<SEC-DOCUMENT>0000903423-17-000643.txt : 20171113
<SEC-HEADER>0000903423-17-000643.hdr.sgml : 20171110
<ACCEPTANCE-DATETIME>20171113144543
ACCESSION NUMBER:		0000903423-17-000643
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171113
FILED AS OF DATE:		20171113
DATE AS OF CHANGE:		20171113

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:		171195337

	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>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>arcelor6k_1113.htm
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<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated November 13, 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"></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 &#9744;&#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>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 10, 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">
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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><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 November 10, 2017, reporting that ArcelorMittal has announced its third quarter 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: center">&nbsp;</P>


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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: 10 November, 2017</P>

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

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

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


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

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

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><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 November 10, 2017, reporting that ArcelorMittal has announced its third quarter 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>



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<P STYLE="font: 14pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>ArcelorMittal reports third quarter 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,
November 10, 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 nine month periods ended September 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>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><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">Health and safety: LTIF rate of 0.67x in 3Q 2017 as compared
to 0.72x in 2Q 2017 and 0.84x in 3Q 2016</FONT></P>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><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">Operating income of $1.2 billion in 3Q 2017 as compared
to $1.4 billion in 2Q 2017; 2.5% higher YoY</FONT></P>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><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">EBITDA of $1.9 billion in 3Q 2017 as compared to $2.1 billion
in 2Q 2017; 1.5% higher YoY </FONT></P>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><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">Net income of $1.2 billion in 3Q 2017 lower as compared
to $1.3 billion in 2Q 2017 and higher as compared to $0.7 billion in 3Q 2016</FONT></P>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><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">Steel shipments of 21.7Mt in 3Q 2017, an increase of 1.0%
as compared to 2Q 2017; +6.8% YoY; steel shipments of 64.2Mt in 9M 2017, up 0.6% YoY</FONT></P>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><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">3Q 2017 iron ore shipments of 15Mt (+8.1% YoY), of which
9.1Mt shipped at market prices (+12.3% YoY); 9M 2017 market price iron ore shipments at 27.2Mt, up 6.8% YoY</FONT></P>

<P STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><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">Net debt of $12.0 billion as of September 30, 2017, as
compared to $11.9 billion as of June 30, 2017, primarily due to a negative foreign exchange impact ($0.2 billion)</FONT></P>

</DIV>

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

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: Black 1pt solid">

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

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0 0 10pt; text-align: justify">Market conditions are favorable. The demand
environment remains positive (as evidenced by the continued high readings from the ArcelorMittal weighted PMI) and steel spreads
remain healthy.</P>

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

<P STYLE="font: 10pt/150% FoundrySterling-Book; margin: 0 0 10pt; text-align: justify">The Company continues to expect cash needs
of the business (capex ($2.9 billion), interest ($0.8 billion), cash taxes, pensions and other cash costs (totalling $0.9 billion)
but excluding working capital investment and premiums paid to retire debt early) to be approximately $4.6 billion in 2017.</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 $2.0 billion (as compared to previous guidance
of approximately $1.5 billion).</P>

</DIV>

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

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

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

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


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<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">3Q 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">2Q 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">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 9pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">9M 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">9M 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">17,639 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">17,244 </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">14,523</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">50,969 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">42,665</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">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">1,234</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,390 </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">1,204</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,200 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,352</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">1,205 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,322 </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">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">3,529 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,376</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>2</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">1.18</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">1.30</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">0.67</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3.46</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">1.48</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: 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">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">65</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">59</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">52</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">1,924</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,112</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">1,897</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,267</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,594</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">EBITDA/ tonne (US$/t)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">89</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">98</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">93</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">98</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">72</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Steel-only EBITDA/ tonne (US$/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">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">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">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">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">65</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; 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">23.6</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">23.2</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">22.6</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">70.4</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">69.0</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">21.7</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">21.5</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">20.3</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">64.2</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">63.9</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">14.2</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">14.7</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">13.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">42.9</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">41.3</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">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">9.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9.5</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">8.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">27.2</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">25.5</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: 10pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&ldquo;Favorable market conditions have supported another solid
quarterly performance, with EBITDA for the first nine months considerably improved year-on-year.&nbsp; Operating conditions continue
to improve, with key indicators including the ArcelorMittal weighted PMI implying a positive outlook for 2018.&nbsp; While pleased
with the progress that we are making, we operate in a competitive global environment which is characterized by overcapacity and
high levels of imports.&nbsp; The implementation of our strategic plan Action 2020 remains a clear priority and we are making good
progress in this regard.&rdquo;</P>

