<SEC-DOCUMENT>0000903423-17-000476.txt : 20170727
<SEC-HEADER>0000903423-17-000476.hdr.sgml : 20170727
<ACCEPTANCE-DATETIME>20170727121948
ACCESSION NUMBER:		0000903423-17-000476
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170727
FILED AS OF DATE:		20170727
DATE AS OF CHANGE:		20170727

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:		17985272

	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_0727.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<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 July 27, 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 &#9744;</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">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 </FONT>&#9744;<FONT STYLE="font-size: 11pt">&#9;No
</FONT>&#9746;</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>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 27, 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><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="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="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Press release dated July 27, 2017, reporting that ArcelorMittal announces its second quarter 2017 and half year 2017 results.</FONT></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: justify; text-indent: 0.5in"></P>


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

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: 27 July, 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">By: <FONT><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 and Data Protection Officer</TD></TR></TABLE>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><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="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Press release dated July 27, 2017, reporting that ArcelorMittal announces its second quarter 2017 and half year 2017 results.</FONT></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>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>arcelor6kex991_0727.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt"><B>Luxembourg,
July 27, 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><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">for the three month and six month periods ended June 30, 2017.</FONT></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: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Health and safety: LTIF rate of
0.72x in 2Q 2017; 1H 2017 LTIF of 0.78x stable YoY</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: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Operating income of $1.4 billion
in 2Q 2017; 1H 2017 operating income of $3.0 billion, 38.1% higher YoY</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: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">EBITDA of $2.1 billion in 2Q 2017;
1H 2017 EBITDA of $4.3 billion, 61% higher YoY</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: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Net income of $1.3 billion in
2Q 2017; 1H 2017 net income of $2.3 billion as compared to $696 million in 1H 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: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Steel shipments of 21.5 Mt in
2Q 2017, up 2% vs. 1Q 2017; 1H 2017 steel shipments of 42.5Mt, down 2.4% YoY. Steel shipments down 1.2% on a comparable basis </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: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">2Q 2017 iron ore shipments of 15.2Mt (-0.9% YoY), of which
9.5 Mt shipped at market prices (-1.2% YoY); 1H 2017 market price iron ore shipments at 18.1Mt; up 4.3% YoY</FONT></P>

<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: Symbol; font-size: 10pt; line-height: 150%">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt; line-height: 150%">Net debt decreased to $11.9 billion
as of June 30, 2017, as compared to $12.1 billion as of March 31, 2017 due to positive free cash flow</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%">(+$0.6 billion) (despite investment in working
capital) offset in part by foreign exchange losses (-$0.4 billion)</FONT></P>

</DIV>

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

<DIV STYLE="padding: 1pt 4pt 1pt 1pt; border: Black 1pt solid">

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><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 STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Advancing our leadership position:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">ArcelorMittal launched two new
advanced high strength steel products Usibor&reg; 2000 and Ductibor&reg; 1000 to the market, furthering our industry leading offering
to automotive customers; in addition, the new Jet Vapor Deposition line at Liege highlights ArcelorMittal&rsquo;s technology leadership</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Action 2020 progress ongoing:
Transformation program in Europe progressing well; we are now operating from a more efficient, resized footprint and utilising
enhanced digitalization of operations to drive productivity improvements and support maintenance excellence</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><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 STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Investing with focus and discipline:
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">&ndash;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt; line-height: 150%">ArcelorMittal
selected to become the new owner of Ilva, a significant opportunity to create value for our shareholders by leveraging ArcelorMittal&rsquo;s
strengths to realise Ilva&rsquo;s potential as a Tier 1 supplier to European and Italian steel customers. Additionally, ArcelorMittal
Brasil S.A. announced the acquisition of Votorantim S.A. long steel businesses in Brazil</FONT><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt; line-height: 115%"><SUP>3</SUP></FONT>
<FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt; line-height: 150%">to strengthen the Company&rsquo;s long product
capability and product leadership</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><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 STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Strategic investments completed
in line with the continuous shift towards higher added value products: </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Completed slab yard expansion
project at Calvert (US), and Galvaline investment at Dofasco (Canada), increasing our galvanised sheet capability; and commissioned
the ArcelorMittal Krakow (Poland) hot rolling mill extension for increased HRC and HDG capacity </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><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 STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Balance sheet progress: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">Net debt was lower by $0.8 billion
YoY despite a $2.8 billion investment in working capital over the last 12 months reflecting improved market conditions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 10pt">S&amp;P and Moody&rsquo;s credit
rating upgrades reflecting ongoing progress towards achieving our financial priority of an investment grade credit rating</FONT></TD></TR></TABLE>

</DIV>

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

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

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0 0 10pt; text-align: justify">Looking to the outlook, current market conditions
are improved compared to twelve months ago with steel spreads currently at healthy levels. The demand environment is positive,
as evidenced by the highest readings from the ArcelorMittal weighted PMI Index since April 2011, which suggests that steel shipments
in 2H 2017 will be higher than would normally be suggested by seasonality alone.</P>

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0 0 10pt; text-align: justify">The Company now expects that the cash needs
of the business (excluding working capital and premiums paid to retire debt early of $0.2 billion (not included in previous guidance))
in 2017 to be approximately $4.6 billion (as compared to $5.0 billion previous guidance). Given the liability management exercise
and lower average debt, we now expect interest expense to decline to $0.8 billion in 2017 (as compared to $0.9 billion from previous
guidance and $1.1 billion in FY 2016). While capex expectation for 2017 remains at $2.9 billion (from $2.4 billion in 2016), the
Company expects lower cash taxes and contributions to fund pensions and other cash expenses to be lower than previous guidance.</P>

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0 0 10pt; text-align: justify">Given the improved market conditions, the
Company now expects a full year 2017 investment in working capital of approximately $1.5 billion (as compared to previous guidance
of approximately $1.0 billion).</P>

</DIV>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% VAG Rounded Light,sans-serif; margin: 0 0 10pt; color: #FF3700"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; 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">2Q 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">1Q 17</FONT></TD>
    <TD 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">1H 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">1H 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">17,244 </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">16,086 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">14,743 </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">33,330 </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">28,142 </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">1,390 </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">1,576 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,873</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">2,966 </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">2,148 </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 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">1,322 </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">1,002 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt 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>
    <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">2,324 </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">696 </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 per share (US$)<FONT STYLE="line-height: 115%"><SUP>4</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">1.30</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">0.98</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.13</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">2.28</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">0.88</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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD 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; 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">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">65</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">75</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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; 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; 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></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">2,112</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">2,231</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,770</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">4,343</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">2,697</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$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">98</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">106</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">80</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">102</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">62</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel-only EBITDA/ tonne (US$/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; 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 STYLE="border-bottom: Black 1pt solid; 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; 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; 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">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="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="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 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="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></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">23.2</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">23.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.1</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">46.8</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">46.3</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%"><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">21.5</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">21.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">22.1</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">42.5</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">43.6</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">14.7</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">14.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt 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; 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">28.7</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">27.6</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">9.5</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">8.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt 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; 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">18.1</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">17.4</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>

