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating income/ (loss)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">116</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(92)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">156</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">162</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(15)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(75)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(78)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(77)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(80)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(76)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(156)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">191</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">142</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">233</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">242</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">61</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,492</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,646</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,552</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,926</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,668</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel shipments (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,221</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,095</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,408</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,453</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,315</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">502</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">432</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">419</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">409</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">320</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ACIS segment crude steel production in 1Q 2017 decreased by 4.2% to
3.5 million metric tonnes as compared to 3.6 million metric tonnes in 4Q 2016 primarily due to planned maintenance of BF#9 in Ukraine.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 1Q 2017 increased by 4.1% to 3.2 million metric
tonnes as compared to 3.1 million metric tonnes in 4Q 2016 primarily due to a seasonal improvement in South Africa offset in part
by lower steel shipments in the CIS impacted by the planned maintenance as described above.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 1Q 2017 increased 18.4% to $1.8 billion as compared to $1.5
billion in 4Q 2016, primarily due to higher steel shipments (+4.1%) and higher average steel selling prices (+16.2%).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Operating income in 1Q 2017 was $116 million as compared to an
operating loss of $92 million in 4Q 2016 and operating loss of $15 million in 1Q 2016. Operating loss in 4Q 2016 was impacted by
impairments of $156 million mainly related to the Vanderbijlpark plant in South Africa.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">EBITDA in 1Q 2017 increased +34.2% to $191 million as compared to $142
million in 4Q 2016. EBITDA in 4Q 2016 was impacted by a one-time charge of $28 million in relation to environmental liabilities
at the Thabazimbi mine in South Africa. EBITDA in 1Q 2017 was higher than 4Q 2016 primarily on account of higher steel shipment
volumes (+4.1%). EBITDA in 1Q 2017 was higher as compared to $61 million in 1Q 2016, primarily due to a positive price cost impact.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0; text-align: justify"><B>Mining</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">(USDm) unless otherwise shown</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">4Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">1Q 16</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Sales</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,030</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">896</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">809</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">809</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">600</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating income/ (loss) </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">378</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">203</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">103</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">62</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(2)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(102)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(94)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(101)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(101)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(100)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">480</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">297</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">204</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">163</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">98</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Own iron ore production <SUP>(a) </SUP>(Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Iron ore shipped externally and internally at market price <SUP>(b) </SUP>(Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7.8</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Iron ore shipment - cost plus basis (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5.3</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Own coal production<SUP>(a) </SUP>(Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.6</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Coal shipped externally and internally at market price<SUP>(b) </SUP>(Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Coal shipment - cost plus basis (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">(a) Own iron ore and coal production not including strategic long-term
contracts.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">(b) Iron ore and coal shipments of market-priced based materials include
the Company&rsquo;s own mines, and share of production at other mines, and exclude supplies under strategic long-term contracts.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0"></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Own iron ore production in 1Q 2017 increased by 0.7% to 14.0 million
metric tonnes as compared to 13.9 million metric tonnes in 4Q 2016 due to increased production in Mexico (Volcan mine restarted
February 2017) and Liberia, offset in part by seasonally lower production in Canada and lower production in the US. Own iron ore
production in 1Q 2017 decreased by 1.0% as compared to 14.1 million metric tonnes in 1Q 2016 primarily due to decreased production
in Liberia and US offset in part by higher production in Mexico.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Own iron ore production is expected to increase in 2017: In Liberia,
based on Tokadeh ore together with the transition to the new Gangra deposit production is expected to increase to 3Mt in 2017 (versus
2Mt in 2016) before ramping up to 5Mtpa in 2018; the restart of the Volcan mine in Mexico in February 2017 is expected to produce
an additional 2Mt (in 2017 versus 2016); production in Ukraine is expected to recover following resolution of a delay in accessing
new tailings disposal land which negatively impacted production in 2016 by approximately 1Mt.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Market-priced iron ore shipments in 1Q 2017 increased 6.4% to 8.7 million
metric tonnes as compared to 8.1 million metric tonnes in 4Q 2016, primarily driven by higher shipments in Mexico, Ukraine and
ArcelorMittal Mines Canada. During 4Q 2016 market-priced iron ore shipments in ArcelorMittal Mines Canada were impacted by logistics
and transportation issues following severe weather conditions. Market-priced iron ore shipments in 1Q 2017 increased by +11.2%
as compared to 1Q 2016 driven by increased ArcelorMittal Mines Canada shipments and Mexico offset in part by lower Liberia shipments.
Given expected higher production described above, FY 2017 market-priced iron ore shipments are expected to increase by approximately
10% versus FY 2016.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Own coal production in 1Q 2017 decreased marginally by 2.6% to 1.7
million metric tonnes as compared to 4Q 2016. Own coal production in 1Q 2017 increased 20.0% as compared to 1Q 2016 with increases
at both Kazakhstan and Princeton (US) mines.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Market-priced coal shipments in 1Q 2017 decreased 11.9% to 0.8 million
metric tonnes as compared to 4Q 2016 primarily due to decreased shipments at Princeton (US). Market-priced coal shipments in 1Q
2017 decreased 7.1% as compared to 1Q 2016 primarily due to decreased shipments at Princeton (US) offset in part by increased shipments
in Kazakhstan.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income in 1Q 2017 increased to $378 million as compared to
an operating income of $203 million in 4Q 2016, and an operating loss of $2 million in 1Q 2016, primarily for the reasons discussed
below.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">EBITDA in 1Q 2017 increased 61.5% to $480 million as compared to $297
million in 4Q 2016, primarily due to increased seaborne iron ore market reference prices (+21.0%) and increased coal prices. EBITDA
in 1Q 2017 was significantly higher as compared to $98 million in 1Q 2016, primarily due to higher seaborne iron ore reference
prices (+77.3%), higher market-priced iron ore shipment volumes (+11.2%) and higher coal prices.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">For 1Q 2017, net cash used in operating activities was $299 million
as compared to net cash provided by operating activities of $1,653 million in 4Q 2016. The net cash used in operating activities
during 1Q 2017 was impacted by a working capital investment ($2,181 million) as compared to a working capital release ($495 million)
in 4Q 2016. The change in the working capital position reflects seasonal changes in inventory and receivables as well as the effects
of higher selling and raw material prices.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Net cash used in investing activities during 1Q 2017 was $598 million
as compared to $809 million in 4Q 2016 and $572 million in 1Q 2016. Capital expenditure decreased to $580 million in 1Q 2017 as
compared to $802 million in 4Q 2016 and $586 million in 1Q 2016. FY 2017 capital expenditure is expected to be $2.9 billion.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Net cash provided by financing activities for 1Q 2017 was $666
million as compared to net cash used in financing activities of $468 million for 4Q 2016 and net cash provided by financing activities
of $140 million for 1Q 2016. Net cash provided by financing activities for 1Q 2017 primarily includes proceeds from the European
Investment Bank loan<SUP>9</SUP> of &euro;350 million ($373 million) and $0.3 billion of commercial paper issuances. Net cash
used in financing activities for 4Q 2016 primarily includes repayments of a $0.3 billion loan and $0.5 billion of short term facilities,
offset in part by a $0.3 billion increase in commercial paper issuances. In addition, while not reflected in the above amounts,
the Company used $1,040 million of cash and liquidity resources to redeem outstanding bonds on April 3, 2017 (see Key recent developments).</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt"></P>