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

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

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

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

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

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


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<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">&nbsp;</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"><B>Health and safety - Own personnel and contractors
lost time injury frequency rate</B></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 0.67x in the third quarter of 2017 (&ldquo;3Q 2017&rdquo;) as compared to 0.72x for
the second quarter of 2017 (&ldquo;2Q 2017&rdquo;) and 0.84x for the third quarter of 2016 (&ldquo;3Q 2016&rdquo;). Health and
safety performance improved to 0.74x in the nine months of 2017 (&ldquo;9M 2017&rdquo;) as compared to 0.80x for the first nine
months of 2016 (&ldquo;9M 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 efforts to improve its Health and Safety record
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"><B>Own personnel and contractors - Frequency
rate</B></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">3Q 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 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">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: dimgray 1pt solid; border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">9M 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">9M 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>1.05</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>1.08</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.75</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>0.93</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">0.57</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">0.51</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">0.89</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.69</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">0.95</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">0.45</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">0.37</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">0.20</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.42</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.32</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">0.79</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">1.08</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">1.17</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.05</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">1.03</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">0.42</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.62</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">0.55</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.49</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">0.58</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>0.60</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.75</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.80</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.74</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>
<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>0.67</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: dimgray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>0.72</B></FONT></TD>
    <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>0.74</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></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"><B>Key corporate responsibility highlights
for 3Q 2017:</B></P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Update on the Group&rsquo;s 10 sustainable development outcomes:</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">Outcome 2: Products that accelerate more sustainable lifestyles:
ArcelorMittal will invest &euro;67 million in a new production line for automotive steel in Florange, eastern France,&nbsp;part
of the Company&rsquo;s strategy to have a centre of excellence for automotive steel production in the Lorraine region. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; 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: 9pt">Outcome 4: ArcelorMittal Brazil won the Steelie Award for
Excellence in Sustainability for its social value programme created through its application of REVSOL&reg;, a steel slag by-product
used in the construction of roads, car parks and storage yards. Using REVSOL&reg; to build local road networks has generated improved
trade, communications and essential services for local communities whilst also replacing the use of non-renewable sources and reduces
the costs of road and vehicle maintenance.&nbsp;The Steelie Awards, in their 8th year, are organised by the World Steel Association.</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; 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: 9pt">Outcome 6: The Company engaged with a number of stakeholders
on carbon pricing schemes in order to explore effective ways to leverage value for global climate change mitigation efforts from
the steel industry and avoid systems that will not. </FONT></P>

<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>


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

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FF3700"><B>Analysis of results
for the nine months ended September 30, 2017 versus results for the nine months ended September 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 9M 2017 were 64.2Mt as compared to 63.9Mt
for 9M 2016. On a comparable basis, excluding shipments from assets sold during 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 9M 2017 increased 1.6% as compared to 9M 2016.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales for 9M 2017 increased by 19.5% to $51.0 billion as compared with
$42.7 billion for 9M 2016, primarily due to higher average steel selling prices (+20.4%), marginally higher steel volumes, higher
seaborne iron ore reference prices (+35%) and higher marketable iron ore shipments (+6.8%).</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Depreciation of $2.0 billion for 9M 2017 was stable as compared to
9M 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 9M 2017 were $46 million related to a downward
revision of cash flow projections&nbsp;in South Africa as compared to impairment charges for 9M 2016 of $49 million related to
the sale of ArcelorMittal Zaragoza in Spain<FONT STYLE="line-height: 115%"><SUP>3</SUP></FONT>.</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 9M 2017 was nil.
Exceptional income for 9M 2016 was $832 million relating to a one-time gain on employee benefits following the signing of the new
US labour contract</FONT><FONT STYLE="font-size: 8pt; line-height: 115%"><SUP>4</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 9M 2017 was $4.2 billion as compared to $3.4 billion
for 9M 2016. Operating results for 9M 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 9M 2017 was $323 million as compared to $601 million in 9M 2016. Income in 9M 2017 includes a gain from disposal of ArcelorMittal
USA&rsquo;s 21% stake in the Empire Iron Mining Partnership<FONT STYLE="line-height: 115%"><SUP>5</SUP></FONT> ($133 million)
and 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> and the recycling of cumulative foreign exchange translation
losses incurred following disposal of the 50% stake in Kalagadi ($187 million)<FONT STYLE="line-height: 115%"><SUP>7</SUP></FONT>.
Income in 9M 2016 included gains on disposal of Gestamp<FONT STYLE="line-height: 115%"><SUP>8</SUP></FONT> ($329 million) and
Hunan Valin<FONT STYLE="line-height: 115%"><SUP>9</SUP></FONT> ($74 million).</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Net interest expense was lower at $635 million in 9M 2017, as compared
to $893 million in 9M 2016, driven by debt reduction including early bond repayments. The Company expects full year 2017 net interest
expense of approximately $0.8 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 $209 million for
9M 2017 as compared to losses of $664 million for 9M 2016. The foreign exchange gain in 9M 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 for 9M 2017 include foreign exchange gains of $463
million as compared to $124 million in 9M 2016, mainly on account of USD depreciation of 12% against the Euro (versus USD depreciation
of 2.5% in prior period). 9M 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 $0.6 billion in 9M 2017 as compared to $0.1
billion in 9M 2016. Foreign exchange and other net financing gains/losses for 9M 2017 and 9M 2016 also includes $377 million and
$395 million, respectively, for 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 $0.6 billion for 9M
2017 as compared to an income tax expense of $1.0 billion for 9M 2016.&nbsp;The tax expense in 9M 2016 includes derecognition of
deferred tax assets (DTA) amounting to $0.7 billion in Luxembourg (related to revised expectations of DTA recoverability in US
dollar terms).</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 9M 2017 was $3.5 billion, or $3.46
earnings per share, as compared to net income in 9M 2016 of $1.4 billion, or $1.48 earnings per share.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; 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 3Q 2017 versus 2Q 2017 and 3Q 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 in 3Q 2017 were 1.0% higher at 21.7Mt as compared
with 21.5Mt for 2Q 2017 primarily due to higher steel shipments in Brazil (+12.1%), NAFTA (+4.3%) and ACIS (+3.2%), offset in part
by decline in Europe (-3.3%).</P>