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

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

<P STYLE="font: 9pt FoundrySterling-Book; margin: 0">&quot;We have materially improved our financial performance in the first half
of 2017, and continue to make important progress on our Action 2020 plan. The recently announced acquisition of&nbsp;Ilva&nbsp;represents
a unique opportunity to create value for our shareholders.&nbsp;Looking ahead demand remains strong in our core markets supporting
robust order books and healthy levels of steel spreads. However,&nbsp;it remains a matter of concern that we are not able to capture
the full benefits of this demand growth due to continued high levels of imports. We continue to work towards achieving a comprehensive
trade solution in response to unfair imports.&quot;</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>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>Second 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; text-align: justify">ArcelorMittal management (including CEO and CFO)
will host a conference call for members of the investment community to discuss the second quarter period ended June 30, 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: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 34%; 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 STYLE="width: 24%; 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 STYLE="width: 28%; 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 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: 8pt; color: white">CET</FONT></TD></TR>
<TR STYLE="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: 8pt">Thursday July 27, 2017</FONT></TD>
    <TD NOWRAP 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 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 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 STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</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: 9pt">The dial in numbers are: </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></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">Location</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-BoldCE; font-size: 8pt; color: white">Toll free dial in numbers</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-BoldCE; font-size: 8pt; color: white">Local dial in numbers</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-BoldCE; font-size: 8pt; color: white">&nbsp;Participant</FONT></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">UK local:</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: 8pt">0800 0515 931</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: 8pt">+44 (0)203 364 5807</FONT></TD>
    <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">24379437#</FONT></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">US local: </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: 8pt">1 86 6719 2729 </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: 8pt">+1 24 0645 0345</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; 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">24379437#</FONT></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">US (New York):</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: 8pt">1 86 6719 2729</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: 8pt">+ 1 64 6663 7901</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; 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">24379437#</FONT></TD></TR>
<TR>
    <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: 8pt">France:</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: 8pt">0800 914780&nbsp;</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: 8pt">+33 1 7071 2916</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; 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">24379437#</FONT></TD></TR>
<TR>
    <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: 8pt">Germany:</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: 8pt">0800 965 6288&nbsp;</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: 8pt">+49 692 7134 0801</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; 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">24379437#</FONT></TD></TR>
<TR>
    <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: 8pt">Spain:</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: 8pt">90 099 4930</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: 8pt">+34 911 143436 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; 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">24379437#</FONT></TD></TR>
<TR>
    <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: 8pt">Luxembourg:</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: 8pt">800 26908</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: 8pt">+352 27 86 05 07</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; 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">24379437#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP 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="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></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP 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">Number</FONT></TD>
    <TD 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">Language</FONT></TD>
    <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">Access code</FONT></TD></TR>
<TR STYLE="background-color: white">
    <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">&nbsp;+49 (0) 1805 2047 088</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: 8pt">English</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">511066#</FONT></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>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 was 0.72x in the second quarter of 2017 (&ldquo;2Q 2017&rdquo;) as compared to 0.80x for
the first quarter of 2017 (&ldquo;1Q 2017&rdquo;) and 0.79x for the second quarter of 2016 (&ldquo;2Q 2016&rdquo;).</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Health and safety performance was stable at 0.78x in the first six
months of 2017 (&ldquo;1H 2017&rdquo;) as compared to the first six months of 2016 (&ldquo;1H 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">2Q 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">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">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">1H 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">1H 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>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>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>0.58</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>0.83</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%"><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">0.51</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">0.85</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">0.62</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">0.75</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">0.84</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">0.37</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">0.41</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">0.46</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">0.40</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></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">1.08</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">1.20</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">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">1.15</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">0.97</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">0.62</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">0.45</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">0.53</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">0.52</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></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>0.75</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>0.83</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>0.78</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>0.81</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>0.77</B></FONT></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>0.72</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>0.79</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>0.78</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>0.78</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
2Q 2017:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; 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: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Annual Review, Sustainable Progress, published in May 2017
as the group&rsquo;s second step towards integrated reporting. </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">Launched 2nd generation of our iCARe&reg; electrical steels
in June 2017. iCARe&reg; offers more power and driving range for electric motors.</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">On top of the relining of blast furnace no. 5 and modernization
of the basic oxygen furnace already completed in Krakow, Poland, the capacity expansion of the hot rolling mill and a new galvanizing
line have been commissioned in 2Q 2017. Together, these investments exceed &euro;120 million and not only will they extend the
life of the blast furnace for the next 20 years, preserving jobs in the Krakow unit and numerous related industries, but they will
also ensure the Krakow site complies with EU air emission regulations which come into force in autumn 2018.</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">On June 27, 2017, ArcelorMittal filed its 2016 report on Payments
to Governments in respect of Extractive Activities, which provides a consolidated overview of payments made by the Company and
its subsidiaries in 2016 to governments regarding its mining operations. The report, which complies with new reporting requirements
under Luxembourg law, is available for download from corporate.arcelormittal.com within the 'Investors' section.</FONT></TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 the six months ended June 30, 2017 versus results for the six months ended June 30, 2016 </B></P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Total steel shipments for 1H 2017 were 42.5 million metric tonnes.
On a comparable basis, excluding shipments from assets sold subsequent to the comparable period (i.e. sale of long steel producing
subsidiaries in the US (LaPlace and Vinton) and Zaragoza in Spain), and excluding the impact of the optimization at Zumarraga in
Spain (Europe segment) total steel shipments in 1H 2017 declined 1.2% as compared to 1H 2016.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales for 1H 2017 increased by 18.4% to $33.3 billion as compared with
$28.1 billion for 1H 2016, primarily due to higher average steel selling prices (+23.1%), and higher seaborne iron ore reference
prices (+43%).</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Depreciation of $1.3 billion for 1H 2017 was stable as compared to
1H 2016. FY 2017 depreciation is expected to be approximately $2.8 billion.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Impairment charges for 1H 2017 were $46 million related to a downward
revision of cash flow projections&nbsp;in South Africa as compared to impairment charges for 1H 2016 of $49 million related to
the sale of ArcelorMittal Zaragoza in Spain.</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">Exceptional income for 1H 2016 was $832
million relating to a one-time gain on employee benefits following the signing of the US labour contract</FONT><FONT STYLE="font-size: 8pt; line-height: 115%"><SUP>5</SUP></FONT><FONT STYLE="font-size: 9pt">.</FONT></P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income for 1H 2017 was $3.0 billion as compared to $2.1 billion
in 1H 2016. Operating results for 1H 2016 were positively impacted by exceptional income as discussed above.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Income from investments in associates, joint ventures and other investments
in 1H 2017 was $206 million as compared to $492 million in 1H 2016. Income from investments in associates, joint ventures and other
investments in 1H 2017 included improved performance of Calvert and Chinese investees, offset in part by a loss on dilution of
the Company&rsquo;s stake in China Oriental<FONT STYLE="line-height: 115%"><SUP>6</SUP></FONT>. Income from investments in associates,
joint ventures and other investments for 1H 2016 included $329 million related to gain on disposal of Gestamp<FONT STYLE="line-height: 115%"><SUP>7</SUP></FONT>.
Income from investments in associates, joint ventures and other investments in 1H 2016 and 1H 2017 includes the annual dividend
received from Erdemir of $44 million, and $45 million, respectively.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Net interest expense (including interest expense and interest income)
was lower at $430 million in 1H 2017, as compared to $638 million in 1H 2016, driven by debt reduction including early bond repayments
and repayment at maturity on bonds. The Company now expects full year 2017 net interest expense of approximately $0.8 billion (reduced
from previous guidance of $0.9 billion).</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 gains were $77 million for
1H 2017 as compared to foreign exchange and other net financing costs of $441 million for 1H 2016. Foreign exchange and other net
financing gains for 1H 2017 include foreign exchange gains of $282 million as compared to a foreign exchange gain of $60 million
in 1H 2016, mainly on account of USD depreciation of 8.3% against the Euro (versus 2% depreciation in prior period). 1H 2017 includes
non-cash mark-to-market gains on derivatives (primarily mandatory convertible bonds call options following the market price increase
in the underlying shares) totalling $0.3 billion in 1H 2017 as compared to $0.1 billion in 1H 2016. The foreign exchange gain in
1H 2017 is largely non-cash and primarily relates to the gain from the impact of the USD movements on Euro denominated deferred
tax assets, partially offset by foreign exchange losses on euro denominated debt. Foreign exchange and other net financing gains/costs
for 1H 2017 and 1H 2016 also includes $159 million and $237 million premium expense on the early redemption of bonds.</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 $480 million for 1H
2017 as compared to an income tax expense of $853 million for 1H 2016.&nbsp;The tax expense in 1H 2016 includes derecognition of
deferred tax assets (DTA) amounting to $0.7 billion in Luxembourg. This derecognition is related to revised expectations of DTA
recoverability in US dollar terms, and is not related to a deterioration of expected future taxable income.</P>