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<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">During 1Q 2017, the Company paid dividends of $40 million primarily
to minority shareholders in ArcelorMittal Mines Canada. During 4Q 2016 and 1Q 2016, the Company paid dividends of $7 million and
$6 million, respectively, to minority shareholders in Belgo Bekaert Arames in Brazil.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of March 31, 2017, the Company&rsquo;s cash and cash equivalents
amounted to $2.4 billion as compared to $2.6 billion at December 31, 2016 and $2.9 billion at March 31, 2016. Gross debt increased
to $14.5 billion as at March 31, 2017, as compared to $13.7 billion at December 31, 2016 and $20.2 billion at March 31, 2016. The
above-referenced usage of cash to redeem bonds on April 3, 2017 is noted in this respect.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of March 31, 2017, net debt increased to $12.1 billion as compared
with $11.1 billion at December 31, 2016 (primarily due to a working capital investment), but lower as compared to $17.3 billion
as of March 31, 2016.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of March 31, 2017, the Company had liquidity of $7.9 billion, consisting
of cash and cash equivalents of $2.4 billion and $5.5 billion of available credit lines<FONT STYLE="line-height: 115%"><SUP>10</SUP></FONT>.
The $5.5 billion credit facility contains a financial covenant of 4.25x Net debt / EBITDA. On March 31, 2017, the average debt
maturity was 6.4 years.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Key recent developments </B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On May 11, 2017, following the approval of the Reverse Stock
Split by the Extraordinary General Meeting of shareholders of ArcelorMittal held on May 10, 2017, ArcelorMittal announced that
it will proceed to consolidate each three existing shares in the Company without nominal value into one share without nominal value
(the &ldquo;Reverse Stock Split&rdquo;).&nbsp;The Reverse Stock Split will become effective on May 22, 2017. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On May 10, 2017, the Annual and Extraordinary General Meetings
of shareholders of ArcelorMittal held in Luxembourg approved all resolutions on their respective agendas by a strong majority.
A total of 63.19% of the voting rights were represented at the general meetings. The results of the votes are posted on corporate.arcelormittal.com
under &quot;Investors &gt; Equity Investors &gt; Shareholders&rsquo; meetings &gt; General Meetings &ndash; 10 May 2017&quot; where
the full documentation regarding to the general meetings is available.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt 0.25in">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt 0.25in">The shareholders re-elected Mr. Lakshmi N. Mittal,
Mr. Bruno Lafont and Mr. Wurth as directors of ArcelorMittal for a term of three years each. The Board of Directors took note of
Mr. Narayanan Vaghul&rsquo;s decision to resign from the Board of Directors. Mrs. Karyn Ovelmen will succeed Mr. Narayanan Vaghul
as the chairman of the Audit &amp; Risk Committee. Mr. Lewis Kaden was not re-elected taking into consideration the Company&rsquo;s
12 consecutive years&rsquo; term policy for independent directors and will be succeeded by Mr. Bruno Lafont as the new Lead Independent
Director and chairman of the Appointments, Remuneration and Corporate Governance Committee. The Board of ArcelorMittal thanked
both Mr. Narayanan Vaghul and Mr. Lewis Kaden for their contribution and service.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On March 1, 2017, ArcelorMittal&rsquo;s Board of Directors
had taken note of Mr. Wilbur Ross&rsquo; resignation from the Board as a consequence of his confirmation as United States Secretary
of Commerce. The Board of ArcelorMittal congratulated Mr. Ross on his new role. Commenting, Mr. Lakshmi N. Mittal, Chairman &amp;
CEO, ArcelorMittal, said: &ldquo;I&rsquo;ve known Wilbur for more than a decade, since we bought his company International Steel
Group in 2004. Since then he has been a very active and engaged member of our Board and has always been a trusted and valued source
of advice to me. He&rsquo;s a very astute and successful businessman, whose many years of experience at the heart of international
finance and commerce mean he is very well positioned to shape policy that promotes economic growth. I am sure he will make an excellent
Commerce Secretary, bringing great energy, experience and wisdom to the role. It is very good news to have such an accomplished
businessman and investor in government.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On March 1, 2017, ArcelorMittal announced the publication of
the notice to redeem all of its outstanding $1,500 million 9.850% Notes due June 1, 2019. The settlement, financed with existing
cash and liquidity, occurred on April 3, 2017,&nbsp;with total cash spent of $1,040 million including accrued interest and premium
on early repayment.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On February 23, 2017, ArcelorMittal Brasil S.A. and Votorantim
S.A. announced the signing of a definitive agreement, pursuant to which Votorantim&rsquo;s long steel businesses in Brazil, Votorantim
Siderurgia, will become a subsidiary of ArcelorMittal Brasil and Votorantim will hold a minority stake in ArcelorMittal Brasil.