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


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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">On a comparable basis, excluding shipments from assets sold during
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 3Q 2017 were 7.5% higher as compared to 3Q 2016, primarily due to higher steel
shipment volumes in NAFTA (+5.4%), Brazil (+6.9%) and Europe (+9.2%) offset by weaker steel shipment volumes in ACIS (down -1.3%
due to weak South Africa market and lower shipments in Ukraine).</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales for 3Q 2017 were $17.6 billion as compared to $17.2 billion for
2Q 2017 and $14.5 billion for 3Q 2016. Sales in 3Q 2017 were 2.3% higher as compared to 2Q 2017, primarily due to higher steel
shipments (+1.0%), higher average steel selling prices (+1.5%), higher iron ore reference prices (+12.7%) offset in part by lower
market-priced iron ore shipments (-3.9%). Sales in 3Q 2017 were 21.5% higher as compared to 3Q 2016 primarily due to higher steel
shipments (+6.8%), higher average steel selling prices (+14.8%), higher seaborne iron ore reference prices (21%) and higher market-priced
iron ore shipments (+12.3%).</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Depreciation for 3Q 2017 was higher at $690 million as compared to
$676 million for 2Q 2017 and stable as compared to $693 million in 3Q 2016. Depreciation increased in 3Q 2017 as compared to 2Q
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 3Q 2017 and 3Q 2016 were nil. Impairment charges
for 2Q 2017 were $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">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income for 3Q 2017 was lower at $1.2 billion as compared
to $1.4 billion in 2Q 2017, and stable as compared to 3Q 2016.</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 3Q
2017 was $117 million as compared to $120 million for 2Q 2017 and $109 million in 3Q 2016. Income from associates, joint ventures
and other investments for 3Q 2017 includes the recycling of the cumulative foreign exchange translation losses following the disposal
of 50% stake in Kalagadi ($187 million) offset by a gain on disposal of ArcelorMittal USA&rsquo;s 21% stake in the Empire Iron
Mining Partnership ($133 million) and improved performance of Chinese investees.</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 3Q 2017 was $205 million as compared to $207
million in 2Q 2017 and $255 million in 3Q 2016. Net interest expense was lower in 3Q 2017 as compared to 3Q 2016 primarily due
to debt reduction including early bond repayment via debt tenders.</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 3Q 2017 were $132
million as compared to $210 million for 2Q 2017 and losses of $223 million in 3Q 2016. For 3Q 2017 a foreign exchange gain of $181
million was recorded (as compared to a gain of $247 million for 2Q 2017) mainly on account of a 3.5% depreciation of the USD against
the Euro (versus 6.7% depreciation in 2Q 2017). Both 3Q 2017 and 2Q 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 $327 million and $150
million, respectively. 3Q 2017 includes $218 million on premium expenses accrued in connection with the early repayment of bonds
(settled in October 2017). Foreign exchange and other net financing costs in 3Q 2016 was $223 million and included a foreign exchange
gain of $65 million mainly on account of USD depreciation of 0.5% against the Euro. 3Q 2016 also includes $158 million on premium
expenses accrued on the bond repayments via debt tenders.</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 $71 million for 3Q
2017 as compared to $197 million for 2Q 2017 and $146 million in 3Q 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
3Q 2017 of $1,205 million, or $1.18 earnings per share</FONT><FONT STYLE="font-size: 7pt">, </FONT><FONT STYLE="font-size: 9pt">as
compared to net income for 2Q 2017 of $1,322 million, or $1.30 earnings per share, and a net income for 3Q 2016 of $680 million,
or $0.67 earnings per share.</FONT></P>

<P STYLE="font: 11pt/normal 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>&nbsp;</B></P>


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<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>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">3Q 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 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">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">9M 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">9M 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">4,636</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">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">4,269</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13,701</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">12,011</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">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">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">424</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">1,838</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">(125)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">(142)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(381)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(412)</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>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">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">381</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">566</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,411</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,418</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">5,904</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,762</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">5,632</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">17,882</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">17,011</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">5,655</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">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">5,364</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">16,684</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">16,270</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">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">741</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">715</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">740</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">670</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">NAFTA segment crude steel production increased by 2.5% to 5.9Mt in
3Q 2017 as compared to 5.8Mt for 2Q 2017 (which was impacted by 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 3Q 2017 increased by 4.3% to 5.7Mt as compared to
5.4Mt in 2Q 2017, driven primarily by an increase in volumes in Mexico.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 3Q 2017 were stable at $4.6 billion as compared to 2Q 2017,
primarily due to higher steel shipment volumes as discussed above offset by lower average steel selling prices (-2.5%). Compared
to 2Q 2017, average steel selling prices for flat and long products declined by -1.8% and -2.2%, respectively.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Operating income in 3Q 2017 decreased to $256 million as compared to
operating income of $378 million in 2Q 2017 and operating income of $424 million in 3Q 2016.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">EBITDA in 3Q 2017 decreased by 24.7% to $381 million as compared to
$506 million in 2Q 2017 primarily due to a negative price-cost effect, offset in part by higher steel shipment volumes (+4.3%).
EBITDA in 3Q 2017 declined by 32.7% as compared to $566 million in 3Q 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">3Q 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 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">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">9M 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">9M 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">2,059</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">1,729</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">5,503</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">4,472</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">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">233</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">431</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">471</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">(74)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(68)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(218)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(188)</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">202</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">301</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; 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">659</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">2,797</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,714</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">2,888</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8,221</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8,355</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">2,940</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,622</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">2,751</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,788</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,912</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">651</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">582</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">525</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 increased by 3% to 2.8Mt in 3Q
2017 as compared to 2Q 2017 with improvement in flat operations partially offset by lower long products production following planned
maintenance at Monlevade, Brazil, which was completed during the quarter.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Steel shipments in 3Q 2017 increased by 12.1% to 2.9Mt as compared
to 2.6Mt in 2Q 2017, primarily due to a 4.9% increase in flat product steel shipments and a 25% increase in long product steel
shipments. Both domestic and export steel shipments increased.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 3Q 2017 increased by 12.3% to $2.1 billion as compared to
$1.8 billion in 2Q 2017, due to higher steel shipments offset in part by lower average steel selling prices primarily due to lower
export prices.</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 3Q 2017 was stable at $128 million as compared
to 2Q 2017, and lower as compared to operating income of $233 million in 3Q 2016.</P>