<P STYLE="font: 10pt/normal Trebuchet MS, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ArcelorMittal&rsquo;s net income for 1H 2017 was $2.3 billion, or $2.28
earnings per share<SUP>4</SUP>, as compared to net income in 1H 2016 of $0.7 billion, or $0.88 earnings per share<SUP>4</SUP>.</P>

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

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FF3700"><B>Analysis of results
for 2Q 2017 versus 1Q 2017 and 2Q 2016 </B></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 2Q 2017 were 2% higher at 21.5 million
metric tonnes as compared with 21.1 million metric tonnes for 1Q 2017 primarily due to improved shipments in Brazil (+17.8%), Europe
(+2.5%), ACIS (+1.1%), offset in part by lower shipments in NAFTA (-3.4%).</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">On a comparable basis, excluding shipments from assets sold subsequent
to the comparable period (i.e. considering the sale of Zaragoza in Spain), and excluding the impact of the optimization at Zumarraga
in Spain (Europe segment) total steel shipments for 2Q 2017 were 2.0% lower as compared to 2Q 2016, primarily due to lower shipment
volumes in Brazil (-2.5% due to weak construction market), Europe (down 0.2Mt or -2.2% due to weaker long products) and ACIS (down
0.2Mt or -5.7% due to weak South Africa market and lower shipments in Ukraine).</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Sales in 2Q 2017 were $17.2 billion as compared to $16.1 billion
for 1Q 2017 and $14.7 billion for 2Q 2016. Sales in 2Q 2017 were 7.2% higher as compared to 1Q 2017 primarily due to higher average
steel selling prices (+4.8%), higher steel shipments (+2%), higher market-priced iron ore shipments (+9.5%) offset in part by lower
seaborne iron ore reference prices (-26.6%). Sales in 2Q 2017 were 17% higher as compared to 2Q 2016 primarily due to higher average
steel selling prices (+21.5%) and higher seaborne iron ore reference prices (+13.0%) offset by lower steel shipments (-2.8%) and
lower market-priced iron ore shipments (-1.2%).</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Depreciation for 2Q 2017 was higher at $676 million as compared to
$655 million for 1Q 2017 and stable as compared to $680 million in 2Q 2016. Depreciation increased in 2Q 2017 as compared to 1Q
2017, primarily on account of foreign exchange differences following the depreciation of USD vs major currencies.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Impairment charges for 2Q 2017 were $46 million related to a downward
revision of cash flow projections&nbsp;in South Africa. Impairment charges for 2Q 2016 were $49 million related to the sale of
the ArcelorMittal Zaragoza facility in Spain.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Exceptional income for 2Q 2016 was $832 million relating to a one-time
gain on employee benefits following the signing of the US labour contract<SUP>5</SUP>.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income for 2Q 2017 was $1.4 billion as compared to $1.6 billion
in 1Q 2017 and $1.9 billion in 2Q 2016. Operating results for 2Q 2017 were impacted by impairment charges as discussed above. Operating
results for 2Q 2016 were impacted by exceptional income discussed above.</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 2Q
2017 of $120 million was higher as compared to income for 1Q 2017 of $86 million and lower as compared to $168 million for 2Q 2016.
Income from associates, joint ventures and other investments for 2Q 2017 increased on account of improved performance of the Chinese
investees. Income in 1Q 2017 included the annual dividend declared by Erdemir ($45 million) offset by a loss on dilution of the
Company&rsquo;s stake in China Oriental<SUP>6</SUP>. Income from associates, joint ventures and other investments for 2Q 2016 included
an annual dividend received from Erdemir ($44 million) which in 2017 is included in 1Q 2017.</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 2Q 2017 was $207 million as compared to $223
million in 1Q 2017 and $306 million in 2Q 2016. Net interest expense was lower in 2Q 2017 as compared to 1Q 2017 and 2Q 2016 primarily
due to debt reduction including early bond repayment via debt tenders and repayment at maturity on bonds during 2016 and 2017.</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 gains in 2Q 2017 were $210
million as compared to foreign exchange and other net financing costs of $133 million for 1Q 2017 and costs of $450 million in
2Q 2016. The foreign exchange gains/losses are largely non-cash and primarily relate to the gains/losses from the impact of the
USD movements on euro-denominated deferred tax assets, partially offset by foreign exchange gain/losses on euro-denominated debt.
For 2Q 2017 a foreign exchange gain of $247 million was recorded (as compared to a gain of $35 million for 1Q 2017) mainly on account
of a 6.7% depreciation of the USD against the Euro (versus 1.4% depreciation in 1Q 2017). Both 2Q 2017 and 1Q 2017 include non-cash
mark-to-market gains on derivatives (primarily mandatory convertible bonds call options following the market price increase in
the underlying shares) of $150 million and $158 million, respectively. 1Q 2017 includes $159 million on premium expenses on an
early repayment of bonds (settled in April 2017). Foreign exchange and other net financing costs for 2Q 2016 include a foreign
exchange loss of $47 million mainly on account of USD appreciation of 2.5% against the Euro and 10.9%</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">depreciation against BRL. 2Q 2016 also includes $237 million premium
expense on the early redemption of bonds.</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 $197 million for 2Q
2017 as compared to an income tax expense of $283 million for 1Q 2017 and an income tax expense of $153 million for 2Q 2016.</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
2Q 2017 of $1,322 million, or $1.30 earnings per share<SUP>4</SUP></FONT><FONT STYLE="font-size: 7pt">, </FONT><FONT STYLE="font-size: 9pt">as
compared to net income for 1Q 2017 of $1,002 million, or $0.98 earnings per share<SUP>4</SUP>, and a net income for 2Q 2016 of
$1,112 million, or $1.13 earnings per share<SUP>4</SUP>.</FONT></P>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>&nbsp;</B></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">Segment </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>
<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">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">2Q 2017 </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">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; 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 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; color: #0D0D0D">&nbsp;</P></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">Europe</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 Krakow (Poland)</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">Hot strip mill (HSM) extension</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 rolled coil (HRC) capacity by 0.9Mt/year</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: black">Commissioned 2Q 2017<SUP>(b)</SUP></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">Europe</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 Krakow (Poland)</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">Hot dipped galvanizing (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 STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Commissioned 2Q 2017<SUP>(b)</SUP></P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P></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 FoundrySterling-BoldCE; 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 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">Segment</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">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 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; 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">Europe</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 Differdange</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">Modernisation of finishing of &ldquo;Grey rolling mill&quot; </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">Revamp finishing to achieve full capacity of Grey mill at 850kt/y.</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">1Q 2018</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">ACIS</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 Kryvyi Rih</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">New LF&amp;CC 2&amp;3 </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">Facilities upgrade to switch from ingot to continuous caster route. Additional billets of 290kt over ingot route through yield increase.&nbsp;</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">4Q 2018</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 13%; 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="width: 27%; 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">Burns Harbor</FONT></TD>
    <TD STYLE="width: 24%; 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">New Walking Beam Furnaces</FONT></TD>
    <TD STYLE="width: 24%; 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">Two new walking beam reheat furnaces bringing benefits on productivity, quality and operational cost</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; 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">2021</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 </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</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 </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 (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, logistics and Indiana Harbor
finishing are ongoing. The full project scope is expected to be completed in 2018.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt FoundrySterling-Book; margin: 0 0 0 0.5in">&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">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 was commissioned in 3Q 2016. Total investments in the primary
operations in the Krakow plant will amount to 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
commissioned in 2Q 2017. In total, the Group has invested more than &euro;120 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">&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">Although the Monlevade wire rod expansion project and Juiz
de Fora rebar expansion were completed in 2015,&nbsp;the Juiz de Fora melt shop project&nbsp;is currently on hold and is expected
to be completed upon Brazil domestic market recovery,&nbsp;and 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 where planned ramp
up will occur in 2H 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 focus on its &ldquo;natural&rdquo;
Atlantic markets. The nearby Gangra deposit is now the next development in a staged approach as opposed to the originally planned
phase 2 step up to 15Mtpa of concentrate sinter fine ore product 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. 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. The Company believes that 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 concentration phase.
</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>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">2Q 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">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">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">1H 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">1H 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">4,607</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">4,458</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">3,920</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">9,065</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">7,742</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">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">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">1,209</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">774</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,414</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">(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">(136)</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">(256)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(270)</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<SUP>5</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">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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; 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">832</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">506</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">513</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">1,030</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">852</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">5,762</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,216</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">5,735</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">11,978</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,379</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">5,419</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">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">5,443</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">11,029</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,906</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">760</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">719</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">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">739</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">647</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 decreased 7.3% to 5.8 million
metric tonnes in 2Q 2017 as compared to 6.2 million metric tonnes for 1Q 2017 primarily due to planned maintenance.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 2Q 2017 decreased by 3.4% to 5.4 million metric
tonnes as compared to 5.6 million metric tonnes in 1Q 2017, primarily driven by a 3.9% decrease in flat products volumes offset
in part by 1.9% increase in long products.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 2Q 2017 increased by 3.3% to $4.6 billion as compared to $4.5
billion in 1Q 2017, primarily due to higher average steel selling prices (+5.7%) offset in part by lower steel shipment volumes
as discussed above. Compared to 1Q 2017, average steel selling prices for flat products improved by +5.8% and for long products
improved by +4.3%.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income in 2Q 2017 decreased to $378 million as compared to
operating income of $396 million in 1Q 2017 and operating income of $1,209 million in 2Q 2016. Operating performance for 2Q 2016
was positively impacted by a one-time gain of $0.8 billion on employee benefits following the signing of the US labour contract<SUP>5</SUP>.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">EBITDA in 2Q 2017 decreased by 3.3% to $506 million as compared to
$524 million in 1Q 2017 primarily due to lower steel shipment volumes (-3.4%) and higher costs, including planned maintenance ($45
million), partially offset by higher average steel selling prices. EBITDA in 2Q 2017 declined by 1.2% as compared to $513 million
