To arrive at the consensus figures below, VUMA have aggregated the expectations of sell side analysts who, to our best knowledge, cover ArcelorMittal on a continuous basis. This is a group of about 30 brokers currently. The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views.

On this page we provide you with the analyst estimates compiled by Vuma Consensus, and ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.

EBITDA consensus estimates

• Period: Q4 2012 E
• Number of sell-side analysts participation: 24
• EBITDA consensus average ($Million): $1,262

The consensus data is based on projections made by sell-side analysts. The sell-side analysts who cover ArcelorMittal and whose estimates are included in the group consensus outlined above are the following:

• Applebaum Research - Michelle Applebaum
• Bank of America Merrill Lynch - Cedar Ekblom
• Bankia Bolsa - Iñigo Recio
• Citigroup - Tom O’Hara
• Commerzbank - Ingo-Martin Schachel
• Credit Suisse - Michael Shillaker
• Dahlman Rose & Co. - Anthony Rizzuto Jr.
• Davy - Tim Cahill
• Exane BNP Paribas - Sylvain Brunet, Luc Pez
• Goldman Sachs - Stephen Benson, Ken Foong
• Grupo Santander - Juan Ramon Correas
• HSBC – Thorsten Zimmerman
• Jefferies - Seth Rosenfeld
• JP Morgan - Alessandro Abate
• Kepler Capital Markets - Rochus Brauneiser
• Macquarie Bank - Jeff Largey
• Mainfirst – Alexander Hauenstein
• Morgan Stanley - Alexander Haissl
• Nomura - Neil Sampat
• Petercam - Alan Vandenberghe
• RBC - Tim Huff
• Societe Generale - Alain William
• UBS - Carsten Riek

More information on www.arcelormittal.com