<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">EBITDA in 3Q 2017 was stable at $202 million as compared to $201
million in 2Q 2017 due to higher steel shipment volumes offset by negative price-cost effect (largely due to lower export prices).
EBITDA in 3Q 2017 was 32.7% lower as compared to $301 million in 3Q 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">3Q 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 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">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">9M 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">9M 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">9,196</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9,180</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">7,172</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">26,598</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">22,133</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">546</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">652</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">414</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,834</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">883</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">(302)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">(303)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(865)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(873)</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">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">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">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">717</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,699</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,805</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,248</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">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">10,571</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">33,457</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">32,462</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">10,116</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">9,382</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">30,790</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">30,712</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">723</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">698</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">596</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">561</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Europe segment crude steel production increased by 2.3% to 11.2Mt in
3Q 2017, as compared to 11.0Mt in 2Q 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 3Q 2017 decreased by 3.3% to 10.1Mt as compared
to 10.5Mt in 2Q 2017, primarily due to a 5.1% decrease in flat product shipments offset in part by a 1.4% recovery in long product
shipments. The decline in shipments was notably less than the typical seasonal effects, reflecting supportive market conditions.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 3Q 2017 were $9.2 billion, stable as compared to 2Q 2017,
with lower steel shipments being offset by higher US dollar average steel selling prices (+3.5%). US dollar flat and long product
average steel selling prices increased (by +3.1% and +7.8%, respectively), but this reflects currency impacts (euro appreciation
versus the US dollar) as average euro steel selling prices for the Europe segment were lower than the previous quarter.</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 3Q 2017 was $546 million as compared to $652
million in 2Q 2017 and $414 million in 3Q 2016.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">EBITDA in 3Q 2017 decreased by 9.9% to $848 million as compared
to $942 million in 2Q 2017 primarily due to lower steel volumes and a negative price-cost effect partially offset by foreign exchange
gains following the appreciation of the Euro. EBITDA in 3Q 2017 improved 18.3% as compared to 3Q 2016 primarily on account of higher
steel shipments (+7.8%) and higher average steel selling prices (+21.4%).</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">3Q 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 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">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">9M 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">9M 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">1,941</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,834</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">1,586</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,582</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,359</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">159</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">156</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">326</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">303</FONT></TD></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">(80)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(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">(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">(232)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(233)</FONT></TD></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">(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">(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">239</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">233</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">604</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">536</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">3,669</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,685</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">3,552</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,846</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">11,146</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">3,362</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,257</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">3,408</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9,840</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,176</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">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">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">419</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">505</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; 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></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">ACIS segment crude steel production in 3Q 2017 was stable at 3.7Mt
as compared to 2Q 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 3Q 2017 increased by 3.2% to 3.4Mt as compared to
3.3Mt in 2Q 2017 primarily due to higher steel shipments in CIS.</P>


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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Sales in 3Q 2017 increased by 5.8% to $1.9 billion as compared to 2Q
2017, primarily due to higher steel shipments (+3.2%) and higher average steel selling prices (+3.3%) primarily in Ukraine.</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 3Q 2017 was $159 million as compared to $51
million in 2Q 2017 and $156 million in 3Q 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 3Q 2017 increased 37.5% to $239 million as compared to $174
million in 2Q 2017, primarily due to improved performance in CIS (positive price-cost effect) and increased shipment volumes. EBITDA
in 3Q 2017 was 2.7% higher as compared to $233 million in 3Q 2016, primarily due to a positive price-cost effect in CIS offset
in part by a negative price-cost effect 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">3Q 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 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">3Q 16</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">9M 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">9M 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">1,029</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">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">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">3,074</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,218</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">238</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">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">832</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">163</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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; 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">(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">(308)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(302)</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">341</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">204</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,140</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">465</FONT></TD></TR>
<TR>
    <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; 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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Own 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">14.2</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">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">13.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">42.9</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">41.3</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">9.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9.5</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">8.1</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">27.2</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">25.5</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">5.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">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">16.4</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">16.9</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">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">1.5</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">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>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">4.5</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">0.6</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">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">1.0</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">2.2</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">2.5</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Coal shipment - cost plus basis (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">2.7</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">2.5</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 3Q 2017 decreased by 3.1% to 14.2Mt as compared
to 14.7Mt in 2Q 2017 due to lower production in Canada and Ukraine (on account of unplanned maintenance), offset in part by increased
production in USA. Own iron ore production in 3Q 2017 increased by 4.2% as compared to 3Q 2016 primarily due to increased production
in Mexico (following restart of Volcan mine in February 2017).</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 3Q 2017 decreased 3.9% to 9.1Mt
as compared to 9.5Mt in 2Q 2017, primarily driven by lower shipments in ArcelorMittal Mines Canada<FONT STYLE="line-height: 115%"><SUP>10</SUP></FONT>
and Ukraine. Market-priced iron ore shipments in 3Q 2017 increased by 12.3% as compared to 3Q 2016 driven by increased shipments
in Mexico and Liberia. FY 2017 market-priced iron ore shipments are expected to increase by approximately 10% versus FY 2016.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Own coal production in 3Q 2017 decreased by 7.2% to 1.5Mt as compared
to 1.6Mt at 2Q 2017 due to lower production in both Kazakhstan and Princeton (US) mines. Own coal production in 3Q 2017 decreased
by 7.2% as compared to 3Q 2016 with lower production in Kazakhstan offset in part by higher production at Princeton (US) mines.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Market-priced coal shipments in 3Q 2017 decreased to 0.6Mt as compared
to 0.8Mt in 2Q 2017 primarily due to decreased shipments at Kazakhstan. Market-priced coal shipments in 3Q 2017 decreased as compared
to 3Q 2016 primarily due to decreased 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 3Q 2017 increased to $238 million as compared to
$216 million in 2Q 2017, and $103 million in 3Q 2016, primarily for the reasons discussed below.</P>

