Second Quarter 2007 Media Presentation

1st August 2007

Disclaimer
Forward-Looking Statements This document may contain forward-looking information and statements about Mittal Steel Company N.V. including Arcelor S.A. 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 believe, expect, anticipate, target or similar expressions. Although ArcelorMittals management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittals securities are cautioned that forwardlooking 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 Netherlands Authority for the Financial Markets and the Securities and Exchange Commission (SEC) made or to be made by ArcelorMittal including Mittal Steels Annual Report on Form 20-F filed 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. Additional Information In connection with the proposed merger of Mittal Steel Company N.V. ("Mittal Steel") with ArcelorMittal (a wholly owned subsidiary of Mittal Steel), and the subsequent merger of ArcelorMittal with Arcelor, Mittal Steel, ArcelorMittal and Arcelor will file important documents with the relevant securities regulatory authorities, including the filing with the U.S. Securities and Exchange Commission of registration statements that will each include a proxy statement/prospectus. Each proxy statement/prospectus will contain important information about the relevant merger and related matters, and Mittal Steel, ArcelorMittal and Arcelor will make public such proxy statement/prospectus and mail the proxy statement/prospectus to the relevant U.S. shareholders. Investors and security holders are urged to read each proxy statement/prospectus, and any other relevant documents filed with the relevant securities regulatory authorities, when they become available and before making any investment decision. You will be able to obtain a free copy of each proxy statement/prospectus (when available) and other related documents filed with the SEC by Mittal Steel, ArcelorMittal and Arcelor at the SECs web site at www.sec.gov and from Mittal Steel, ArcelorMittal and Arcelor at www.arcelormittal.com
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Agenda

Introduction and overview Safety, market overview, synergies and investment plan progress Q2 results Outlook and guidance

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Introduction and overview Safety, market overview, synergies and Investment update

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Introduction and overview

Health & Safety statistics Frequency rate* reduced by 14% in Q207 versus Q107 Record Results Stronger than anticipated 1H07 EBITDA of US$9.7 billion compared with US$6.8 billion in 1H06 US$973m of synergies captured by end of 1H07 ahead of schedule Growth investment program progressing as planned with new projects approved Production start-up of major growth project in Poland and Brazil Hot Strip Mill expansion in Brazil approved Concessions for iron ore mining project in Senegal confirmed Strengthening of European tube business with two acquisitions in France Profitability expected to remain at high level in Q3 EBITDA expected to be between US$4.7-4.9bn in Q307 Compares with pro forma EBITDA of US$4.4 billion for Q306

* Lost time injuries per 1,000,000 worked hours 01/08/2007 ** Based on H1 07 annualised EBITDA

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Continuous Improvement in Health and Safety

Group frequency rate* Main Action Lines
3.8 3.7 3.5 3.0
Target 2007: 3.2

4.1

3.9

Continuing analysis of fatalities and Return on experience (REX) leads to specific measures at group level Prevention campaign on falls and crushes Training kits for new construction Internal Audits Support from Corporate in terms of best practices sharing and plants twinning Significant improvement realised during Q2 in most divisions

Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

Health and Safety progress ahead of target in Q2

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Market overview
Overall global steel market remains healthy Improved supply condition in China Chinese steel production growth expected to remain moderate Fixed investment growth and domestic real steel demand remaining solid US balanced supply/demand equilibrium Underlying demand remains weak Pricing environment expected to improve with demand in second half of 07 Healthy market in Europe Robust economic growth in Western Europe and buoyant steel market in Eastern Europe Small reduction in production implemented for balanced supply/demand equilibrium Seasonal slowdown as expected Stainless Steel Base price expected to remain under pressure

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Additional synergies delivered

ArcelorMittal annualised synergies
SG&A and other Manufacturing & Process Optimisation Purchasing Marketing & Trading
973

1,280

573

269

Marketing & Trading Synergies from harmonized and improved pricing through higher service levels and quality to customers have been largely captured at end of Q2. Purchasing Better than anticipated global sourcing synergies captured at end of Q2 and estimated at end of Q3. Main gains resulting not only from negotiations with suppliers (purchasing power) but also in the optimisation of logistics for supplies to each plant. Manufacturing & Process optimisation Positive impact of input flow (scrap and semis) optimisation in Long Carbon division and first industrial synergies in Flat Carbon Europe expected to be captured by end of Q3. SG&A and other Significantly more synergies than anticipated captured in SG&A