Votorantim&rsquo;s long steel operations in Argentina (Acerbrag) and Colombia (PazdelR&iacute;o) were not included in the transaction.
The combination of the businesses will result in a long product steel producer with annual crude steel capacity of 5.6 million
metric tonnes and annual rolling capacity of 5.4 million metric tonnes. The transaction is subject to regulatory approvals in Brazil,
including the approval of the Brazilian anti-trust authority CADE.&nbsp;Until closing, ArcelorMittal Brasil and Votorantim Siderurgia
will remain fully separate and independent companies.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On February 23, 2017, Toyota Europe awarded ArcelorMittal its
&lsquo;Built in Quality&rsquo; supplier award in recognition of the Company&rsquo;s impressive quality performance.&nbsp;&lsquo;Built
in Quality&rsquo; is a Toyota methodology that aims to continuously improve quality. Toyota trains its suppliers to understand
and implement this methodology in the sites that manufacture products for the automotive company. ArcelorMittal&rsquo;s &lsquo;Built
in Quality&rsquo; award follows the implementation of the methodology, which began around 10 years ago, and comes in recognition
of ArcelorMittal&rsquo;s quality performance that has continuously improved over the last three years.&nbsp;Toyota Europe gave
a number of reasons for recognising ArcelorMittal with the award, including:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">A low number of claims (e.g. defects), exceeding Toyota Europe&rsquo;s
quality target by more than 15%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Recognition as the best steel supplier in Toyota Europe&rsquo;s
annual supplier assessment for the second consecutive year</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">The significant and increasing gap between ArcelorMittal&rsquo;s
performance and that of its competitors</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Zero quality problem reports (QPRs) in 2016 for ArcelorMittal
Mardyck in France (part of the Atlantique and Lorraine cluster), the main mill supplying Toyota Europe with automotive and exposed
galvannealed steels</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Recognition as the best quality steel supplier for Toyota Manufacturing
Russia in 2016.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Recent regulatory filings</B></P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On March 28, 2017, ArcelorMittal published the statutory financial
statements of ArcelorMittal parent company for the year ended December 31, 2016. These financial statements have been filed with
the electronic database of the Luxembourg Stock Exchange (www.bourse.lu) and are available on http://corporate.arcelormittal.com
under &quot;Investors &gt; Financial reports &gt; Annual reports&quot;.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On February 28, 2017, ArcelorMittal published its annual report
for the year ended December 31, 2016. The report has been filed with the electronic database of the Luxembourg Stock Exchange (www.bourse.lu</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">)
and is available on&nbsp;http://corporate.arcelormittal.com</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">&nbsp;under
&quot;Investors &gt; Financial reports &gt;&nbsp;Annual reports</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">&quot;.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">On February 23, 2017, ArcelorMittal filed its Annual Report
2016 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report is available on ArcelorMittal's website&nbsp;http://corporate.arcelormittal.com</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">&nbsp;under&nbsp;SEC
filings</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Outlook and guidance </B></P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">The following global apparent steel consumption (&ldquo;ASC&rdquo;)
figures have been updated to reflect the Company&rsquo;s final 2016 estimates. The outlook for 2017 remains unchanged from those
presented in connection with the full year 2016 results announcement.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Global ASC is estimated to have expanded by +1% in 2016. Based
on the current economic outlook, ArcelorMittal expects global ASC to grow further in 2017 by between ~ +0.5% to +1.5%. By region:
ASC in the US (excluding Pipe &amp; tube) declined in 2016 by approximately -2.0%, driven in large part by a significant destock
in the 2H 2016. However, underlying demand continues to expand, and the expected absence of a further destock in 2017 should support
ASC growth in the US of approximately +3.0% to 4.0% in 2017. In Europe, ArcelorMittal expects the pick-up in underlying demand
to continue, supported by the strength of the automotive end market, but apparent demand is expected to be modest at +0.5% to +1.5%
in 2017 (versus growth of +3.0% in 2016).&nbsp;In Brazil, following the significant decline in ASC in 2016 (-13.8%) ASC is expected
to grow by +3.0% to +4.0% in 2017 as the economy mildly recovers as consumer confidence returns.&nbsp;In the CIS, following an
ASC decline of -3.8% in 2016, the region should stabilize in 2017 with ASC similar to 2016 levels (-0.5% to +0.5%). In China, following
ASC growth of +1.3% in 2016, demand is expected to stabilise in 2017 (decline of around 0% to -1.0%).</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt"></P>