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


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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">EBITDA in 3Q 2017 increased by 7.2% to $341 million as compared to
$319 million in 2Q 2017, primarily due to increased seaborne iron ore reference prices (+12.7%), partially offset by lower market-priced
iron ore shipments (-3.9%) and lower coal shipments. EBITDA in 3Q 2017 was significantly higher as compared to $204 million in
3Q 2016, primarily due to higher seaborne iron ore reference prices (+21%) and higher market-priced iron ore shipment volumes (+12.3%).</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 3Q 2017, net cash provided by operating activities was $763 million
as compared to $1,214 million in 2Q 2017 and $876 million in 3Q 2016. The lower net cash provided by operating activities during
3Q 2017 reflects in part a higher working capital investment of $801 million, as compared to an investment of $548 million in 2Q
2017 and $565 million in 3Q 2016.</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 3Q 2017 was $563 million
as compared to $738 million during 2Q 2017 and compared to $300 million in 3Q 2016. Capital expenditure increased to $637 million
in 3Q 2017 as compared to $566 million in 2Q 2017 and compared to $535 million in 3Q 2016. FY 2017 capital expenditure is expected
to be $2.9 billion.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Cash provided by other investing activities in 3Q 2017 of $74 million
primarily includes the first instalment of disposal proceeds from ArcelorMittal USA&rsquo;s 21% stake in the Empire Iron Mining
Partnership ($44 million). Cash used in other investing activities in 2Q 2017 of $172 million, includes $44 million cash consideration
(net of cash acquired of $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. Cash provided by other investing activities in 3Q 2016 of $235 million primarily
consisted of proceeds from the sale of ArcelorMittal&rsquo;s stake in Hunan Valin ($165 million) and from the sale of ArcelorMittal
Zaragoza ($89 million)<SUP>3</SUP>.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">Net cash provided by financing activities in 3Q 2017 was $514 million
as compared to net cash used in financing activities for 2Q 2017 of $744 million and $741 million for 3Q 2016. Net cash provided
by financing activities in 3Q 2017 includes borrowings and commercial paper, offset in part by a $0.5 billion repayment of drawings
under the asset-based revolving credit facility at ArcelorMittal USA. Net cash used in financing activities for 2Q 2017 primarily
included $851 million used to early redeem the 9.85% Notes due June 1, 2019. On May 25, 2017, ArcelorMittal South Africa signed
a 4.5 billion South African Rand (approximately $350 million) revolving borrowing base finance facility maturing on May 25, 2020.
As of September 30, 2017, $288 million was drawn under this facility. Net cash used in financing activities for 3Q 2016 primarily
includes payments relating to bond repurchases pursuant to cash tender offers ($1.4 billion), offset by proceeds of $1.0 billion
from drawings under other short-term facilities (including $0.5 billion from the asset-based revolving credit facility at ArcelorMittal
USA which matures in 2021). During 3Q 2017, the Company paid dividends of $80 million primarily to minority shareholders in ArcelorMittal
Mines Canada and in Bekaert (Brazil).</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of September 30, 2017, the Company&rsquo;s cash and cash equivalents
amounted to $3.0 billion as compared to $2.3 billion at June 30, 2017 and $2.3 billion at September 30, 2016. Gross debt increased
to $14.9 billion as of September 30, 2017, as compared to $14.2 billion at June 30, 2017 and $14.4 billion at September 30, 2016.
The amount as of September 30, 2017 does not reflect the usage of cash to repurchase bonds on October 16, 2017.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of September 30, 2017, net debt increased to $12.0 billion as compared
with $11.9 billion at June 30, 2017 primarily due to negative foreign exchange impacts on Euro-denominated debt ($0.2 billion)
offset in part by positive free cashflow $0.1 billion (despite a $0.8 billion investment in working capital), and lower than the
net debt of $12.2 billion as of September 30, 2016 due to positive free cash flow offsetting $0.3 billion foreign exchange impacts.</P>

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">As of September 30, 2017, the Company had liquidity of $8.5 billion,
consisting of cash and cash equivalents of $3.0 billion and $5.5 billion of available credit lines<FONT STYLE="line-height: 115%"><SUP>11</SUP></FONT>.
The $5.5 billion credit facility contains a financial covenant of 4.25x Net debt / EBITDA (as defined in the facility). On September
30, 2017, the average debt maturity was 4.7 years.</P>

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

<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>&nbsp;</B></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 November 8, 2017, ArcelorMittal confirmed that the European
Commission had initiated a Phase II review of AM Investco Italy Srl (&lsquo;AM Investco&rsquo;)&rsquo;s proposed acquisition of
Ilva S.p.A. ArcelorMittal will continue to work closely and constructively with the European</FONT></TD></TR></TABLE>