in 2Q 2016.</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">2Q 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">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">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">1H 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">1H 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">1,834</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,610</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">1,488</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">3,444</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,743</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">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">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">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">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">238</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">(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">(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">(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">(144)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(120)</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">201</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">447</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">358</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">2,714</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,710</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">2,800</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">5,424</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">5,467</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">2,622</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,226</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">2,689</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">4,848</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,161</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">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">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">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">666</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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></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 was stable at 2.7 million metric
tonnes in 2Q 2017 as compared to 1Q 2017.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 2Q 2017 increased by 17.8% to 2.6 million metric
tonnes as compared to 2.2 million metric tonnes in 1Q 2017, primarily due to a 23.4% increase in flat product steel shipments (primarily
export shipments and temporary shipment delays in the prior quarter) and a 9% increase 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 2Q 2017 increased by 13.9% to $1.8 billion as compared to
$1.6 billion in 1Q 2017, due to higher steel shipments offset in part by lower average steel selling prices (-3.4%) driven in part
by foreign exchange.</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Operating income in 2Q 2017 decreased to $128 million as compared
to an operating income of $175 million in 1Q 2017 and operating income of $149 million in 2Q 2016.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">EBITDA in 2Q 2017 decreased by 18% to $201 million as compared
to $246 million in 1Q 2017 primarily due to a negative price cost impact and weaker product mix offset in part by higher steel
shipment volumes. EBITDA in 1Q 2017 included a $21 million provision reversal. EBITDA in 2Q 2017 was 5.4% lower as compared to
$213 million in 2Q 2016.</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">2Q 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">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">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">1H 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">1H 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">9,180</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8,222</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">7,810</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">17,402</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">14,961</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">652</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">383</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,288</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">469</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">(290)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">(293)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(563)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(570)</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; 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>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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></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">942</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">725</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,851</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,088</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">10,997</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,212</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">10,720</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">22,209</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">21,891</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">10,466</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,208</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">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">20,674</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21,330</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">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">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">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">674</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">546</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 decreased by 1.9% to 11.0 million
metric tonnes in 2Q 2017, as compared to 11.2 million metric tonnes in 1Q 2017.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 2Q 2017 increased by 2.5% to 10.5 million metric
tonnes as compared to 10.2 million metric tonnes in 1Q 2017, primarily due to a 3.8% increase in long product shipments and 1.4%
increase in flat 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 2Q 2017 increased 11.7% to $9.2 billion as compared to $8.2
billion in 1Q 2017, primarily due to higher steel shipments as discussed above and higher average steel selling prices (+7.7%),
with flat and long products average steel selling prices increasing +8.4% and +5.7%, respectively.</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 2Q 2017 was $652 million as compared to $636
million in 1Q 2017 and $383 million in 2Q 2016. Operating performance in 2Q 2016 was negatively impacted by $49 million of impairment
related to the sale of ArcelorMittal Zaragoza facility in Spain.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">EBITDA in 2Q 2017 increased by 3.6% to $942 million as compared
to $909 million in 1Q 2017 primarily due to higher steel volumes partially offset by negative price-cost impact. EBITDA in 2Q 2017
improved 29.8% as compared to 2Q 2016 primarily on account of positive price cost impact offset in part by lower steel shipments.</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">2Q 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">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">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">1H 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">1H 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">1,834</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">1,807</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">1,581</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">3,641</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">2,773</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">51</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">116</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">162</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">167</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">147</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">(77)</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">(75)</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; 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">(152)</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">(156)</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">(46)</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">(46)</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%"><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">174</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">191</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">242</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">365</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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></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">3,685</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">3,492</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">3,926</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">7,177</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">7,594</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">3,257</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">3,221</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">3,453</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">6,478</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">6,768</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">499</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">502</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">409</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">500</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">365</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ACIS segment crude steel production in 2Q 2017 increased by 5.5% to
3.7 million metric tonnes as compared to 3.5 million metric tonnes in 1Q 2017. The higher production was largely due to increased
output in Ukraine following the planned maintenance of BF#9 in 1Q 2017.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 2Q 2017 increased by 1.1% to 3.3 million metric
tonnes as compared to 3.2 million metric tonnes in 1Q 2017 primarily due to higher steel shipments in Ukraine as the prior period
had been impacted by the planned maintenance as described above, offset in part by lower South Africa shipments due to weak demand.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 2Q 2017 increased 1.5% to $1.8 billion as compared to 1Q 2017,
primarily due to higher steel shipments (+1.1%) offset in part by lower average steel selling prices (-0.6%).</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 2Q 2017 was $51 million as compared to an
operating income of $116 million in 1Q 2017 and operating income of $162 million in 2Q 2016. Operating performance in 2Q 2017 was
impacted by impairment charges of $46 million related to a downward revision of cash flow projections&nbsp;in South Africa.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">EBITDA in 2Q 2017 decreased 9.1% to $174 million as compared to $191
million in 1Q 2017, due to weaker performance in South Africa (impacted by lower volumes and a negative price cost impact). EBITDA
in 2Q 2017 was 28.2% lower as compared to $242 million in 2Q 2016, primarily due to a negative price cost impact and lower steel
shipment volumes in South Africa.</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">2Q 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">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">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">1H 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">1H 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">1,015</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">1,030</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">809</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">2,045</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">1,409</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">216</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">378</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">62</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">594</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">60</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">(103)</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">(102)</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">(101)</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">(205)</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">(201)</FONT></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">319</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">480</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">163</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">799</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">261</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">14.7</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">14.0</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; 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">28.7</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">27.6</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">9.5</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">8.7</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">9.6</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">18.1</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">17.4</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">5.8</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">4.7</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">5.8</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">10.5</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">11.1</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">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">1.6</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">1.7</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">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">3.3</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">2.9</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; 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">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">1.6</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">1.6</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; 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">0.9</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">0.8</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">1.7</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>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Own iron ore production in 2Q 2017 increased by 4.9% to 14.7 million
metric tonnes as compared to 14 million metric tonnes in 1Q 2017 due to seasonally higher production in Canada and increased production
in Mexico (Volcan mine restarted February 2017). Own iron ore production in 2Q 2017 increased by 9.1% as compared to 2Q 2016 primarily
due to increased production in Canada and Mexico.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Market-priced iron ore shipments in 2Q 2017 increased 9.5% to 9.5 million
metric tonnes as compared to 8.7 million metric tonnes in 1Q 2017, primarily driven by higher shipments in ArcelorMittal Mines
Canada<FONT STYLE="line-height: 115%"><SUP>8</SUP></FONT> and Mexico. Market-priced iron ore shipments in 2Q 2017 decreased 1.2%
as compared to 2Q 2016 driven by decreased shipments in Canada, Liberia and Brazil offset by higher shipments in Mexico. FY 2017
market-priced iron ore shipments are still 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 2Q 2017 decreased by 5.8% to 1.6 million metric
tonnes as compared to 1.7 million metric tonnes at 1Q 2017 due to lower production in Kazakhstan. Own coal production in 2Q 2017
increased 11.5% as compared to 2Q 2016 with increases at both Kazakhstan and Princeton (US) mines.</P>