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<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Capex spend in 2017 is expected to increase to $2.9 billion (from
$2.4 billion in 2016) as the Group seeks to capitalize on opportunities to grow value and returns. In addition, interest expense
is expected to decline to $0.9 billion (as compared to $1.1 billion in FY 2016); while cash taxes and contributions to fund pensions
are expected to increase by a total of $0.2 billion. As a result, the Company expects the cash needs of the business in 2017 to
increase to $5.0 billion (from $4.5 billion in 2016).</P>

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<P STYLE="font: 11pt/115% VAG Rounded Light,sans-serif; margin: 0 0 10pt; color: #FF3700"><B>ArcelorMittal Condensed Consolidated
Statement of Financial Position<SUP>1</SUP></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Mar 31,</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Dec 31,</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Mar 31,</FONT></TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">In millions of U.S. dollars</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">2016</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>ASSETS</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,402</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,615</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,863</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Trade accounts receivable and other</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,971</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,974</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,325</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Inventories</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">16,393</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,734</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">12,866</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Prepaid expenses and other current assets </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,251</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,665</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,793</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Assets held for sale<FONT STYLE="line-height: 115%"><SUP>11</SUP></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">126</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">259</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">301</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Total Current Assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>25,143</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>22,247</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>22,148</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Goodwill and intangible assets </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,716 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,651 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,689 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Property, plant and equipment </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">35,049 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">34,831</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">36,213 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Investments in associates and joint ventures </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,470 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,297 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,457 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Deferred tax assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,931 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,837</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,163 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Other assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,182 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,279</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,889 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Total Assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>78,491</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>75,142</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>76,559</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Short-term debt and current portion of long-term debt</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,452 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,885 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,883 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Trade accounts payable and other<FONT STYLE="line-height: 115%"><SUP>12</SUP></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: #0D0D0D">12,043 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black">11,633 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: #0D0D0D">9,477 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Accrued expenses and other current liabilities<SUP>11 </SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: #0D0D0D">4,853 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black">4,502</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: #0D0D0D">4,964 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Liabilities held for sale<SUP>11</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">38 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">95 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">208 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Total Current Liabilities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>20,386 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>18,115</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>18,532 </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Long-term debt, net of current portion</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,047 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,789 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">16,309 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Deferred tax liabilities </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,626 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,529 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,322 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Other long-term liabilities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,503 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,384</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,587 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Total Liabilities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>44,562 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>42,817</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>48,750 </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Equity attributable to the equity holders of the parent</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">31,743 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">30,135 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">25,580 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Non&ndash;controlling interests</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,186 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,190 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,229 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Total Equity</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>33,929 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>32,325</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>27,809 </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Total Liabilities and Shareholders&rsquo; Equity</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>78,491</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>75,142</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>76,559</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>ArcelorMittal Condensed Consolidated Statement
of Operations<SUP>1</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">In millions of U.S. dollars unless otherwise shown</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Three months ended</FONT></TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 45%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Mar 31,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2017</P></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Dec 31,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Sept 30,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Jun 30,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Mar 31,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Sales</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">16,086</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,126</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,523</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,743</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13,399</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(655)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(696)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(693)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(680)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(652)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(156)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(49)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Exceptional income<SUP>8</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">832 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,576 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>809</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,204 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,873 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>275 </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Operating margin %</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>9.8%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>5.7%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>8.3%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>12.7%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>2.1%</I></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Income from associates, joint ventures and other investments</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">86 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">109 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">168 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">324 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Net interest expense</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(223)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(221)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(255)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(306)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(332)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Foreign exchange and other net financing (loss)/gain </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(133)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(278)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(223)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(450)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Income before taxes and non-controlling interests</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,306 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>324</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>835 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,285 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>276 </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;Current tax</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(207)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(80)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(67)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(83)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(24)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;Deferred tax</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(76)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">93</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(79)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(70)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(676)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Income tax (expense) / benefit</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(283)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(146)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(153)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(700) </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Income / (loss) including non-controlling interests</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,023 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>337</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>689</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,132 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(424) </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Non-controlling interests (income) / loss</FONT></TD>
    <TD NOWRAP STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(21)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">66</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(9)</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(20)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Net income/(loss) attributable to equity holders of the parent </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,002</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>403</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>680</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,112</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(416)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Basic earnings / (loss) per common share ($)</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt"><SUP>3</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.33</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.13</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.22 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.38 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(0.23) </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Diluted earnings / (loss) per common share ($)</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt"><SUP>3</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.33</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.13</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.22</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.38 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(0.23) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Weighted average common shares outstanding (in millions)</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt"><SUP>3</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,059 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,059 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,059 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,961 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,793 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Diluted weighted average common shares outstanding (in millions)</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt"><SUP>3</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,067</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,064</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,063</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,964</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,793</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>OTHER INFORMATION</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2,231 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,661 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,897 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,770 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>927</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">EBITDA Margin %</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>13.9%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>11.8%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>13.1%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>12.0%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>6.9%</I></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Own iron ore production (million metric tonnes)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black">14.0 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black">13.9 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13.7 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black">13.5 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black">14.1 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Crude steel production (million metric tonnes)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.6 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21.8 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">22.6 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.1 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.2 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Total shipments of steel products (million metric tonnes) </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21.1 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">20.0 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">20.3 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">22.1 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21.5 </FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>ArcelorMittal Condensed Consolidated Statement