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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0 0 10pt 0.25in">Commission to explain the dynamics of the steel industry,
the rationale of the proposed acquisition and the benefits it will bring to industry, customers, the environment and the local
economy. The Company looks forward to ongoing dialogue with the Commission to secure approval for this transaction in a timely
manner. ArcelorMittal notified AM Investco&rsquo;s proposed acquisition of Ilva S.p.A to the European Commission on September 21,
2017, and submitted commitments on October 19, 2017. AM Investco reached a binding agreement concerning the lease and obligation
to purchase Ilva S.p.A and its subsidiaries with the Italian Government in June 2017.</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 September 28, 2017, ArcelorMittal announced the launch of
its tender offers to purchase for cash, for a combined aggregate purchase price of up to $1,250,000,000 (the &ldquo;Maximum Tender
Cap&rdquo;), its outstanding 6.250% notes due 2022, 7.000% notes due 2039 and 6.750% notes due 2041. On October 13, 2017, the Company
announced its decision to increase the Maximum Tender Cap to $1,410,627,664 so as to avoid proration of any series of validly tendered
Notes: the Company repurchased notes in such amount on October 16, 2017, using $1.4 billion of cash and liquidity resources.</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 September 28, 2017, ArcelorMittal announced a major US$1
billion, three-year investment programme at its Mexican operations, which is focussed on building ArcelorMittal Mexico&rsquo;s
downstream capabilities, sustaining the competitiveness of its mining operations and modernising its existing asset base. The programme
is designed to enable ArcelorMittal Mexico to meet the anticipated increased demand requirements from domestic customers, realise
in full ArcelorMittal Mexico&rsquo;s production capacity of 5.3 million tonnes and significantly enhance the proportion of higher-value
added products in its product mix, in-line with the Company&rsquo;s Action 2020 strategic plan. The main investment will be the
construction of a new hot strip mill. Construction will take approximately three years and, upon completion, will enable ArcelorMittal
Mexico to produce c. 2.5 million tonnes of flat rolled steel, long steel c. 1.8 million tonnes and the remainder made up of semi-finished
slabs. Coils from the new hot strip mill will be supplied to domestic, non-auto, general industry customers. </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 August 25, 2017, ArcelorMittal completed the sale (per a
sales agreement entered into in October 2016) of its 50% shareholding in Kalagadi Manganese (Proprietary) Limited to Kgalagadi
Alloys (Proprietary) Limited for consideration to be paid during the life of the mine, which is contingent on the financial performance
of the mine and cash flow availability.</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 August 7, 2017, ArcelorMittal USA and Cliffs Natural Resources
(&ldquo;Cliffs&rdquo;) agreed that Cliffs would acquire ArcelorMittal USA&rsquo;s 21% ownership interest in the Empire Iron Mining
Partnership for $133 million plus assumptions of all partnership liabilities. The payment of $133 million will be made in 3 equal
installments with the first payment of $44 million received in August 2017, and two subsequent payments to be received in August
2018 and 2019. </FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">The Company&rsquo;s forecasts for global apparent steel consumption
(&ldquo;ASC&rdquo;) remain as presented at the time of 2Q 2017 results with the balance of risks now to the upside.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">ArcelorMittal expects 2017 global ASC to grow by approximately
+2.5% to +3.0%. By region: ASC in the US (excluding Pipe &amp; Tube) is expected to grow +2.0% to +3.0% reflecting higher machinery
and construction demand offset by lower automotive production. In Europe, ArcelorMittal expects the pick-up in underlying demand
to continue, driven primarily by the strength of the construction and machinery markets, and apparent demand is expected at +0.5%
to +1.5% in 2017 on top of around 3% growth in 2016.&nbsp;In Brazil, ASC is expected to grow by +2.0% to +3.0% in 2017 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% reflecting stronger economic growth in Russia. In China, ASC growth of +2.5% to +3.5% is
expected in 2017, primarily due to strength in automotive and machinery.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">Market conditions are favourable. The demand environment remains
positive (as evidenced by the continued high readings from the ArcelorMittal weighted PMI), and steel spreads remain healthy.</P>

<P STYLE="font: 9pt/115% FoundrySterling-Book; margin: 0 0 10pt">The Company continues to expect cash needs of the business (capex,
interest expense, cash taxes, pensions and other cash costs but excludes working capital investment and premiums paid to retire
debt early) to be approximately $4.6 billion in 2017.</P>


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<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 $2.0 billion (as compared to previous guidance of approximately
$1.5 billion).</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" 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; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-BoldCE; font-size: 8pt; color: white">Sep 30,</FONT></TD>
    <TD NOWRAP STYLE="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="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 COLSPAN="2" 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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Cash and cash equivalents (C)</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">2,978</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">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">2,615</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">4,443</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">2,974</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">17,780</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">17,458</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">14,734</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">2,719</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">1,665</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Assets held for sale<FONT STYLE="line-height: 115%"><SUP>12</SUP></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">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">259</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total Current 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%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>28,047</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>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>22,247</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&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">&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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">5,856 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,769 </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">5,651 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">36,471 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">35,765 </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">34,831</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">4,943 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,679 </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">4,297 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">6,697 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,470 </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">5,837</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">2,498 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,371 </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">2,279</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total 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%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>84,512</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>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>75,142</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&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">&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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><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">&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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Short-term debt and current portion of long-term debt (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%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">5,764 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,936 </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">1,885 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">12,074 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">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: black">11,633 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">5,229 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">4,930 </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: black">4,502</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Liabilities held for sale<SUP>12</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">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">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">95 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total Current Liabilities</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%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>23,107 </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>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>18,115</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&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">&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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Long-term debt, net of current portion (A)</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">9,185 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,220 </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">11,789 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">2,713 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,690</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">2,529 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">10,966 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">10,838 </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">10,384</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total Liabilities</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%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>45,971 </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>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>42,817</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&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">&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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">36,374 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">34,027 </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">30,135 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">2,167 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,225 </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">2,190 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total 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%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>38,541 </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>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>32,325</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Total 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%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>84,512</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>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>75,142</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Net Debt</B> (D=A+B-C)</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>11,971</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>11,884</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>11,059</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</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>