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


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Market-priced coal shipments in 2Q 2017 increased 3% to 0.8 million
metric tonnes as compared to 1Q 2017 primarily due to increased shipments at Princeton (US). Market-priced coal shipments in 2Q
2017 increased 17.2% as compared to 2Q 2016 primarily due to increased shipments at Princeton (US) and 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 2Q 2017 decreased to $216 million as compared to
an operating income of $378 million in 1Q 2017, and an operating income of $62 million in 2Q 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 2Q 2017 decreased 33.7% to $319 million as compared to $480
million in 1Q 2017, primarily due to decreased seaborne iron ore reference prices (-26.6%) and lower coal prices, partially offset
by higher market-priced iron ore shipments. EBITDA in 2Q 2017 was significantly higher as compared to $163 million in 2Q 2016,
primarily due to higher seaborne iron ore reference prices (+13%) and higher coal prices offset in part by lower market-priced
iron ore shipment volumes (-1.2%).</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 2Q 2017, net cash provided by operating activities was $1,214 million
as compared to net cash used in operating activities of $299 million in 1Q 2017 and net cash provided by operating activities of
$869 million in 2Q 2016. The net cash provided by operating activities during 2Q 2017 reflects in part a working capital investment
($548 million) as a result of higher inventory, smaller as compared to a working capital investment ($2,181 million) in 1Q 2017.</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 2Q 2017 was $738 million
as compared to net cash used in investing activities of $598 million in 1Q 2017 and net cash provided by investing activities of
$538 million in 2Q 2016. Capital expenditure decreased to $566 million in 2Q 2017 as compared to $580 million in 1Q 2017 and $521
million in 2Q 2016. FY 2017 capital expenditure is expected to be $2.9 billion. Investing activities in 2Q 2017 include $44 million
cash consideration (net of cash acquired for $14 million) for the acquisition of a 55.5% stake in Bekaert Sumare (a tire cord manufacturer
in Brazil) and $110 million deposited in a restricted cash account in ArcelorMittal South Africa in connection with various environmental
obligations and true sale of receivable programs.</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 used in financing activities for 2Q 2017 was $744 million
as compared to net cash provided by financing activities of $666 million for 1Q 2017 and net cash used in financing activities
of $1.9 billion for 2Q 2016. Net cash used in financing activities for 2Q 2017 primarily includes $851 million used to early redeem
the 9.85% Notes due June 1, 2019. On May 25, 2017, ArcelorMittal South Africa Limited, signed a 4.5 billion South African Rand
(approximately $350 million) revolving borrowing base finance facility maturing on May 25, 2020. As of June 30, 2017, $258 million
was drawn. 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 2Q 2016 primarily includes payments totalling $4.9 billion relating to bond repurchases pursuant to cash tender
offers ($2.1 billion); early redemption of the 4.5% Notes due February 25, 2017 ($1.4 billion) and &euro;1.0 billion in bond repayments
at maturity, partially offset by proceeds from a $3.1 billion rights issue.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">During 1Q 2017, the Company paid dividends of $40 million primarily
to minority shareholders in ArcelorMittal Mines Canada<SUP>8</SUP>. During 2Q 2016 the Company paid dividends primarily to minority
shareholders in ArcelorMittal Mines Canada<SUP>8</SUP> and Brazil (Bekaert) of $41 million.</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of June 30, 2017, the Company&rsquo;s cash and cash equivalents
amounted to $2.3 billion as compared to $2.4 billion at March 31, 2017 and $2.4 billion at June 30, 2016. Gross debt decreased
to $14.2 billion as of June 30, 2017, as compared to $14.5 billion at March 31, 2017 and $15.1 billion at June 30, 2016.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of June 30, 2017, net debt decreased to $11.9 billion as compared
with $12.1 billion at March 31, 2017 primarily due to positive free cashflow, despite working capital investment, offset in part
by forex ($0.4 billion), and was lower than the net debt of $12.7 billion as of June 30, 2016.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of June 30, 2017, the Company had liquidity of $7.8 billion, consisting
of cash and cash equivalents of $2.3 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 June 30, 2017, the average debt maturity
was 6.4 years.</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; 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 June 21, 2017, as a result of the extension of the partnership
between ArcelorMittal and Bekaert Group (&ldquo;Bekaert&rdquo;) in the steel cord business in Brazil, the Company completed the
acquisition from Bekaert of a 55.5% controlling interest in Bekaert Sumar&eacute; Ltda subsequently renamed ArcelorMittal Bekaert
Sumar&eacute; Ltda (&ldquo;Sumar&eacute;&rdquo;), a manufacturer of metal ropes for automotive tires located in the municipality
of Sumar&eacute;/SP, Brazil. The Company agreed to pay a total cash consideration of &euro;56 million ($49 million net of cash
acquired of $14 million), of which &euro;52 million ($58 million) was settled on closing date and &euro;4 million ($5 million)
to be paid subsequently upon conclusion of certain business restructuring measures by Bekaert. </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 June 16, 2017, ArcelorMittal and Marcegaglia announced that
AM Investco Italy Srl (&lsquo;AM Investco&rsquo;) had concluded the exclusive negotiation phase and reached a binding agreement
concerning the lease and obligation to purchase Ilva S.p.A and certain of its subsidiaries with the Italian Government. The ancillary
documentation was completed on June 28, 2017. The closing of the transaction is subject to certain conditions precedent, including
receipt of anti-trust approvals. Intesa Sanpaolo will formally join the consortium before transaction closing. </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; text-indent: 0.25in">Transaction highlights and key details
of AM Investco&rsquo;s plans for Ilva include:</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: 0.25in"></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">Purchase price of &euro;1.8 billion, with annual leasing costs
of &euro;180 million to be paid in quarterly installments. Ilva&rsquo;s assets will be initially leased by AM Investco, with rental