of Cash flows<SUP>1 </SUP></B></P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">In millions of U.S. dollars</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Three months ended</FONT></TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Mar 31,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2017</P></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Dec 31,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Sept 30,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Jun 30,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Mar 31,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Operating activities:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Income /(loss) attributable to equity holders of the parent</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,002 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">403</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">680 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,112 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(416)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Adjustments to reconcile net income / (loss) to net cash (used in) / provided by operations:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Non-controlling interest&rsquo;s income / (loss)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(66)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">20 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Depreciation and impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">655 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">852</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">693 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">729 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">652 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Exceptional income<SUP>8</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(832)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Income from associates, joint ventures and other investments</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(86)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(14)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(109)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(168)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(324)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Deferred income tax</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">76</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(93)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">79</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">70 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">676 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Change in working capital</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(2,181)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">495 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(565)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">235 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,188)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Other operating activities (net)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">214 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">76 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">89 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(297)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(82)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Net cash (used in) / provided by operating activities</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(299)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,653 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>876 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>869 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(690)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Investing activities: </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Purchase of property, plant and equipment and intangibles</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(580)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(802)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(535)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(521)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(586)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Other investing activities (net)</FONT></TD>
    <TD NOWRAP STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(18)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(7)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">235 </FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,059 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Net cash (used in) / provided by investing activities</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(598)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(809)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(300)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>538 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(572)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Financing activities:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Net proceeds / (payments) relating to payable to banks and long-term debt</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">743 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(450)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(717)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(4,923)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">83</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Dividends paid</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(40)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(7)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(7)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(41)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(6)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Equity offering</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,115 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Other financing activities (net) </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(37)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(11)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(17)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(8)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">63</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Net cash provided by / (used in) financing activities </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>666 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(468)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(741)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(1,857)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>140</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Net (decrease) / increase in cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(231)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">376 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(165)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(450)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,122)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Cash and cash equivalents transferred from/ (to) assets held for sale </FONT></TD>
    <TD NOWRAP STYLE="background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(13)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Effect of exchange rate changes on cash</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(15)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">29 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(23)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(118)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Change in cash and cash equivalents</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(215)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>348 </B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(136)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(473)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(1,240)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal FoundrySterling-Book; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; color: #FF3700"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Appendix 1: Product shipments by region </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 41%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>(000'kt)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>1Q 17</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>4Q 16</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>3Q 16</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>2Q 16</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>1Q 16</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Flat</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,944</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,301</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,698</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,641</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,567</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Long</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">829</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">817</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">829</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">964</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,037</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>NAFTA </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5,610</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5,011</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5,364</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5,443</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5,463</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Flat</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,364</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,877</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,730</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,627</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,455</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Long</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">866</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">964</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,026</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,065</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,009</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2,226</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2,841</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2,751</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2,689</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2,472</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Flat </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,377</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,541</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,562</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,536</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,332</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Long</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,806</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,967</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,767</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,316</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,064</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Europe</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>10,208</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>9,535</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>9,382</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>10,886</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>10,444</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">CIS</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,119</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,198</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,459</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,322</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,202</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Africa</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,102</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">895</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">950</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,130</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,112</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>ACIS</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,221</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,095</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,408</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,453</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,315</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">Note: &ldquo;Others and eliminations&rdquo; lines are not presented
in the table&#9;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; text-align: justify; color: #FF3700"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; text-align: justify; color: #FF3700"><B>Appendix 2: Capital
expenditures</B></P>