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<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">Nine 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">Sept 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">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">Sept 30,</P>
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">2016</P></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal FoundrySterling-BoldCE; margin: 0; text-align: right; color: white">Sept 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">Sept 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">17,639</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">17,244</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">14,523</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">50,969</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">42,665</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 (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">(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">(676)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(693)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(2,021)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(2,025)</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 (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">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">(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>4</SUP> (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">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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 (A)</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>1,234 </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>1,390 </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>1,204 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>4,200 </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>3,352</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>7.0%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>8.1%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>8.3%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>8.2%</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>7.9%</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">&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">117 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">109 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">323 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">601 </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">(205)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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">(255)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(635)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(893)</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">132</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; background-color: white; 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">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">(664) </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>1,278 </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>1,513 </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>835 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>4,097 </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>2,396 </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 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">(116)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(126)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(67)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(449)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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></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 benefit / (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">45 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(79)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(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">(825)</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">(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">(197)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(146)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(551)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(999) </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>1,207 </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>1,316 </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>689 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,546 </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>1,397 </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="border-bottom: Black 1pt solid; background-color: #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)</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">6</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">(9)</FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(17)</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></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-bottom: Black 1pt solid; background-color: #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>1,205</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>1,322</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>680</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,529</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>1,376</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">&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 ($)<SUP>2</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.18 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.30 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.67 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3.46 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.48</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Diluted earnings per common share ($)<SUP>2</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">1.18 </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">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">0.67</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3.45 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1.48 </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>2</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">1,020 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">931</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>2</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">1,023 </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">1,021 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">932 </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">&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 (C = A-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>1,924 </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>2,112</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>1,897 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>6,267 </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>4,594</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>10.9%</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>12.2%</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>13.1%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>12.3%</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><I>10.8%</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">&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 (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; color: black">14.2 </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; color: black">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; color: black">13.7 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; color: black">42.9 </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; color: black">41.3 </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">Crude steel production (Mt)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">23.6 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">22.6 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">70.4 </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">69.0 </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">Total shipments of steel products (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">21.7 </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">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">20.3 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">64.2 </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">63.9 </FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #5C7F92">
    <TD NOWRAP STYLE="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">Nine 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">Sept 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">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">Sept 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">Sept 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">Sept 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">1,205 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,322 </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">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">3,529 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,376 </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; background-color: white; 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">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">(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">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">17 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21 </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">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">722 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">693 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,067 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">Exceptional income<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">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">(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">(117)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(109)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(323)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(601)</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 tax (benefit)/ 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">(45)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">79 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">825 </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">(801)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(565)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(3,530)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,518)</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">(171)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(227)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">89 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(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">(290)</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 operating activities (A)</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>763 </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>1,214 </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>876 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>1,678 </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>1,055 </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 (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">(637)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(566)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(535)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,783)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,642)</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">74 </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">(172)</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">235 </FONT></TD>
    <TD NOWRAP STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(116)</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">1,308 </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 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>(563)</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>(738)</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>(300)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>(1,899)</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>(334)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Financing activities:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Net proceeds / (payments) relating to payable to banks and long-term debt</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">587 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(717)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">604 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(5,557)</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">(80)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; 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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(54)</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">- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">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">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">(18)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(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">38</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>Net cash provided by / (used in) financing activities </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>514 </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>(744)</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>(741)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>436 </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>(2,458)</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">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">(268)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(165)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">215 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(1,737)</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">- </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">9 </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">30 </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">29</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">42 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">(112)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>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>723 </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>(238)</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>(136)</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>270 </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>(1,849)</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; 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"><B>Free cashflow (C=A+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>126</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>648</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>341</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>(105)</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>(587)</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: 14 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/normal FoundrySterling-Book; 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">3Q 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 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">3Q 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">9M 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">9M 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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,820</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,748</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">4,698</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">14,512</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">13,906</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">984</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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">2,658</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,830</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>5,655</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>5,419</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>5,364</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>16,684</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>16,270</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,766</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,682</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">1,730</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,812</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">4,812</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">1,181</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">1,026</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,992</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,100</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>2,940</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>2,622</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>2,751</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>7,788</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>7,912</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,098</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">7,482</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">6,562</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21,957</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">21,430</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,954</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,913</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">2,767</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">8,673</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">9,147</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>10,116</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>10,466</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>9,382</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>30,790</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>30,712</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">2,297</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">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">2,459</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,628</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">6,983</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: #BFBFBF; 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">1,045</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">950</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">3,212</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">3,192</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: #BFBFBF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3,362</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>3,257</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>3,408</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>9,840</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>10,176</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 2a: 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">3Q 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 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">3Q 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">9M 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">9M 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: #BFBFBF; 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%">95</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; 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%">98</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">282</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">307</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: #BFBFBF; 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%">79</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">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%">44</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">191</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">156</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: #BFBFBF; 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%">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; 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%">171</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">713</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">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">ACIS</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #BFBFBF; 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%">114</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">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%">105</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">262</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">269</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: #BFBFBF; 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%">132</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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%">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%">113</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%">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; line-height: 115%">255</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: #BFBFBF; 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>637</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>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>535</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt; line-height: 115%"><B>1,783</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>1,642</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0; text-align: justify">Note: &ldquo;Others and eliminations&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 2b: 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"><B>Completed projects in most recent quarters</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 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: 24%; 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 / unit</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 / details</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">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">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">2Q 2017</P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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<P STYLE="font: 10pt/normal FoundrySterling-BoldCE; margin: 0"><B>Ongoing projects</B></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 / unit</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 / details</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">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">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">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>
<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">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">Sosnowiec (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">Modernization of Wire Rod Mill</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">Upgrade rolling technology improving the mix of HAV products and increase volume by 90kt</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">2019</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">Mexico </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">Build new HSM</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">Production capacity of 2.5Mt/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">2020<SUP>(b)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><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">Burns 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">New Walking Beam Furnaces</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">Two new walking beam reheat furnaces bringing benefits on productivity, quality and operational cost</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">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/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: 0pt; margin-bottom: 12pt"><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 September 28, 2017, ArcelorMittal announced a major US$1
billion, three-year investment programme at its Mexican operations, which is focussed on building ArcelorMittal Mexico&rsquo;s
downstream capabilities, sustaining the competitiveness of its mining operations and modernising its existing asset base. The programme
is designed to enable ArcelorMittal Mexico</FONT></TD></TR></TABLE>