payments qualifying as down payments against the purchase price. Lease period to be a minimum of two years.</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: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Robust investment plan to materially improve Ilva&rsquo;s environmental
footprint and realise its full potential, including investments of approximately &euro;2.4 billion (approximately &euro;2.1 billion
net of funds seized from the former shareholder) over a seven-year period;</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: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">&euro;10 million start-up investment in new research and development
(R&amp;D) centre in Taranto, which will initially focus on ensuring a successful deployment of the industrial, environment and
commercial plans, while also ensuring a smooth transfer of ArcelorMittal R&amp;D intellectual property and knowledge to enhance
operationally efficiency, quality and productivity at all Ilva plants;</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: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">The assets will be transferred to AM Investco free of long
term liabilities and financial debt and will include &euro;1 billion of net working capital, subject to adjustment;</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: Courier New, Courier, Monospace; font-size: 9pt">o</FONT></TD><TD><FONT STYLE="font-family: FoundrySterling-Book; font-size: 9pt">Identified synergies of &euro;310 million targeted by 2020
(excludes impact from fixed cost reductions and volume improvements).</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 June 2, 2017, ArcelorMittal officially launched the second
generation of its iCARe&reg; electrical steels at this year&rsquo;s coil-winding expo CWIEME in Berlin, between June 20-22, 2017.
iCARe&reg; steel grades play a central role in the construction of electric motors which are used in both electric vehicles and
conventional cars.</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 May 25, 2017, ArcelorMittal South Africa Limited, signed
a 4.5 billion South African Rand (approximately $350 million) revolving borrowing base finance facility maturing on May 25, 2020.
Any borrowings under the facility will be secured by certain eligible inventory and receivables, as well as certain other working
capital and related assets of ArcelorMittal South Africa. The facility will be used for general corporate purposes. The facility
is not guaranteed by ArcelorMittal.&nbsp;As of June 30, 2017, $258 million was drawn.</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 22, 2017, following the approval of the Reverse Stock
Split (as defined below) by the extraordinary general meeting of shareholders of ArcelorMittal held on May 10, 2017, ArcelorMittal
has completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal
value (the &ldquo;Reverse Stock Split&rdquo;). As a result, the share capital of ArcelorMittal is now represented by 1,021,903,623
ordinary shares without nominal value while the authorised share capital of ArcelorMittal is represented by 1,151,576,921 ordinary
shares without nominal value.</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 May 10, 2017, Poland&rsquo;s deputy prime minister Mateusz
Morawiecki took part in an official ceremony to mark the completion of a series of important investment projects at ArcelorMittal
Poland&rsquo;s Krak&oacute;w unit. Investments exceeding &euro;120 million which were commissioned in 2016, and achieved their
operational ramp-up very recently, included the relining of blast furnace no 5, modernization of the basic oxygen furnace, capacity
expansion of the hot rolling mill and a new galvanizing line.&nbsp;</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 latest outlook for 2017.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Based on the current economic outlook, ArcelorMittal has raised
its 2017 global steel demand forecasts. 2017 global ASC is now expected to grow by approximately +2.5% to +3.0% (revised up from
previous forecast +0.5% to +1.5%). By region: ASC in the US (excluding Pipe &amp; tube) is now expected to grow +2.0% to +3.0%
(revised down from previous forecast of +3.0% to 4.0%) reflecting lower automotive production impacting flat products. In Europe,
ArcelorMittal expects the pick-up in underlying demand to continue, driven primarily by strength of the construction and machinery
markets, and apparent demand is expected to remain at +0.5% to +1.5% in 2017 on top of around 3% growth in 2016.&nbsp;In Brazil,
2017 ASC is expected to grow by +2.0% to +3.0% in 2017 (revised down from previous forecast +3.0% to +4.0%) as the continued weakness
in construction is partially offset by mild improvement in consumer confidence and automotive demand.&nbsp;In the CIS, ASC is expected
to grow +2.0 to +2.5% (revised up from previous forecast of -0.5% to +0.5%) reflecting stronger economic growth in Russia. In China,
ASC growth of +2.5% to +3.5% in 2017 (revised up from previous forecast of -1.0% to 0%), primarily due to strength in real estate
and machinery.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Current market conditions are improved compared to twelve months
ago with steel spreads currently at healthy levels. The demand environment is positive, as evidenced by the highest readings from
the ArcelorMittal weighted PMI Index since April 2011, which suggests that steel shipments in 2H 2017 will be higher than would
normally be suggested by seasonality alone.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">The Company now expects that the cash needs of the business (excluding
working capital and premiums paid to retire debt early of $0.2 billion (not included in previous guidance)) in 2017 to be approximately
$4.6 billion (as compared to $5.0 billion previous guidance). Given the liability management exercise and lower average debt we
now expect interest expense in 2017 to decline to $0.8 billion in 2017 (as compared to $0.9 billion from previous guidance and
$1.1 billion in FY 2016). While capex expectation for 2017 remains at $2.9 billion (from $2.4 billion in 2016), the Company expects
lower cash taxes and contributions to fund pensions and other cash expenses to be lower than previous guidance.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Given the improved market conditions, the Company now expects
a full year 2017 investment in working capital of approximately $1.5 billion (as compared to previous guidance of approximately
$1 billion).</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>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