<P STYLE="font: 10pt/normal Arial Rounded MT Bold,sans-serif; margin: 0; text-align: justify; color: #FF6600">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 41%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">(USDm)</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>1Q 17</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>4Q 16</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>3Q 16</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>2Q 16</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>1Q 16</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">NAFTA</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">97</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">138</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">98</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">103</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">106</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">57</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">81</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">44</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">48</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">64</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Europe</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">252</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">313</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">171</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">192</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">275</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">ACIS</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">73</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">128</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">105</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">101</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">63</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Mining</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">90</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">137</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">113</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">71</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">71</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>580</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>802</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>535</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>521</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>586</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">Note: &ldquo;Others and eliminations&rdquo; lines
are not presented in the table&#9;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Appendix 3: Debt repayment schedule as of
March 31, 2017</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Debt repayment schedule (USD billion)</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>2017</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>2019</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>2020</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>&gt;2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Bonds*</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Commercial paper</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Other loans**</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total gross debt</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1.6</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>14.5</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">* 2017 bonds include $0.9 billion of bonds that were early redeemed
in April 2017</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">** Other loans in 2017 includes a $0.5 billion drawing under the ArcelorMittal
USA $1 billion asset based loan (facility available until 2021)</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Appendix 4: Credit lines available as of
March 31, 2017</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Credit lines available (USD billion)&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Maturity</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Commitment</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Drawn </FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Available</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">- $2.3bn tranche of $5.5bn revolving credit facility&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">21/12/2019</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">2.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">2.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">- $3.2bn tranche of $5.5bn revolving credit facility&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">21/12/2021</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">3.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black; line-height: 115%">3.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total committed lines&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5.5</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5.5</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Appendix 5: Reconciliation of EBITDA to operating
income </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 40%; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white; line-height: 115%">(USDm) </FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>1Q 17&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>4Q 16&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>3Q 16&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>2Q 16&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>1Q 16&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>EBITDA</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>2,231</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,661 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,897 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,770 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>927 </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Depreciation </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(655)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(696)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(693)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(680)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(652)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(156)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(49)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Exceptional income<SUP>8</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">832 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">- </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>Operating income </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,576</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>809 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,204 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,873 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>275 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">Note: Segment EBITDA is reconciled to segment
operating income in each of the segment discussions above.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Appendix 6: Reconciliation of net debt </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 55%; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white; line-height: 115%">(USDm) </FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>Mar 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>Dec 31, 2016</B></FONT></TD>
    <TD STYLE="width: 15%; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>Mar 31, 2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Short term debt and current portion of long-term debt</FONT></TD>
    <TD NOWRAP STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">3,452</FONT></TD>
    <TD NOWRAP STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1,885</FONT></TD>
    <TD STYLE="border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">3,883</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Long-term debt, net of current portion</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">11,047</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">11,789</FONT></TD>
    <TD STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">16,309</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>Gross Debt</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>14,499</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>13,674</B></FONT></TD>
    <TD STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>20,192</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Less:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">2,402</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">2,615</FONT></TD>
    <TD STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">2,863</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>Net debt </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>12,097</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>11,059</B></FONT></TD>
    <TD STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>17,329</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Appendix 7: 1:3 Share consolidation / Reverse
Stock split</B></P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">At the Extraordinary General Meeting held on May 10, 2017, the
ArcelorMittal Shareholders approved a share consolidation based on a ratio 1:3, whereby every three current shares will be consolidated
into one share (with a change in the number of shares outstanding and the accounting par value per share). The table below presents
the weighted average common shares outstanding and basic and diluted earnings per share following the share consolidation for the
3 months ended March 31, 2017 and for the 3 months ended December 31, September 30, June 30 and March 31, 2016 recast for comparative
purposes.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="background-color: #5C7F92; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="background-color: #5C7F92; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Three months ended</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%">In millions of U.S. dollars unless otherwise shown</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%; text-align: right"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>Mar 31, <BR>