Captured at 31/12/06

Captured at 31/03/07

Captured at 30/06/07

Estimated at 30/09/07

More synergies captured in purchasing and SG&A than expected

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CAPEX and investment plan progress

Main projects completed in Q207 - Brazil-Tubaro (FCA): Slab capacity increase from 5mt to 7.5mt. - Poland-Krakow (FCE): New Hot Strip mill start-up leading to quality and yield improvements and additional capacity of 300,000t. - Spain Zaragoza (LCE): Plant relocated to outside the city with increased capacity and product range. - Brazil SOL (FCA): Heat Recovery Coke Batteries with a capacity of 1.5mt of coke and power generation of 170 mw of electricity. All 4 batteries completed. - Mexico-Lazaro (FCA): CO2 absorption system to increase DRI production by 270,000t. Main projects expected to be completed in 2007 - Argentina-Acindar (LC): 250,000t DRI, 300,000t meltshop and 200,000t bar rolling mill capacity increase. To start-up in Q407. - Mexico-Volcan (Iron Ore): Capacity to reach 2mt iron ore concentrate per year. To start-up in Q407. Main projects expected to be initiated in 2007 Ukraine-Kryviy Rih (AACIS): Liquid steel capacity increase to 10mt. Liberia (Iron ore): Mining development and infrastructure reconstruction to start. Saudi Arabia (AACIS): Construct a 500,000t seamless tube mill. Bosnia-Zenica (AACIS): Restarting 1mt integrated route. South Africa (AACIS): Two additional direct reduction kiln. De-bottlenecking through an increase of 350,000t of DRI. New projects approved in Q207 Brazil CST (FCA): Hot Strip mill expansion from 2.5mt to 4mt. Start up date Q109. Poland (AM3S): New Steel Service Centre in Krakow. Start up date Q108.

USD 2.3bn of CAPEX realised in H1 2007

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Results highlights

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Results highlights
Record earnings 1H 07 EBITDA of US$9.7 bn up 42% compared with H1 06 2Q 07 EBITDA of US$5.3 bn up 23% compared with US$4.3bn in 1Q 07 Increased demand for our products at higher price across all main regions and business segments Ahead of market consensus Net profit up 1H 07 net income of US$5.0 bn up 45% over 1H 06 2Q 07 net income at US$2.7 bn up 21% versus 1Q 07 Capex Capital expenditure of US$2.3 bn in the first half 2007 Strong cash-flow from operations US$6.4 bn cash-flow generated from operations in first half 2007 US$3.7 bn in the second quarter 2007

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* Based on H1 07 annualised EBITDA

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P&L highlights: H106 vs H107

Proforma results
unaudited Revenue Gross op. result (EBITDA) as % of revenue Depreciation & Amortisation Operating result (EBIT) as % of revenue Net financing cost Equity method gains & other inc Profit before tax tax Minority interests Net result, Group share as % of revenue EPS Shipment ('000 mt)
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1H 2006 43 304 6 800 15.7% -1 663 5 137 11.9% -980 231 4 388 -343 -625 3 420 7.9% 2.47 56 935
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1H 2007 51 699 9 672 18.7% -1 985 7 687 14.9% -192 432 7 927 -2 021 -933 4 973 9.6% 3.60 55 711

In H106 vs. H107:

- Revenue increased by 19% due to increase in steel price - Half-yearly EBITDA improved by 42% - Net income increased by 45%

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Outlook and Guidance

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Outlook and Guidance

Total EBITDA expected of between US$4.7 billion and US$4.9 billion for Q307 Compares with US$4.4 billion in the same period of 2006 Tax rate of approximately 25% for the year EBITDA expected to be higher in 2007 than in 2006 Overall market remains healthy with good underlying dynamics

2007 EBITDA expected to be higher than in 2006

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Demonstrating resilience to cycle and on track to demonstrate growth

ArcelorMittal EBITDA pro-forma

EBITDA growth new dynamic from:

USD16bn USD14.9bn USD15.3bn USD 14.4-14.5bn

- Brownfield and Greenfield expansion - Value added investment - Mining and distribution growth - Cost reduction and management gains - Merger synergies - Targeted acquisition

2004

2005

2006

9m 2007G *

HRC FOB US Midw est $/s.ton

Pre Merger

Post Merger

* Guidance 01/08/2007

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Q&A

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