<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">Jun 30,</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>
    <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></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">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></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">2,272</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,402</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></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">4,263</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,971</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></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">17,458</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">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></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">2,286</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,251</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></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">127</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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></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>26,406</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>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></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">5,769 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,716 </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></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">35,765 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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></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">4,679 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,470 </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></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">6,470 </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">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></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">2,371 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,182 </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></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>81,460</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>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></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">3,936 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,452 </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></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></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: black">12,555 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">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></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</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: black">4,930 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">4,853 </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></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">39 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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></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>21,460 </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>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></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">10,220 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,047 </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></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">2,690</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,626 </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></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">10,838 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,503 </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></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>45,208 </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>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></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">34,027 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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></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">2,225 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,186 </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></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>36,252 </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>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></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 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>81,460</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>78,491</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>75,142</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: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 1in">&nbsp;</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>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B><SUP>&nbsp;</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="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; 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 NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; 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">Six 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%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">In millions of U.S. dollars unless otherwise shown</FONT></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">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">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">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">Jun 30,</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">Jun 30,</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">17,244</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">16,086</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; 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">33,330</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">28,142</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">(676)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">(1,331)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,332)</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">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">(46)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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; 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">(46)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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></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>5&nbsp;&nbsp;</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">- </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; 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">832 </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>1,390 </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>1,576 </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"><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"><B>2,966 </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>2,148 </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>8.1%</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>9.8%</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; 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>8.9%</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>7.6%</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; 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%">&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">120 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">206 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">492 </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">(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">(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">(306)</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">(430)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(638)</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 gain/(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">210</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">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">(441) </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>1,513 </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>1,306 </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; 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>2,819 </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>1,561 </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">(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">(207)</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; 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">(333)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(107)</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">(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">(76)</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; 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">(147)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(746)</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</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">(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">(283)</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; 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">(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">(853) </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 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>1,316 </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>1,023 </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; 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>2,339 </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>708 </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">6</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">(21)</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="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">(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">(12) </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 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>1,322</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>1,002</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; 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>2,324</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>696</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; 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">Basic earnings per common share ($)<SUP>4</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.30 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.98</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.13 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2.28 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.88</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Diluted earnings per common share ($)<SUP>4</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">1.29 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.98</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">1.13 </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">2.27 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.88 </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; 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%">&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)<SUP>4</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">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">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">987</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">1,020 </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">792</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)<SUP>4</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">1,023 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,022</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">988</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">1,023 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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>2,112</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>2,231 </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"><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>4,343 </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>2,697</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>12.2%</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>13.9%</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>13.0%</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>9.6%</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">14.7 </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; color: black">14.0 </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; 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">28.7 </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">27.6 </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">23.2 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.6 </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; 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">46.8 </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">46.3 </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">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">21.5 </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">21.1 </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">22.1 </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">42.5 </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">43.6 </FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; 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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; 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">Six months ended</FONT></TD></TR>
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="width: 42%; 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 STYLE="width: 12%; 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">2017</P></TD>
    <TD 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 STYLE="width: 12%; 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 STYLE="width: 12%; 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">2017</P></TD>
    <TD 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></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 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">1,322 </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">1,002 </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; 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">2,324 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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></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 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; 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%">&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">(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 </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; 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">15</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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</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">722 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">1,377 </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">1,381 </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>5</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">- </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; 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">(832) </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">(120)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">(206)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(492)</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">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">76</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; 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">147 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">746</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">(548)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(2,181)</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; 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">(2,729)</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">(953)</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">(227)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(379)</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) 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>1,214 </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>(299)</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; 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>915 </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>179</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; 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">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">(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">(580)</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; 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">(1,146)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,107)</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">(172)</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">(18)</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="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">(190)</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">1,073 </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>(738)</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>(598)</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; 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>(1,336)</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>(34)</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 (payments) / proceeds 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">(726)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">17 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(4,840)</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">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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; 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; 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">(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">(47)</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; 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; 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">3,115 </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">(18)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">(55)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">55</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 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>(744)</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>666 </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; 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>(78)</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>(1,717)</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 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">(268)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; 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; 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">(499)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,572)</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 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">- </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">13 </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="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 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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; 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">30 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt 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 </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="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">33 </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">(141)</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-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>(238)</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>(215)</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>(473)</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>(453)</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>(1,713)</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>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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-BoldCE; font-size: 8pt; color: white">2Q 17</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-BoldCE; font-size: 8pt; color: white">1Q 17</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-BoldCE; font-size: 8pt; color: white">2Q 16</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-BoldCE; font-size: 8pt; color: white">1H 17</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-BoldCE; font-size: 8pt; color: white">1H 16</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">4,748</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,944</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">4,641</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">9,692</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">9,208</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">845</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">1,674</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">2,001</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>5,419</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>5,610</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>5,443</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>11,029</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>10,906</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">1,682</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,364</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">1,627</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">3,046</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">3,082</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">945</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">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">1,811</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">2,074</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>2,622</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>2,226</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>2,689</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>4,848</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>5,161</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">7,482</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,377</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">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">14,859</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">14,868</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">2,913</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,806</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">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">5,719</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">6,380</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>10,466</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>10,208</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>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>20,674</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>21,330</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">2,212</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">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">2,322</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">4,331</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">4,524</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">1,045</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,102</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">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">2,147</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">2,242</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>3,257</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>3,221</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>3,453</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>6,478</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>6,768</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-BoldCE; font-size: 8pt; color: white">2Q 17</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-BoldCE; font-size: 8pt; color: white">1Q 17</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-BoldCE; font-size: 8pt; color: white">2Q 16</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-BoldCE; font-size: 8pt; color: white">1H 17</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-BoldCE; font-size: 8pt; color: white">1H 16</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%">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%">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%">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%">187</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%">209</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%">55</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">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%">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%">112</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%">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">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%">248</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">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%">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%">500</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%">467</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%">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; 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%">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%">148</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%">164</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%">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; 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%">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%">184</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%">142</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>566</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>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>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>1,146</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>1,107</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">Note: &ldquo;Segment others&rdquo; 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
June 30, 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-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">Debt repayment schedule (USD billion)</FONT></TD>
    <TD STYLE="width: 8%; 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>2017</B></FONT></TD>
    <TD STYLE="width: 8%; 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>2018</B></FONT></TD>
    <TD STYLE="width: 8%; 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>2019</B></FONT></TD>
    <TD STYLE="width: 8%; 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>2020</B></FONT></TD>
    <TD STYLE="width: 8%; 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>2021</B></FONT></TD>
    <TD STYLE="width: 8%; 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>&gt;2021</B></FONT></TD>
    <TD STYLE="width: 8%; 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>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">0.6</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">1.5</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">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">1.9</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">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">4.8</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">11.0</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">0.5</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">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">-</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">1.0</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">0.2</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">0.6</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">2.5</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>2.1</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>1.9</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>1.2</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>2.1</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>1.5</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>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>14.2</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">* Other loans in 2017 include a $0.5 billion drawing under the ArcelorMittal
USA $1 billion asset based loan (facility available until 2021) and a $258 million drawing under a ZAR 4.5 billion (approximately
$350 million) revolving borrowing base finance facility in South Africa (facility available until 2020)</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
June 30, 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-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">Credit lines available (USD billion)&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; 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>
    <TD STYLE="width: 9%; 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>
    <TD STYLE="width: 10%; 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-BoldCE; font-size: 8pt; color: white">Maturity</FONT></TD>
    <TD STYLE="width: 10%; 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-BoldCE; font-size: 8pt; color: white">Commitment</FONT></TD>
    <TD STYLE="width: 9%; 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-BoldCE; font-size: 8pt; color: white">Drawn </FONT></TD>
    <TD STYLE="width: 9%; 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-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/150% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&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%; border-bottom: #595959 1pt solid; 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-bottom: #595959 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; line-height: 115%">2Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: #595959 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; line-height: 115%">1Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: #595959 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; line-height: 115%">2Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: #595959 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; line-height: 115%">1H 17</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: #595959 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; line-height: 115%">1H 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; line-height: 115%"><B>EBITDA</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>2,112</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>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>1,770 </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>4,343</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>2,697 </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%">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; line-height: 115%">(676)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">(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%">(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%">(1,331)</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%">(1,332)</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%">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; line-height: 115%">(46)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">-</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%">(46)</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></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%">Exceptional income<SUP>5</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; line-height: 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; 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>
    <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></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%"><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; line-height: 115%"><B>1,390</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>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>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>2,966</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>2,148 </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>Jun 30, 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>Mar 31, 2017</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>Dec 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%">3,936</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%">3,452</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%">1,885</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%">10,220</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%">11,047</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%">11,789</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>14,156</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>14,499</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>13,674</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%">(2,272)</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%">(2,402)</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%">(2,615)</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>11,884</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>12,097</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>11,059</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: Reconciliation of free cashflow
</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-bottom: #595959 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; line-height: 115%">2Q 17</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: #595959 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; line-height: 115%">1Q 17</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #595959 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; line-height: 115%">2Q 16</FONT></TD>
    <TD STYLE="width: 12%; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white; line-height: 115%">1H 17</FONT></TD>
    <TD STYLE="width: 12%; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white; line-height: 115%">1H 16</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%">Net cash (used in) / provided by operating activities</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%">1,214</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%">(299)</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%">869</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%">915</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%">179 </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>
    <TD 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%">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; line-height: 115%">(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; line-height: 115%">(580)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt 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%">(521)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt 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%">(1,146)</FONT></TD>
    <TD 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%">(1,107)</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>Free cashflow &ndash; positive/(negative)</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>648</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>(879)</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>348</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>(231)</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>(928)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/115% FoundrySterling-Book; margin: 0 0 10pt">&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">&nbsp;</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"><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>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>Capex:</B> includes the acquisition of tangible and intangible assets.</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 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"><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>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>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>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>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 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>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>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>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>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>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"><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>Operating results: </B>Refers to operating income/(loss).</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>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>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 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>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>YoY</B>: Refers to year-on-year.</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>