2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%; text-align: right"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>Dec 31, <BR>
2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%; text-align: right"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>Sept. 30, <BR>
2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%; text-align: right"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>June 30, <BR>
2016</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; line-height: 115%; text-align: right"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: white; line-height: 115%"><B>Mar 31, <BR>
2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>Net income/(loss) attributable to equity holders of the parent</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,002</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>403</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>680</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,112</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>(416)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Basic earnings / (loss) per common share ($)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">0.98</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">0.40</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">0.67</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1.13</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(0.70)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Diluted earnings / (loss) per common share ($)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">0.98</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">0.39</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">0.67</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1.13</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">(0.70)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Weighted average common shares outstanding (in millions)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1,020</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1,020</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1,020</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">987</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">598</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">Diluted weighted average common shares outstanding (in millions)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1,022</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1,021</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">1,021</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">988</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">598</FONT></TD></TR>
<TR>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; text-align: justify; color: #FF3700"><B>Appendix 8: Terms
and definitions</B></P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">Unless indicated otherwise, or the context otherwise requires, references
in this earnings release report to the following terms have the meanings set out next to them below:</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0 2.85pt 0 0"><B>LTIF:</B> lost time injury frequency rate equals lost
time injuries per 1,000,000 worked hours, based on own personnel and contractors.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>EBITDA:</B> operating income plus depreciation, impairment expenses
and exceptional income/(charges).</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Exceptional income / (charges): </B>relate to transactions that
are significant, infrequent or unusual and are not representative of the normal course of business such as restructuring costs
or asset disposals.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Cash and cash equivalents: </B>represents cash and cash equivalents,
restricted cash and short-term investments</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Net debt:</B> long-term debt, plus short term debt less cash and
cash equivalents</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Gross debt</B>: long-term debt, plus short term debt (including
those held as part of liabilities held for sale).</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Market-priced tonnes:</B> represent amounts of iron ore and coal
from ArcelorMittal mines that could be sold to third parties on the open market. Market-priced tonnes that are not sold to third
parties are transferred from the Mining segment to the Company&rsquo;s steel producing segments and reported at the prevailing
market price. Shipments of raw materials that do not constitute market-priced tonnes are transferred internally and reported on
a cost-plus basis.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Foreign exchange and other net financing (loss) / gain:</B> include
foreign currency exchange impact, bank fees, interest on pensions, impairments of financial instruments, revaluation of derivative
instruments and other charges that cannot be directly linked to operating results.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Average steel selling prices:</B> calculated as steel sales divided
by steel shipments.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Mining segment sales:</B> i) &ldquo;External sales&rdquo;: mined
product sold to third parties at market price; ii) &ldquo;Market-priced tonnes&rdquo;: internal sales of mined product to ArcelorMittal
facilities and reported at prevailing market prices; iii) &ldquo;Cost-plus tonnes&rdquo; - internal sales of mined product to ArcelorMittal
facilities on a cost-plus basis. The determinant of whether internal sales are reported at market price or cost-plus is whether
the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist
to access that market).</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Working capital: </B>trade accounts receivable plus inventories
less trade and other accounts payable.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Capex:</B> includes the acquisition of tangible and intangible assets.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Seaborne iron ore reference prices:</B> refers to iron ore prices
for 62% Fe CFR China.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Own iron ore production:</B> Includes total of all finished production
of fines, concentrate, pellets and lumps (excludes share of production and strategic long-term contracts).</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>On-going projects:</B> Refer to projects for which construction
has begun (excluding various projects that are under development), even if such projects have been placed on hold pending improved
operating conditions.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0 2.85pt 0 0"><B>EBITDA/tonne:</B> calculated as EBITDA divided by total
steel shipments.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0 2.85pt 0 0"><B>Steel-only EBITDA:</B> calculated as EBITDA less Mining
segment EBITDA.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0 2.85pt 0 0"><B>Steel-only EBITDA/tonne:</B> calculated as steel-only
EBITDA divided by total steel shipments.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Iron ore unit cash cost:</B> includes weighted average pellet and
concentrate cost of goods sold across all mines.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Liquidity:</B> Cash and cash equivalents plus available credit lines
excluding back-up lines for the commercial paper program.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Shipments</B> information at segment and group level eliminates
intra&ndash;segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively.
Shipments of Downstream Solutions are excluded.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Operating segments:</B> The NAFTA segment includes the Flat, Long
and Tubular operations of USA, Canada and Mexico. The Brazil segment includes the Flat operations of Brazil, and the Long and Tubular
operations of Brazil and its neighboring countries including Argentina, Costa Rica and Venezuela. The Europe segment comprises
the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions. The ACIS segment includes the
Flat, Long and Tubular operations of Kazakhstan, Ukraine and South Africa.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>YoY</B>: Refers to year-on-year.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Free cash flow</B>: Refers to net cash provided by (used in) operating
activities less capex.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Net debt/EBITDA:</B> Refers to Net debt divided by last twelve months
EBITDA calculation.</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>Operating results: </B>Refers to operating income/(loss).</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">1</FONT>
The financial information in this press release has been prepared consistently with International Financial Reporting Standards
(&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;) and as adopted by the European
Union. The interim financial information included in this announcement has been also prepared in accordance with IFRS applicable
to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report
as defined in International Accounting Standard 34, &ldquo;Interim Financial Reporting&rdquo;. The numbers in this press release
have not been audited. The financial information and certain other information presented in a number of tables in this press release
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 press release
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. This press release also includes certain
non-GAAP financial measures. ArcelorMittal presents EBITDA, and EBITDA/tonne, which are non-GAAP financial measures and defined
in appendix 8, as additional measurements to enhance the understanding of operating performance. ArcelorMittal believes such indicators
are relevant to describe trends relating to cash generating activity and provides management and investors with additional information
for comparison of the Company&rsquo;s operating results to the operating results of other companies. ArcelorMittal also presents
net debt and the ratio of net debt to EBITDA as an additional measurement to enhance the understanding of its financial position,
changes to its capital structure and its credit assessment. Non-GAAP financial measures should be read in conjunction with and
not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS. Such non-GAAP measures may not
be comparable to similarly titled measures applied by other companies.</P>