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<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0 0 10pt 0.25in">to meet the anticipated increased demand requirements
from domestic customers, realise in full ArcelorMittal Mexico&rsquo;s production capacity of 5.3 million tonnes and significantly
enhance the proportion of higher-value added products in its product mix, in-line with the Company&rsquo;s Action 2020 strategic
plan. The main investment will be the construction of a new hot strip mill. Construction will take approximately three years and,
upon completion, will enable ArcelorMittal Mexico to produce c. 2.5 million tonnes of flat rolled steel, long steel c. 1.8 million
tonnes and the remainder made up of semi-finished slabs. Coils from the new hot strip mill will be supplied to domestic, non-auto,
general industry customers.</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 0.5in">&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">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 is underway. 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 nearing completion. 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>

<P STYLE="font: 11pt/150% VAG Rounded Light,sans-serif; margin: 0"><FONT STYLE="color: #FF3700"><B>Appendix 3: Debt repayment schedule
as </B></FONT><B><FONT STYLE="color: red">of September 30, 2017</FONT></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">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">1.5</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">3.7</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">11.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">Commercial paper</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.4</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">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: 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">1.1</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">0.4</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">0.3</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">2.7</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"><B>Total gross debt</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt"><B>3.5</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>2.3</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>4.3</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>14.9</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/115% FoundrySterling-Book; margin: 0 0 10pt">*The 2017 maturities include $1.2 billion of bonds originally
maturing in 2022, 2039 and 2041 that were repurchased on October 16, 2017.</P>

<P STYLE="font: 11pt/115% VAG Rounded Light,sans-serif; margin: 0 0 10pt; color: #FF3700"><B>Appendix 4: Terms and definitions</B></P>

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

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

<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0"><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>MT: </B>Refers to million metric tonnes</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</P>


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<P STYLE="font: 8pt/normal FoundrySterling-Book; margin: 0">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>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>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>Net interest: </B>includes interest expense and interest income</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 results: </B>Refers to operating income/(loss).</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>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>PMI: </B>Refers to purchasing managers index (based on ArcelorMittal
estimates)</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>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&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 the Condensed Consolidated Statement of Operations, 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 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 Condensed Consolidated Statement of Cashflows, 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>
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.</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 July 28, 2016, ArcelorMittal and Megasa Sider&uacute;gica S.L. (&ldquo;Megasa&rdquo;) signed a shares sale and purchase agreement
in respect of ArcelorMittal&rsquo;s 100% interest in ArcelorMittal Zaragoza (&ldquo;AM Zaragoza&rdquo;). The closing conditions
were completed on September 30, 2016. As a result, ArcelorMittal transferred its shareholding in AM Zaragoza to Megasa and simultaneously
received the total cash consideration of &euro;80 million ($89 million). The cash consideration has been calculated on a cash and
debt free basis.</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>
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%">5</FONT>
On August 7, 2017, ArcelorMittal USA and Cliffs Natural Resources (&ldquo;Cliffs&rdquo;) agreed that Cliffs would acquire ArcelorMittal
USA&rsquo;s 21% ownership interest in the Empire Iron Mining Partnership for $133 million plus assumptions of all partnership liabilities.
The payment of $133 million will be made in 3 equal installments with the first payment of $44 million received in August 2017,
and two subsequent payments to be received in August 2018 and 2019.</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt"><FONT STYLE="line-height: 115%">6</FONT>
On January 27, 2017 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</FONT>
On August 25, 2017, following a sales agreement signed on October 21, 2016, ArcelorMittal completed the sale of its 50% shareholding
in Kalagadi Manganese (Proprietary) Limited to Kgalagadi Alloys (Proprietary) Limited for consideration to be paid during the life
of the mine, which is contingent on the financial performance of the mine and cash flow availability. The investment classified
as held for sale as of December 31, 2016 had a nil carrying amount as it was fully impaired in 2015 but the Company recycled upon
disposal accumulated foreign exchange translation losses of $187 million in income from associates, joint ventures and other investments.</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>
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 continues its
supply relationship with Gestamp through its 35% shareholding in Gonvarri, a sister company of Gestamp. ArcelorMittal sells coils
to Gonvarri for processing before being passed to Gestamp and other customers. Further, ArcelorMittal continues to have a board
presence in Gestamp, collaborates in automotive R&amp;D and remains its major steel supplier.</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 August 2, 2016, the Company signed an agreement for the sale of its 10.08% interest in Hunan Valin to a private equity fund.
On September 14, 2016, the Company transferred the Hunan Valin shares and simultaneously received the full proceeds of $165 million
(RMB1,103 million) from the buyer and recorded a gain of $74 million.&nbsp;</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>
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%">11</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 September 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%">12</FONT>
Assets and liabilities held for sale, as of September 30, 2017, and as of June 30, 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>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt; text-indent: -7.1pt">&nbsp;</P>

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<P STYLE="font: 8pt FoundrySterling-Book; margin: 0 2.85pt 0 9.95pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0; text-align: justify">ArcelorMittal will host a conference call hosted
by Heads of Finance and Investor Relations for members of the investment community to discuss the three-month period ended September
30, 2017 on: Friday November 10, 2017 at 9.30am US Eastern time; 2.30pm London time and 3.30pm CET.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 333pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<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="width: 34%; 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="width: 24%; 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="width: 28%; 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="width: 14%; 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">75635458#</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="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">75635458#</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="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">75635458#</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="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">75635458#</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="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">75635458#</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="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">75635458#</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="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: FoundrySterling-Book; font-size: 8pt">75635458#</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal FoundrySterling-Book; margin: 0"><FONT STYLE="font-size: 9pt">A replay of the conference call will
        be available for one week by dialing: </FONT><FONT STYLE="font-size: 8pt">+49 (0) 1805 2047 088; Access code 515139#</FONT></P>
        <P STYLE="font: 9pt/normal FoundrySterling-Book; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal VAG Rounded Light,sans-serif; margin: 0; color: #FF3700"><B>Forward-Looking Statements</B></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>

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

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

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