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


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page --><P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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






















<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<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 7, 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. ArcelorMittal also presents free cash flow, which is a non-GAAP
financial measure defined in appendix 7, because it believes it is a useful supplemental measure for evaluating the strength of
its cash generating capacity. 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>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">2</FONT>
Free cashflow reconciliation provided in appendix 7.</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">3</FONT>
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.</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">4</FONT>
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 are 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 reflect this change
and are considering the share consolidation.</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">5</FONT>
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>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">6</FONT>
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>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">7
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). In addition
to the cash consideration, ArcelorMittal received in 2Q 2016 a payment of $11 million as a 2015 dividend. ArcelorMittal will
continue its supply relationship with Gestamp through its 35% shareholding in Gonvarri, a sister company of Gestamp.
ArcelorMittal sells coils to Gonvarri for processing before they pass to Gestamp and other customers. Further, ArcelorMittal
will continue to have a board presence in Gestamp, collaborate in automotive R&amp;D and remain its major steel
supplier.</FONT></P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">8</FONT>
ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">9</FONT>
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>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">10</FONT>
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 June 30, 2017, the $5.5 billion revolving credit facility remains
fully available.</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">11 </FONT>Assets
and liabilities held for sale, as of June 30, 2017, and as of March 31, 2017, primarily 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 of Steelton and some activities of ArcelorMittal Downstream Solutions in the Europe segment
and America&rsquo;s Tailored Blanks</P>



<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --> of 22</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