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On a comparable basis (considering the sale of long steel producing subsidiaries in the US (LaPlace and Vinton) in 2Q 2016 and
Zaragoza in Spain during 3Q 2016), total steel shipments for 1Q 2017 of 21.1Mt was 0.9% lower as compared with 21.2Mt for 1Q 2016.</P>

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At the Extraordinary General Meeting held on May 10, 2017, the ArcelorMittal Shareholders approved a share consolidation based
on a ratio 1:3, whereby every three current shares will be consolidated into one share (with a change in the number of shares outstanding
and the accounting par value per share). The figures presented for the basic and diluted earnings per share do not reflect this
change and are prior to the share consolidation. See Appendix 7 for the EPS calculated after the share consolidation exercise.</P>

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China Oriental completed a share placement to restore the minimum 25% free float as per HKEx listing requirements. Following the
share placement, ArcelorMittal&rsquo;s interest in China Oriental decreased from 47% to 39%, as a result of which ArcelorMittal
recorded a net dilution loss of $44 million.</P>

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On February 5, 2016 ArcelorMittal announced it had sold its 35% stake in Gestamp Automoci&oacute;n (&quot;Gestamp&quot;) to the
majority shareholder, the Riberas family, for a total cash consideration of &euro;875 million ($971 million) received in June 2016.
In addition to the cash consideration, ArcelorMittal received in 2Q 2016 a payment of $11 million as a 2015 dividend.</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">6</FONT>
On September 28, 2016, ArcelorMittal South Africa (&ldquo;AMSA&rdquo;) announced that it had entered into agreements to implement
a Broad-Based Black Economic Empowerment (B-BBEE) transaction which includes: the issuance of a 17% shareholding in AMSA using
a new class of notionally funded shares to a special purpose vehicle owned by Likamva Resources Proprietary Limited (Likamva).
Likamva has undertaken to introduce broad-based social and community development organisations as shareholders to hold an effective
5% interest (of the 17%, leaving Likamva with a 12% shareholding) within 24 months; and a 5.1% shareholding in AMSA using another
new class of notionally funded shares to the ArcelorMittal South Africa Employee Empowerment Share Trust&nbsp;for the benefit of
AMSA employees and AMSA management. All the shares have certain restrictions on disposal for a period of 10 years (&ldquo;Lock-in
Period&rdquo;), thereby promoting long-term sustainable B-BBEE in AMSA.</P>

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ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada</P>

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On June 23, 2016, following the ratification by the United Steelworkers of a new labor agreement which is valid until September
1, 2018, ArcelorMittal made changes mainly to healthcare post-retirement benefits in its subsidiary ArcelorMittal USA (NAFTA).
The changes resulted in a gain of $832 million recorded in 2Q 2016.</P>

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On December 16, 2016, ArcelorMittal signed a &euro;350 million finance contract with the European Investment Bank in order to finance
European research, development and innovation projects over the 2017-2020 period within the European Union, predominantly France,
Belgium and Spain, but also in the Czech Republic, Poland, Luxembourg and Romania. The Company benefits from a guarantee from the
European Union under the European Fund for Strategic Investments.</P>

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On December 21, 2016, ArcelorMittal signed an agreement for a $5.5 billion revolving credit facility (the &quot;Facility&quot;).
This Facility amends and restates the $6 billion revolving credit facility dated April 30, 2015. The amended agreement incorporates
a first tranche of $2.3 billion maturing on December 21, 2019, and a second tranche of $3.2 billion maturing on December 21, 2021.
The Facility may be used for general corporate purposes. As of March 31, 2017, the $5.5 billion revolving credit facility remains
fully available.</P>

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Assets and liabilities held for sale, as of March 31, 2017, include the carrying value of the USA long product facilities at Steelton
(&ldquo;Steelton&rdquo;). Assets and liabilities held for sale, as of December 31, 2016, include the carrying value Steelton and
some activities of ArcelorMittal downstream solutions in the Europe segment and America&rsquo;s Tailored Blanks.</P>

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The comparative amounts as of March 31, 2016, were reclassified to conform with the presentation as of December 31, 2016 in the
annual report.</P>



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